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Q&A

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
Which of these is not a requirement to be a corporation?   show
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Nina has her property held in a trust. She's both the trustor and the trustee, and she can take the property in and out whenever she wishes. When she dies, however, the property will have a new designated trustee and go to her heirs. What is the trust?   show
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Mack and Macie have a business together. They are both hands-on managers of the business, and they both assume unlimited liability for their business. What kind of business are they most likely to have?   show
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Why is an LLP a common business form for medical practices?   show
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show Trustor.  
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show A co-owner's (or co-tenant's) interest that grants right of ownership (or possession) of the entire property, as opposed to only a portion of it.  
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show It passes to the heirs of the decedent.  
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show Right of survivorship.  
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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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When does a testamentary trust come into being?   show
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show Regarded as a legal person.  
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What is the most common type of a REIT?   show
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show Is personally responsible for the business's debts.  
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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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What two kinds of ownership do condo owners have?   show
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show Uniform Partnership Act.  
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show Tenancy in common  
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show Severalty  
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A property is owned by Tim, Jim, Kim, and Bim as joint tenants. Kim decides to sell her share to Jeremy. Which of these statements accurately describes Jeremy's ownership in the property?   show
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Jaimie is part of a business. It is a partnership where all partners are shielded from personal liability. Partners cannot be personally held liable for other partners' mistakes. What kind of business is Jaimie most likely part of?   show
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show General partnership.  
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Jacinda is a partner in a business. She manages the business day-to-day, and she is personally liable for the business's debts. What kind of partner is she most likely to be?   show
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show sole proprietorship  
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In Georgia, how do married property owners take title?   show
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show C-Corp.  
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show Living trusts and testamentary trusts.  
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Created by: Nana0904