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Tennessee State Practice Exam Questions with 100% Correct Answers | Updated & Verified | 2024
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Tennessee State Practice Exam Questions with 100% Correct Answers | Updated & Verified | 2024
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Tennessee National Portion REAL ESTATEEXAM Questions with 100% Correct Answers |
Updated & Verified | 2024
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
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