Real Estate Dynamics Ch. 3 -- Ownership Quiz

The Georgia Timeshare Act requires all of the following EXCEPT:

A 10 day right-of-recession form receipt of the Public Offering Statement.

The Georgia Condominium Act requires:

A 7-day right-of-recession for the purchase of previously owned condominium units.

A corporation and an individual cannot hold title to real property as joint tenants because:

A corporation has perpetual existence.

A "joint tenancy" is:

A form of concurrent ownership

The owner of a condominium apartment owns:

A freehold estate

Community property ownership is a form of ownership that is:

A type of concurrent ownership between husband and wife.

Al, Bill, and Rob own property as joint tenants. Upon Rob's death his interest passes to:

Al and Bill

Al, Bob, and Rob own property as joint tenants. Upon Rob's death his interest passes to:

Al and Bob.

Al and Sue own property as joint tenants. Under which of the following circumstances will severalty ownership NOT result?

Al sells his interest to Barry.

A corporation took sole title to a piece of property.This would be:

An estate in severalty.

A tenancy in common form of ownership entitles each co-tenant to:

An undivided interest in the land.

A tenancy in common form of ownership entitles each co-tenant to:

An undivided interest in the property.

In a joint tenancy among five people, all of the following are true EXCEPT?

Any of the five parties may will away his or her share.

Both husband and wife must sign in order to sell or mortgage land held:

As community property, as tenants by the entireties, in states with dower.

Joint tenancy will most likely be chosen as a form of ownership buy husband and wife to:

Assure the surviving spouse of sole ownership without probate.

Joint tenancy will most likely be chosen as a form of ownership by husband and wife to:

Assure the surviving spouse of sole ownership without probate.

One of the advantages of joint tenancy is that it:

Avoids the delays and expenses of probate.

A conveys property to B and C, who are unrelated and not joint tenants. When B dies, what most likely happens to ownership of the property?

B's share goes to his heirs

A condominium developer is responsible for providing:

Bylaws for a condominium association, CC & R's to control the manner in which common elements are used, and a condominium declaration which sets forth each unit owner's percentage of undivided interest in the common elements.

C, B, and S are tenants in common. If B dies:

C's share in the property is unaffected.

Both husband and wife must join in the signing in order to sell or mortgage land held as:

Community property, tenants by the entireties, and in states with dower.

A form of ownership where more than one person has an interest in the same property at the same time is knows as:

Concurrent ownership

In order to obtain a proprietary lease on a co-op unit, an individual must buy a:

Condominium

A joint tenancy may accomplish all of the following EXCEPT:

Devise the interest.

Of three tenants in common on dies. Hie sole heir, a son, wanted to receive his father's share in cash form.However, the other tow tenants in common did not wan tot liquidate the property.What is his most likely course of action?

File a suit for partition to force the sale of the property.

Two or more persona who join together for business purposes may form a:

General partnership and limited partnership.

Condominium ownership includes:

Holding title as "tenants-in-common"

Which of the following types of ownership cannot be created by operation of law, but must be created by the parties expressed intent?

Joint Tenancy

A property is purchased by a brother and sister with equal shares. This could be a:

Joint tenancy

The four unities of title, time, interest and possession normally are found in which of the following?

Joint tenancy

Which of the following types of ownership cannot be created by operation of law, but must be created by the parties expressed intent?

Joint tenancy

The owners of a limited liability company are called:

Members

The owners of a limited liability company are called?

Members

Husband and wife who own property as tenants by the entirety:

Must both consent to sell and must both sign for any debt secured by the property.

Husband and wife who own property as tenants by the entirety:

Must both consent to sell, may individually file a partition suit, and must both sign for any debt secured by the property.

Which of the following characteristics does NOT apply to tenants in common?

Must own equal shares of interest

Which of the following characteristics does NOT apply to tenants in common?

Must own equal shares of interest.

Privately owned real estate may be held by:

One individual, an entity (such as a corporation), or by more than one person.

Severalty ownership refers to an estate held by:

One person alone

A tenant in common can do which of the following?

Own two-thirds of the property.

Tenancy in common is a form of:

Ownership

A condominium may be used for which of the following?

Parking garage, Shopping center, and Office Building.

A condominium may be used for which of the following?

Parking garage, Shopping center, and Office building.

The concept of ownership consists of:

Physical characteristics and the bundle of rights.

Trusts are another form of:

Property ownership

Ownership of real estate for such things as schools, roads, parks, and military installations is:

Public ownership

Ownership of real estate for such things as schools, roads, parks, and military installations is?

Public ownership

The types of Trust include?

Real estate investment trust, land trust, living trust.

Corporations are not allowed to own real estate in joint tenancy because of the:

Right of survivor-ship.

Two or more persons can take title to property as all EXCEPT which of the following?

Severalty

In order to obtain a Proprietary Lease on a co-op unit an individual must buy a/an:

Share of stock.

T and S take title to a farm as joint tenants. Assuming S dies, which of the following is true?

T is the sole owner of the property.

If there is no indication in the document how title shall be held:

Tenancy in common is presumed

Where two cousins hold title to property, one having a one-third interest and the other having a two-thirds interest, title is held in:

Tenancy in common.

An undivided interest of the whole is owned by a:

Tenant in common, joint tenant and tenant by the entireties.

Only a husband and wife may hold title to real property as:

Tenants by the entirety

In the event of death, which form of ownership permits the deceased to name an heir?

Tenants in Common

If there is no indication in the deed as tho how co-owners are taking title, the law presumes the parties intended to own property as:

Tenants in common

If there is no indication in the deed as to how co-owners are taking title, the law presumes the parties intended to own the property as:

Tenants in common

The concept of ownership includes:

The bundle of rights

Joint tenancy is a form of ownership which:

The co-tenants jointly own a single estate

Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. Under these circumstances which of the following is INCORRECT?

They own the property with the Right of Survivor-ship.

Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. Under these circumstances which of the following in INCORRECT?

They own the property with the right of survivor-ship.

A man spends the same three months of December, January, and February in his fee simple Florida Condominium each year. This type of arrangement is commonly known as:

Time sharing

Which of the following events creates a tenancy in common?

Transfer of one join tenant's interest to a third party.

The limited liability company is:

Unique, with characteristics of corporations

Carlos would like to liquidate his one-third interest in a business property. His cousin, who has a two-thirds interest does not agree to selling. Can Carlos file a partition suit?

Yes, because any concurrent owners, except for a tenant by the entireties, can file.

Carlos would like to liquidate his one-third interest in a business property. His cousin, who has a two-thirds interest, does not agree to selling. Can Carlos file a partition suit?

Yes, because any concurrent owners, except for a tenant by the entireties, can file.