Q&A
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Public trading.
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| show | Revocable trust.
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| show | General partnership.
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| Why is an LLP a common business form for medical practices? | show 🗑
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| Katie recently bought a house. The title was conveyed via a deed of trust. Katie has placed the title with a trustee who will hold it until released by the lender. In this arrangement, Katie is the: | show 🗑
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| What is undivided interest? | show 🗑
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| show | It passes to the heirs of the decedent.
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| What statutory principle provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners? | show 🗑
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| What is meant by the term “right of survivorship”? | show 🗑
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| show | Advise them to speak to their attorney
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| Co-op boards cannot reject applicants for which of these reasons? | show 🗑
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| show | A Seven-day rescission period.
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| show | All of the condo building's co-owners, out of their HOA dues
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| show | When the trustor dies.
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| Which of the following statements is true about a corporation? | show 🗑
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| show | equity REIT
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| In a sole proprietorship, the owner_______. | show 🗑
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| Which of the following features in a condominium complex is the BEST example of a common element? | show 🗑
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| show | Equity REIT's invest in property, mortgage REIT's invest in mortgages and mortgage-backed securities.
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| show | Fee simple absolute and tenancy in common
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| Which of these laws made it legal for partnerships to own title in the name of the partnership? | show 🗑
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| What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship? | show 🗑
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| What is is the term used for an undivided ownership of an estate, with an interest that is exclusive from other owners? | show 🗑
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| show | Jeremy will take title as a tenant in common with a 25% share in the property
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| show | LLP
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| All partners assume unlimited personal liability in what type of business organization? | show 🗑
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| show | General partner.
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| Rebecca owns a business in her own name. She is personally liable for her business's profits, losses, and legal liabilities. What kind of business is she most likely to have? | show 🗑
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| In Georgia, how do married property owners take title? | show 🗑
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| Harriet is a shareholder in a company. This company has hundreds of shareholders, is publicly traded, owns property in severalty, and is subject to double taxation. What kind of business does Harriet most likely own shares in? | show 🗑
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| show | Living trusts and testamentary trusts.
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Created by:
Nana0904