by jbryan


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\\\"Shelly and Nadine bought a store building and took title as joint tennants. Nadine died testate. Shelly now owns the store: 1.as joint tenant with rights of survivorship. 2.in severalty. 3.As tenant in common with Nadine\\\'s heirs. 4.in trust.
2.in severalty.\\\"
\\\"Which of the following would be considered community property? 1.Gift of property to a wife during her marriage. 2.Income earned by one spouse during marriage. 3.Property inherited by husband during marriage. 4.Income earned by either husband or wife prior to marriage.
2.Income earned by one spouse during marriage.\\\"
\\\"A trust is a legal arrangement in which title to property is held for the benefit of a third party by a(n): 1.beneficiary. 2.trustor. 3.trustee. 4.attorney in fact.
3.trustee.\\\"
\\\"Enid 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 she owns stock in the corporation and has a lease to her apartment. This type of ownership is called a 1.condominium. 2.planned unit development. 3.time-share. 4.cooperative.
4.cooperative\\\"
\\\"Victor and Norman are co-owners in fee simple of a small office building. Norman dies intestate and leaves nothing to be distributed to his heirs. Victor is neither related to Norman nor his creditor. Which of the following would explain why Victor acquired Norman\\\'s interest? 1.Adverse possession. 2.Reversionary rights. 3.Joint tenancy. 4.Foreclosure.
3.Joint tenancy.\\\"
\\\"Jamal - Morton - and Herb are joint tenants in a parcel of land. Herb conveys his interest to his long-time friend Walid. After conveyance Jamal and Morton: 1.become tenants in common. 2.continue to be joint tenants with Herb. 3.become joint tenants with Walid. 4.remain joint tenants owning a two-thirds interest.
4.remain joint tenants owning a two-thirds interest.\\\"
\\\"Which of the following is not a form of co-ownership? 1.Tenancy in common 2.Tenancy at will 3.Tenancy by the entirety 4.Joint tenancy.
2.Tenancy at will\\\"
\\\"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 1.cooperative owners. 2.joint tenants. 3.community property owners. 4.tenants in common.
4.tenants in common\\\"
\\\"Under the community property laws of the state in which the couple live which of the following does not apply to John and Mary Duncan? 1.Each may also own separate property. 2.Mary may not convey community property without Mr. Duncan\\\'s consent. 3.John may also own community property with a person other than Mary. 4.Neither may encumber community property without the other\\\'s consent.
3.John may also own community property with a person other than Mary.\\\"
\\\"To create joint tenancy in the ownership of real estate there must be unities of 1.grantees - ownership - claim of right - and possession. 2.title - interest - encumbrance and survivorship. 3.possession - time - interest and title. 4.ownership - possession - heirs and title.
3.possession - time - interest and title. (PITT- JOINT TENANCY)\\\"
\\\"A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements would own a: 1.cooperative. 2.share in a real estate investment trust. 3.condominium. 4.time-share interest.
3.condominium.\\\"
\\\"A joint tenancy with right of survivorship may be created: 1.automatically if the property is distributed to the surviving shildren. 2.by presumption if another form of ownership is not described. 3.by deed or will. 4.when a deed is signed by both spouses.
3.by deed or will.\\\"
\\\"For a property to be held in tenancy by the entirety which of the following is required? 1.The cotenants must be husband and wife. 2.The property in question must be Torrens property. 3.Upon the death of a cotenant the decendent\\\'s interest must pass to his or her heirs. 4.In the event of a dispute the property must be partitioned.
1.The cotenants must be husband and wife.\\\"
\\\"In a community property state: 1.the property that a person accumulated prior to marriage is called separate property. 2.the property that a person received as a gift during marriage is considered community property. 3.all property owned by a married person is called community property. 4.the property paid for by the earnings of one spouse during the marriage is known as separate property.
1.the property that a person accumulated prior to marriage is called separage property.\\\"
\\\"Which of the following is a false statement about a condominium? 1.a declaration must be filed before any units may be sold. 2.Each unit owner has a fractional undivided interest in the common elements. 3.Each unit owner receives a separate real estate tax statment. 4.Each owner has a proprietary lease with the association for his or her own unit.
4.Each owner has a proprietary lease with the association for his or her own unit.\\\"
\\\"Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the relationship of Abel and Charlie? 1.They are joint tenants. 2.They are tenants in common. 3.There is no relationship because Baker cannot sell to Charlie. 4.Abel owns a 2/3 interest and Charlie owns a 1/3 interest.
2.They are tenants in Common.\\\"
\\\"Tenancy with survivorship means: 1.a tenancy interest will be inherited. 2.the tenancy interest will pass to the surviving tenants upon the death of one. 3.the tenant\\\'s heirs are survivors. 4.this is not a legal tenancy.
2.the tenancy interest will pass to the surviving tenants upon the death of one.\\\"
\\\"The owner of a condominium is responsible for paying a monthly maintenance fee. If the owner fails to make this payment which of the following is true? 1.The owner is evicted. 2.The debt is collected from other owners. 3.A lien may be placed against the unit. 4.The debt is added to the mortgage payment.
3.A lien may be placed against the unit.\\\"
\\\"In a land trust which of the following is NOT a correct statement? 1.The beneficial interest can be transferred by assignment. 2.The beneficiary is usually the trustor. 3.Public records list all the beneficiaries. 4.The property can be pledged as security for a loan without recording a mortgage.
3.Public records lis all the beneficiaries.\\\"
\\\"Two people own a building as joint tenants with right of survivorship. One of the owners dies intestate. The other now owns the building: 1.as a joint tenant with rights of survivorship. 2.in severalty. 3.in absolute ownership under the law of descent. 4.subject to the terms of the deceased\\\'s will.
2.in severaly.\\\"
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