Texas Principles of Real Estate 1 - Chapter 11

Beneficiary

One entitled to the benefit of a trust is referred to as the...? Devisee Beneficiary Trustor Primary owner

All of the above

Real property can be owned in which of the following forms...? Severalty Co-ownership In trust All of the above

Partition

A division of real or personal property or the proceeds therefrom among co-owners is known as...? Partition Termination Right of survivorship Separation

Living trust

An agreement where the trustee holds legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive is referred to as a/an...? Living partition Escheat Living escrow Living trust

Corporation

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 referred to as a...? Corporation Partnership LLC Limited Partnership

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship" is known as...? Tenancy in Common Severalty Ownership Joint Tenancy Community Property

All of the above

Each spouse in a community property has equal rights to which of the following...? Alienation Management Testamentary disposition All of the above

General partnership

In this type of arrangement, partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations...? LLP Corporation General partnership LLC

Community Property

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 Joint tenancy Severalty ownership Tenancy in common

Right of survivorship

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is known as...? Right of survivorship Tenancy in common Living trust Testamentary trust

Limited Liability Company

This business structure combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation...? Limited Liability Company S-Corp Limited Partnership Limited Liability Partnership

Joint tenancy

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 Tenancy in common Community property Severalty ownership

Severalty Ownership

When someone is the sole owner of a property, they are said to have this type of ownership...? Joint Tenancy Community Property Severalty Ownership Tenancy in Common

All of the above

Which of the following is an example of co-ownership...? Tenancy in common Joint tenancy Community property All of the above