Tennessee National Portion REAL ESTATE EXAM Latest 2024 Graded A+, Over 1500 Questions And Correct Answers
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Tennessee National Portion REAL ESTATE
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Tennessee National Portion REAL ESTATE
Tennessee National Portion REAL ESTATE EXAM Latest 2024 Graded A+, Over 1500 Questions And Correct Answers
A corporation is
a legal entity that can buy and sell real estate as set out in its charter.
Ownership in severalty is
property owned by one individual or corporation.
A house is owned ...
tennessee national portion real estate exam latest
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Tennessee National Portion REAL ESTATE
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Tennessee National Portion REAL ESTATE EXAM Latest
2024 Graded A+, Over 1500 Questions And Correct
Answers
A corporation is
a legal entity that can buy and sell real estate as set out in its charter.
Ownership in severalty is
property owned by one individual or corporation.
A house is owned by three joint tenants, and one of the owners, as permitted by
state law, sells that interest to a new owner. The result is a
tenancy in common between the new owner and the remaining joint tenants
The owner of a condominium unit learns that a neighbor has failed to pay real
estate taxes. If this neighbor does not pay the taxes,
a lien can be filed against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and
public agencies are generally
owned in severalty
The partition of property that is owned concurrently can be accomplished by
court action
A fee simple estate may be held
in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that
use of the property can be determined by agreement of
all the owners.
When parties own property as tenants in common, each owner
has equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified
undivided interest in the common elements owns a
condominium
A trust is a device by which one person transfers ownership of property to
someone else to hold or manage for
the benefit of a third party.
Joint tenancy is
a form of concurrent ownership of property that is available to two or more people,
whether married or unmarried.
Property owned by a married person can belong to
the spouses together or be the separate property of one spouse.
An ownership interest that is based on annual occupancy intervals is a
time share.
Depending on the type of trust and its purpose, the trustor, trustee, and
beneficiary can all be either
people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a
tenancy in common
An advantage of cooperative ownership of a dwelling is that
,there are income tax advantages.
The term severalty comes from the fact that
a sole owner is severed or cut off from other owners.
Which of the following is NOT a form of co-ownership?
Ownership in severalty
If a shareholder in a cooperative defaults in maintenance payments,
the burden of the default falls on the remaining shareholders.
Once a property is established as a condominium, each unit becomes a separate
parcel of real estate that is owned in fee simple and may be held by
one or more persons in any type of ownership or tenancy recognized by state law.
Three people are joint tenants with rights of survivorship in a tract of land. One
owner conveys his interest to a friend. Which statement is TRUE?
The other two owners remain joint tenants.
The forms of property ownership are controlled by
the state
An ownership interest that can be an estate interest or a right of use is a
time share.
One of the distinguishing characteristics of a land trust is that public records
usually
do not name the beneficiary
The real property interest that takes the form of personal property is
the cooperative unit ownership.
Three women were concurrent owners of a parcel of real estate. When one of the
women died, her interest, according to her will, became part of the estate. The
deceased was a
tenant in common
A neutral individual holds title for the benefit of another when property is
held in trust.
The four unities of possession, interest, time, and title are associated with which
of the following?
Joint tenancy
A legal arrangement under which the title to real property is held to protect the
interests of a beneficiary is a
trust
If property is held by two or more owners as joint tenants, the interest of a
deceased co-owner will be passed to
the surviving owner or owners
A trust is
a legal arrangement in which property is held for the benefit of a third party by a(n)
trustee
Two people are co-owners of a small office building with the right of survivorship.
One of the co-owners dies intestate and leaves nothing to be distributed to his
heirs. Which of the following would explain why the surviving co-owner acquired
the deceased's interest?
Joint tenancy
,A person lives in an apartment building. The land and structures are owned by a
corporation, with one mortgage loan securing the entire property. Like the other
residents, this person owns stock in the corporation and has a lease to the
apartment. This type of ownership is called
cooperative
A married couple co-owns a farm and has the right of survivorship. This
arrangement is MOST likely
an estate by the entirety
The person who creates a trust conveys real or personal property to a
trustee
Because a corporation is a legal entity, it can own real estate in
severalty or as a tenant in common.
A parcel of property was purchased by two friends. The deed they received from
the seller at closing transferred the property without further explanation. The two
friends took title as which of the following?
tenants in common
A corporation is a legal entity, recognized as an artificial person. Property owned
solely by the corporation is
owned in severalty
The real property interest that takes the form of personal property is
cooperative unit ownership.
An exercise room available to all occupants in a condominium development
would be regarded as a
common element.
Title is held by two persons as joint tenants with rights of survivorship. If one
party dies,
the deceased party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE?
Each owner owns and finances an individual unit.
The condominium form of property ownership can be used for
detached structures
Ownership of property by two people is considered
concurrent ownership
If a condominium unit owner has not paid homeowners association fees for the
length of time required by state law, the HOA's remedy may be to
place a lien on the property
Valley Place is a condominium community with a swimming pool, tennis courts,
and biking trail. These common elements are MOST likely owned by all unit
owners as
tenants in common
An estate in severalty is associated with which of the following?
Sole and separate ownership
A broker who is asked how a married couple should take title would advise them
to
seek legal advice
The trust established by a decedent's will
, is testamentary trust.
A brother and his sister were co-owners of a lot. The sister became the sole
owner automatically when the brother died. The form of ownership they had was
joint tenancy
An LLC is a form of business organization that combines the MOST attractive
features of
limited partnerships and corporations
Which of the following is TRUE of both joint tenancy and tenancy in common?
Each tenant must join in a conveyance of title to the property
Default in payment of real estate taxes by a condominium unit owner can result in
a forced sale of that unit.
A primary feature of property held in joint tenancy is that there is always
right of survivorship
A tenancy in common differs from a joint tenancy in that
tenants in common may have unequal interest.
Which of the following is TRUE regarding community property rights?
Any property acquired during a marriage is considered to be obtained by mutual effort.
An estate left the decedent's farm to eight grandchildren. Because no form of
ownership was specified in the decedent's will, each of the grandchildren
receives a one-eighth interest in the property as
a tenant in common
Which of the following is a legal entity that exists independently of its members?
Corporation, Partnership, and Limited liability company
Title to a property is held by two or more individuals;
this property is held in co ownership
A neutral individual holds title for the benefit of another when property is
held in trust
A legal arrangement under which the title to real property is held to protect the
interests of a beneficiary is
a trust
A married couple co-owns a farm and has the right of survivorship. This
arrangement is MOST likely
an estate by entirety
According to some states, any real property that either spouse owns at the time
of marriage remains separate property. Further, any real property acquired by
either spouse during the marriage (except by gift or inheritance of with the
proceeds of separate property) belongs to both of them equally. What is this form
of ownership called?
community property
In describing real estate, which of the following methods uses a property's
physical features to determine boundaries and measurements?
metes and bounds
A legal description must contain a reference to
a principal meridian
What is the number of the section designated as the school section in any
township?
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