Unit 5 Quiz Flashcards
- The four unities a possession, interest, time, and title are associated with which of the following
A. Community property
B. Severalty ownership
C. tenants in common
D. joint tenancy
D. Joint tenancy
- Your personal property was purchased by two friends. The deed they received from the seller at closing transfer the property without further exclamation. The two friends took title as which of the following
A. Joint tenants
B.Tenants in common
C. tenants by entirety
D. community property owners
B. Tenants in common
3.Three people or joint tenants with rights of survivorship in the tract of land. One owner, conveys his interest to a friend which statement is true?
A. The other two owners remain joint tenants. B. The new owner has severity ownership.
C. They all become tenants in common
D. they all become joint tenants
A. The other two owners remain joint tentants.
- A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facility, recreation center and grounds. What kind of property does he own?
A. Cooperative
B. Condominium
C. Time-share
D. Land trust
B. Condominium
- A trust is a legal arrangement in which property is held for the benefit of a third party by a
A. Beneficiary
B. Trustor
C. Trustee
D. Attorney in fact
C. Trustee
6. According to some states any real property either spouse owns at the time of marriage remain separate property. Further, any real property acquired by either spouse during the marriage belongs to both of them equally. What is the form of ownership called? A. Partnership B. join Tenancy C. Tentant by entirety D. community property
D. Community property
7. Three women were account current owners of a parcel of real estate. When one of the women died, her interest, accordingly to her will, became part of the estate. The deceased was A. Joint tentant B. Tentant in common C. Tenant by the entirety D. Severalty owner
B. Tentant in common
- A legal arrangement under which the title to real property is held to protect the interests of a
Beneficiary
A. trust
B. corporation
C. limited partnership
D. general partnership
A. Trust
9. A person lives in an apartment building. The land and the structures are owned by a corporation with one mortgage loan. Like the other residents, this person owns stock in a corporation what type of ownership is this called A. condominium B. plan under development C. timeshare D. cooperative
D. Cooperative
- Eight owner purchased an interest in the house. The owner is entitled to the right of possession between July 10 to August 4 of each year what type of ownership is this?
A. cooperative
B. condominium
C. timeshare
D. partnership
C. Timeshare
11. A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in A. trust B. partnership C. severity D. survivalshiptenancy
C. Severalty
12. Which of the following refers to ownership by one person? A. Tenancy by entirety B. community property C. Tenancy in common D. severalty
D. Severalty
13. A married couple co-owns a farm and has the right of survivorship the arrangement is most likely A. severalty B. community property C. Tenancy in common D. An estate by entirety
D. An estate by the entirety
- The real property interests that takes the form of personal property is the
A. Ownership in severalty
B. Cooperative unit ownership
C. Condominium unit ownership
D. Tenancy in common
B. Cooperative unit ownership
- Two people are co-owners ina small office building with the rights of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to his heirs.
A. Severalty
B. Joint tenancy
C. Community property
D. Condominium
B. Joint tenancy
