Real Estate Unit 4 Quiz

The four unities of possession, interest, time, and title are associated with which of the following?

• Community property

• Severalty ownership

• Tenants in common

• Joint tenancy

A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following?

• Joint tenants

• Tenants in common

• Tenants by the entirety

• Community property owners

Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. Which statement is TRUE?

• The other two owners remain joint tenants.

• The new owner has severalty ownership.

• They all become tenants in common.

• They all become joint tenants.

A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?

• Cooperative

• Condominium

• Time-share

• Land trust

A trust is a legal arrangement in which property is held for the benefit of a third party by

• a beneficiary.

• a trustor.

• a trustee.

• an attorney-in-fact.

According to some states, any real property that either spouse owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance or with the proceeds of separate property) belongs to both of them equally. What is this form of ownership called?

• Partnership

• Joint tenancy

• Tenancy by the entirety

• Community property

Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the deceased’s estate. The deceased was

• a joint tenant.

• a tenant in common.

• a tenant by the entirety.

• a severalty owner.

A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is

• a trust.

• a corporation.

• a limited partnership.

• a general partnership.

A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called

• condominium.

• planned unit development.

• time-share.

• cooperative.

An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 and August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased?

• Cooperative

• Condominium

• Time-share

• Partnership