Ree3433 Exam 2 Questions With Correct
Answers
Which of the following forms of ownership is the least desirable for a person seeking to protect
her personal assets? - answerGeneral Partnership
The following is considered a freehold estate:
A)fee simple absolute.
B)fee simple defeasible.
C)fee...
EXAM STUDY MATERIALS July 30, 2024 11:26 AM Ree3433 Exam 2 Questions With Correct Answers Which of the following forms of ownership is the least desirable for a person seeking to protect her personal assets? - answer✔✔General Partnership The following is considered a freehold estate: A)fee simple absolute. B)fee simple defeasible. C)fee simple subject to a condition subsequent D) all of the above. - answer✔✔all of the abo ve. A fee simple absolute: A)can be inherited. B)is subject to governmental regulations. C)Provides ownership of the earth below and sky above the boundaries of the owner's land. D) all of the above. - answer✔✔all of the above. A and B are joint tena nts. A conveys his interest to C. B and C are now tenants in common. T or F - answer✔✔True Which of the following has "double" taxation? A) a limited liability company. B)a "C" corporation. C)a "S" corporation D)all of the above. E)two of the above. - answer✔✔a "C" corporation. Lucy and Sam own a house together as join tenants, but not as spouses. Sam becomes quite ill, so the two board a plane to see a special doctor across the county even though the couple wasn't EXAM STUDY MATERIALS July 30, 2024 11:26 AM sure Sam could s urvive the long ride. Sadly, the plane crashes while en route and they are both presumed dead. Who gets the house? - answer✔✔Lucy's heir's get half and Sam's heir's get half. Ann owns a life estate in Blackacre and Mark owns a remainder interest. What are they responsible to pay for? - answer✔✔Ann would have to pay for ordinary repairs and Mark for extraordinary repairs Ross and Rachel are joint tenants. Ross conveys his interest to Monica. Monica and Rachel are now tenants in common. T or F - answer✔✔true Louise grants to Rick a life estate in Greenacre for the life of Kathy. Rick then transfers his life estate to Lexi. Lexi can occupy and live on Greenacre until: - answer✔✔the death of Kathy The general partners in a limited partnership have: what kind of liability? - answer✔✔unlimited personal liability Jeff, a real estate agent, sells a home to a black couple in a predominately white community. After the sale, he goes to the neighbors and encourages them to sell their homes. He tells them that if they do not, their home values will go down substantially because of the area's imminent transition into a black neighborhood. Jeff is engaged in what illegal practice? - answer✔✔Blockbusting. In most states, licensed real estate brokers and salespersons must also be members of the National Association of Realtors. T or F - answer✔✔False Under the traditional rule, a broker earns a commission under a listing agreement whenever he procures a buyer who is "ready, willing and able" to purchase the real estate, even if the seller refuses to sign a contract with the buyer. T or F - answer✔✔True A real estate broker's commission can only be based on the gross sales price. T or F - answer✔✔False Kelsey signs open listing agreements with two brokers, Ryan and Nicole. Ryan i s the first to find a potential buyer, Marissa, who agrees to buy the property if a suitable closing date can be worked out. Without Ryan's knowledge, Nicole later strikes a deal with Marissa to close earlier and persuades her to sign the contract to buy K elsey's home. In this situation the commission would go to: - answer✔✔Ryan Generally, a broker has implied authority to both advertise the house and to accept money from the buyer. T or F - answer✔✔False In order to become a licensed real estate salesperso n in Florida, you must first apprentice under a broker and after that you take an exam. T or F - answer✔✔False
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