Legal Aspects Questions #8

Right of occupancy of owners in a cooperative are based on A. A propriety lease B. The articles of incorporation C. The bylaws of the association D. Individual deeds to each unit

A. A Propriety lease

Thomas and Andrew own property in joint tenant. Thomas put a $50,000 mortgage on his interest. A short time later Thomas died. Who owns the property and how? A. Andrew owns the property clear of the mortgage B. Andrew owns the property with a mortgage against it C. Because the mortgage destroyed the joint tenancy, Andrew and the heirs of Thomas own the property as tenants in common D. Andrew and the mortgagee own the property as tenants in common

A. Andrew owns the property clear of mortgage

Without the consent of the other spouse, one spouse can A. Buy real estate using community property funds B. Sell community real property C. Give community real property away D. Lease community real property for 18 months

A. Buy real estate using community property funds

Which statement is TRUE of a joint venture A. One joint venturer can sue the joint venture B. The death of a joint venturer automatically dissolves the joint venture C. Joint venturers have the same power to bind other joint venturers as partners have to bind other partners D. All are true

A. One joint venturer can sue the joint venture

Albert, Baker, Charlie and David are joint tenants. What form of ownership exists when David sells to Edith and Albert then dies? A. Baker, Charlie and Edith are tenants in common B. Baker and Charlie are joint tenants, and Edith is a tenant in common C. Albert heirs, Baker, Charlie, and Edith are tenants in common D. None of the above describes the existing ownership

B. Baker and Charlie are joint tenants, and Edith is a tenant in common

A partnership that has NOT complied with the fictitious name statute A. Would be a limited partnership B. Cannot sue in the partnership name C. Is an unincorporated association D. Is all of the above

B. Cannot sue in the partnerhsip name

Ownership as tenants in common with a right to occupy a unit describes a A. Cooperative B. Community apartment project C. Planned development D. None of the above

B. Community apartment project

An owner is likely to be liable to a recreational user of his or her property when A. He or she failed to post "No trespassing" signs B. He or she failed to warn against a dangerous condition C. The property is urban in nature D. All of the conditions above exist

B. He or she failed to warn against a dangerous condition

Jim and Tom are general partners in a real estate office. Jim dies, leaving all of his property to his wife, Lois, who is also a real estate broker. What is the result? A. Lois and Tom are general partners B. Lois has interest in the partnership assets but not in the business C. Lois becomes a limited partner D. Lois has no interest in the business or the assets of the business

B. Lois has interest in the partnership assets but not in the business.

Which ownership form is matched with an incorrect characteristic? A. Joint tenancy/undivided interest B. Tenancy in common/surviviorship C. Community property/Equal ownership D. Severalty/Alone

B. Tenancy in common/survivorship

Which statement accurately describes a tenancy in common? A. Interests must be equal B. There is no equal right of possession C. Interests must be acquired at the same time D. Interests must be acquired from the same documents

B. There is an equal right of possession

Under federal law, a real estate investment trust must have A. A corporate charter B. Fewer than 100 investors C. 100 or more investors D. 1,000 or more investors

C. 100 or more investors

Which is an example of a partition action? A Dividing an apartment building into condominiums B. Any land subdivision C. A court proceeding to divide jointly owned property D. Breaking large apartments into smaller units

C. A court proceeding to divide jointly owned property

Agnes and Alfred, who were recently married, want to purchase a house together. They each want their interest to pass to their individual children from previous marriages in the event of death. They should buy the house A. In partnership B. In severalty C. As tenants in common D. As joint tenants

C. As tenants in common

After Albert and Helen were married, they purchased a home. The $40,000 down payment was the separate property of Helen. Payments on the home were made with the community property funds. Upon marriage dissolution, what are the rights of the parties to the sale proceeds from the house? A. Albert and Helen share the proceeds equally B. Albert gets one-half of the payments made, but Helen gets the remainder C. Helen is entitles to $40,000 plus one-half of the balance of the sale proceeds (If any) D. None o the above is true

C. Helen s entitled to $40,000 plus one-half of the balance of the sale proceeds (If any)

What would be the ownership form for property that is solely owned by a married woman? A. Community property B. Tenancy in common C. Ownership in severalty D. Ownership in partnership

C. Ownership in severalty (Ownership by single person)

To convey your property to a son and daughter on a one-third/two-thirds basis, you would want to convey title as A. Community property B. Tenancy in severalty C. Tenancy in common D. Joint tenancy

C. Tenancy in common

According to the community property rules, one spouse alone may A. Sell community real property interest B. Encumber community real property interest C. Will community real property interest D. None of the above

C. Will community real property interest

Two separate corporations could hold title together as A. Tenants in severalty B. Joint tenants C. Community property D. A partnership

D. A partnership (They are separate entities)

Notice of known hazardous substances on the premises must be given by A. Owners to buyers B. Owners to lessees C. Lessees to owners D. All of the above

D. All of the above

Which is (are) true regarding income tax? A. Partnerships do not pa income tax B. A disadvantage of corporations is double taxation C. An S corporation does not pay taxes D. All of the above are true

D. All of the above are true

The seller of a condominium property must provide the purchaser with A. A copy of the restriction B. The association bylaws C. The owners' association financial statement showing delinquent assessments D. All the documents above

D. All the documents above

A new limited partnership MUST A. End its name with "A Limited Partnership" B. Have a written agreement C. File a formal certificate of limited partnership D. Do all of the above

D. Do all of the above

A single tenant in common may NOT A. Seller her interest without approval of the other tenants in common B. Will her interest to her children C. Use the property without compensating the other tenants in common D. Give exclusive posession to another

D. Give exclusive possession to another

Interval exclusive occupancy coupled with a joint ownership likely refers to a(n) A. Cooperative B. Community apartment project C. Undivided interest subdivision D. Time-Share

D. Time-Share