Chapter 3 - Ownership

Condominium developers must file all EXCEPT?

• Public offering statement

• Plat

• Declaration

• Master deed

Answer explanation

Public offering statement is given with a time share

An estate owned by one person is?

• Priority ownership

• Chattels real

• Fee simple

• Severalty ownership

How joint tenancy differs from tenants in common?

• Unity of interest

• Unity of possession

• Right of survivorship

• Created in deed or will

Option when con-current owners can’t agree?

• Community property

• Partition suit

• Form a partnership

• Escheat

All are unities of ownership EXCEPT?

• Title

• Transfer

• Possession

• Interest

Georgia recognizes this form of ownership?

• Tenancy by the entirety

• Dower or curtesy

• Community property

• Joint tenancy

Trust where two positions are held by same person?

• Land trust

• Testamentary trust

• Living will

• Real estate investment trust

Answer explanation

Land trust - trustor and beneficiary are same person

B. Created by the will once deceased

C. Medical wishes when incapacitated

D. Group of investors

Which of the following is a form of real estate ownership?

• Joint venture

• One tenant in common

• Cooperative

• Syndicate

Which is specific to tenancy in common?

• Unity of possession

• Right of survivorship

• Multiple titles

• Unity of interest

Limited liability company is…

• Personal liability

• Not a form of partnership

• Separate property

• Hybrid of corporation &   

  limited partnership