OWNERSHIP

OWNERSHIP

University

15 Qs

quiz-placeholder

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OWNERSHIP

OWNERSHIP

Assessment

Quiz

Business

University

Hard

Created by

Maenetta Jackson

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true of a tenancy in common?

The co-owners must be married

The tenants share an indivisible interest

The tenants must acquire their interests at the same time

The tenants own equal shares of the estate

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a time-share freehold, owners acquire

undivided interests as tenants in common

A tenancy from period-to-period fora portion of a year

A pro rata. share of a leased fee

A tenancy in severalty for a portion of a year

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a cooperative, real property is owned. only by

The individual unit owners

The individual unit owners and the cooperative association

The cooperate developer

The corporate entity of this cooperative association

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner of a cooperative owns

Shares in a corporation or association and a proprietary lease in a physical unit

A fee simple interest in a physical unit plus a tenancy in common in. common elements

A tenancy in common in a physical unit and the common areas

A ground lease in the physical unit's pro rata share of land and a proprietary lease in the unit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A condo owner can

Sell or mortgage condo unit without hindrance from individual. owners of neighboring units

Sell the interest in the physical unit separately from the interest in the common elements

Exclude non-owners from the unit owners' pro-rata portion of the common elements

Exlusively possess and use those portions of the common areas structurally or functionally necessary. for the operation of the unit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an estate is held in trust, who holds the legal title?

The beneficiary

The trustor

The trustee

The property manger appointed by the trustee

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the benefits offered by ownership in a tenancy by the entireties is

The estate is subject to foreclosure only for jointly. incurred debts

The estate. may be terminated only by mutual agreement

The estate is not subject to foreclosure

A co-owner may transfer his or her fractional interest without. the consent of other owners

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