Chapter 4 Part 3

Real estate agents should advise their clients as to how to hold title...?

(True)

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse is known as...?

Community property

The undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and a right of survivorship, is known as...?

Joint tenancy

Title to real property held in the name of only one person is known as...?

Ownership in severalty

A division of real or personal property among co-owners is known as...?

Partition

A business trust which deals principally with interest in land, generally organized to conform to the IRS, is referred to as a...?

REIT

A partnership organized for participation in a real estate venture is known as a...?

Syndicate

Which of the following costs are shared among the owners in a tenancy in common...?

Taxes,Expenses,Insurance

Which of the following is an example of concurrent title...?

Tenancy in partnership,Tenancy in common,Joint tenancy

According to the ........., if one of the owners in a joint tenancy passes away, the other owners automatically receive their share of ownership?

The right of survivorship

What is the distinguishing factor between a tenancy in common and a joint tenancy...?

The right of survivorship

Which of the following is an example of a tenancy in common...?

Time-share

According to the ........, all of the owners in a joint tenancy have an equal ownership in the property?

Unity of interest

A tenancy in common must include which of the following...?

Unity of possession

According to the .........., all of the owners in a joint tenancy have the right to occupy the property?

Unity of possession

A joint tenancy must include which of the following unities of ownership...?

Unity of possession,Unity of time,Unity of title

According to the ........., all of the owners in a joint tenancy must have acquired their interest in the property at the same time?

Unity of time

According to the ........., all of the owners in a joint tenancy must have acquired their interest in the property through the same deed?

Unity of title

Community property automatically includes the right of survivorship...?

(False)

An owner in a tenancy in common can sell their share of ownership in the property without the consent of the other owners...?

(True)

One of the benefits of the right of survivorship is the elimination of probate...?

(True)

Ownership in a cooperative includes a proprietary lease...?

(True)

Unless specified otherwise, ownership in a tenancy in common is shared equally between the owners...?

(True)

A REIT must include at least .......... Investors?

100

In a ............, the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common?

Condominium

An apartment building, owned by a corporation, and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation, and where the owner of such shares is entitled to occupy a specific apartment in the building, is referred to as a...?

Cooperative

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it, is known as a...?

Corporation

A tenancy in common can be terminated through...?

Partition

A joint tenancy that is severed becomes a...?

Tenancy in common

An ownership of real property by two or more persons, each of whom has an undivided interest, without the right of survivorship, is known as...?

Tenancy in common