CH. 5

A joint tenancy with right of survivorship may be created... A. automatically if the property is distributed to the surviving children. B. automatically if a deed is signed by both spouses. C. by presumption if another form of ownership is not described. D. by deed or will.

BY DEED OR WILL

A man owns and lives year-round in a cottage in a lakefront community. His ownership of the cottage is in fee simple. He also owns and unidvided interest in a parking lot, a golf course, and a swimming pool, all located in teh development. Based on these facts alone, the man's ownership is probably BEST described as a A. cooperative B. time-share use C. condominium D. time-share estate

CONDOMINIUM

What kind of ownership do the horizontal property acts regulate? A. Planned unit development B. Condominiums C. Time-sharing D. Cooperatives

CONDOMINIUMS

Three people own a large parcel of undeveloped land in joint tenancy. Once of them wants to build a shopping center on the property, while the other two want to use it as an organic farm. The individual tries to buy the other tenants' interests, but they refuse to sell. Which of these is the individual's BEST option? A. Wait for the other two to die B. File suite to quiet title C. Begin building a shopping center on one-third of the property D. File a suite for partition

FILE A SUITE FOR PARTITION

When a corporation takes complete ownership of a property, it is considered to be ownership in A. tenancy in common B. joint tenancy C. partnership D. severalty

SEVERALTY

A man with two sons and a woman with two daughters are getting married, and they are buying a house together. They ask the real estate professional for advice about how to take title. What advice should the real estate professional offer? A. Joint tenancy to protect each other; so that if one dies, the other gets the house B. Suggest that they consult with an attorney C. Tenants in common, so that each one-half interest would go to the appropriate children D. Suggest that they consult with the employing broker

SUGGEST THAT THEY CONSULT WITH AN ATTORNEY

Three brothers bought a farm together, and the deed listed only each of their names. What form of ownership are they presumed to have taken? A. Tenancy by the entireties B. Joint tenancy with right of survivorship C. In severalty D. Tenancy in common

TENANCY IN COMMON

In receiving a gift of a parcel of real estate, one of the two new owners was given an undivided 60 percent interest and the other received an undivided 40 percent. They now hold their interests as A. community property owners. B. cooperative owners. C. joint tenants. D. tenants in common.

TENANTS IN COMMON *Unlike joint tenants, tenants in common do not need to hold equal ownership interests

Two women own an apartment building together as joint tenants. They share equally in the expenses and profits. One day, one of the women decides to end the relationship. If she sells her interest to a man by signing and delivering a deed, which of these statements is TRUE? A. The man and the remaining woman will be tenants in common B. The conveyance will be invalid; the two women will remain joint tenants C. The man will become a joint tenant with the remaining woman D. The man will be a tenant in common wit the remaining woman as a joint tenant wit hteh leaving woman

THE MAN AND THE REMAINING WOMAN WILL BE TENANTS IN COMMON

A man creates a trust to pay for a broker's real estate education. The trust is operated by a woman, who makes payments on behalf of the broker directly to the real estate school. Based on these facts, which of these statements BEST characterizes the relationships among thse parties? A. The man is the truster, the real estate school is the beneficiary, and the woman is the trustee. B. The man is the truster, the broker is the beneficiary, and the woman is the trustee. C. The woman is the truster, the broker is the beneficiary, and the man is the trustee. D. The man is the trustor, the broker is the beneficiary, the woman is the trustee, and the real estate school is the fiduciary.

THE MAN IS THE TRUSTER, THE BROKER IS THE BENEFICIARY, AND THE WOMAN IS THE TRUSTEE