Module 5 Quiz Flashcards
The ________ has responsibility for holding/managing the property in a trust.
a) trustor
b) fee owner
c) functional
d) fiduciary
d) fiduciary (the trustee)
Which of the following is NOT a form of ownership? A) trusts B) co-option C) co-ownership D) severalty
B) co-option
Rick and Alice set up a living trust for their children involving a rental property they own. In this type of agreement, the children are legally referred to as the: A) trustor. B) beneficiary. C) fiduciary. D) trustee.
B) beneficiary.
Williamson recently purchased a residential cooperative unit. Does Williamson now own real estate?
A) Yes, Williamson has joint ownership of the real estate with the other owners in the cooperative.
B) No, Williamson owns stock in a corporation that owns real estate.
C) No, Williamson has invested in a Real Estate Investment Trust (REIT).
D)Yes, Williamson owns the real estate, but only for a specified time period.
B) No, Williamson owns stock in a corporation that owns real estate.
Common elements in condominium ownership include all of the following EXCEPT: A) a swimming pool. B) land. C) an elevator. D) shareholder stock.
D) shareholder stock.
The Hawthorns bought a condominium unit in a resort area for $500,000. They use the condo for one month out of every year and during the remaining months, they rent it out through an agreement with the property
management. This is an example of what type of ownership?
A) cooperative
B) timeshare
C) leasehold
D) condominium
D) condominium
What type of ownership does a Real Estate Investment Trust operate under?
A) tenancy in common
B) ownership in severalty
C) community property
D) tenancy by the entirety
B) ownership in severalty
What is true about an owner taking title to a property under tenancy in common?
A) Ownership may be taken by an individual.
B) The property is physically divided among the co-owners when it is sold.
C) Each co-owner lacks any undivided fractional interest in the property.
D) Each co-owner holds a separate interest and can sell, mortgage, or transfer this interest without the consent of the other co-owners so long as it doesn’t infringe on the rights of the other co-owners.
D) Each co-owner holds a separate interest and can sell, mortgage, or transfer this interest without the consent of the other co-owners so long as it doesn’t infringe on the rights of the other co-owners.
In a contract for deed transaction, the buyer is the A) vendor. B) vendee. C) optionee. D) optionor.
B) vendee.
Sam Gates wants to buy a summer home with his sister Jean. Because they are both retired and have no heirs, they want to be sure that if one of them dies, the interest of the deceased will pass to the other sibling. Which form of ownership should they use to acquire title?
A) tenancy in common
B) tenancy by the entirety
C) joint tenancy
D) tenancy in severalty
C) joint tenancy
Joint tenancy has a right of survivorship feature shared with what other form of ownership? A) tenancy by the entirety B) tenancy in commonality C) tenancy at sufferance D) tenancy in common
A) tenancy by the entirety (tenancy for married couples)
Ownership held by an individual or single entity is called:
A) condominium ownership.
B) cooperative ownership.
C) coownership.
D) ownership in severalty.
D) ownership in severalty.
Ownership held by an individual or single entity is called?
severalty
The party that gives a mortgage is called?
mortgagor
Williams owns property with Campbell by tenancy in common. When Williams dies, her interest in the property will go to?
according to her will
