Real Estate Fundamentals - Chapter 8: Ownership | Attempts: 552

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Quizzes Created: 21 | Total Attempts: 29,250

| Attempts: 552

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1/15 Questions

The second type of ownership is co-ownership which means that the ownership in real property is held by two or more people
- True
- False

About This Quiz

This Real Estate Fundamentals quiz assesses knowledge on property ownership types, legal restrictions on real estate advice, and implications of co-ownership. It is crucial for understanding rights, duties, and legal frameworks in real estate, enhancing professional competency in the field.

Real Estate Fundamentals - Chapter 8: Ownership - Quiz

2.

The most basic form of ownership is referred to as "ownership in severalty" which means ownership by several people.
- True
- False
Correct Answer

A. False

Explanation

Ownership of Severalty IS the most basic form of ownership, however, it refers to a title held by ONE PERSON or LEGAL ENTITY such as a corporation.

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3.

When a consumer purchases a one or two week amount of time each year in a vacation resort or condominium building it is known as a "time share ownership".
- True
- False
Correct Answer

A. True

Explanation

A time share ownership refers to the purchase of a specific amount of time each year in a vacation resort or condominium building. This means that the consumer has the right to use the property for a certain period annually, typically for one or two weeks. Therefore, the statement "When a consumer purchases a one or two week amount of time each year in a vacation resort or condominium building it is known as a 'time share ownership'" is true.

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4.

When a party goes to court in an attempt to have the court force the sale of property and split the sale proceeds proportionately it is known as a suit of partition.
- True
- False
Correct Answer

A. True

Explanation

This occurs in a co-ownership.

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5.

The type of co-ownership that is reserved exclusively for a husband and wife is called tenancy by marriage.
- True
- False
Correct Answer

A. False

Explanation

The type of co-ownership that is reserved exclusively for husband and wife is called "Tenancy by the Entirety".

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6.

Individual condominium owners own the common areas of the building, such as the lobby, elevators, hallways, grounds, etc. called common elements, as "tenants in common".
- True
- False
Correct Answer

A. True

Explanation

The explanation for the correct answer is that in a condominium, the common areas of the building are owned collectively by the individual condominium owners. These common areas include the lobby, elevators, hallways, and grounds. The owners have shared ownership of these areas as "tenants in common," meaning they each have an undivided interest in the property. Therefore, the statement is true.

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7.

In Pennsylvania real property ownership by a corporation is held in "severalty".
- True
- False
Correct Answer

A. True

Explanation

In Pennsylvania, "severalty" refers to real property ownership by a corporation. This means that the property is owned solely by the corporation, without any co-owners or joint ownership. The statement is true because it accurately describes the legal concept of property ownership in Pennsylvania.

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8.

When ownership by two or more people is held as tenancy in common, each co-owner holds an undivided, fractional interest in severalty.
- True
- False
Correct Answer

A. True

Explanation

When ownership is held as tenancy in common, each co-owner has an undivided, fractional interest in the property. This means that each co-owner has a share of the property, but the property itself is not physically divided among them. Instead, each co-owner has the right to use and enjoy the entire property. Therefore, the statement is true.

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9.

A real estate agent may give legal advice ONLY if the question has been ruled on previously by the courts and the real estate agent is absolutely sure of the advice he/she is giving.
- True
- False
Correct Answer

A. False

Explanation

A real estate agent is not qualified to give legal advice, regardless of whether the question has been ruled on previously by the courts or not. Legal advice should be sought from a qualified attorney who is trained in the law and can provide accurate and reliable information. Therefore, the statement is false.

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10.

When a husband and a wife own real property and they become divorced the ownership of the real property would automatically convert to a "tenancy by the entirety".
- True
- False
Correct Answer

A. False

Explanation

Upon divorce, ownership in real property would convert to a "Tenancy in Common" where each person holds fractional interest in severalty. The severalty interest means that each co-owner has the basic rights of ownership to sell, mortgage, etc. his fractional ownership separately from the other co-owners.

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1
11.

The "right of survivorship" is sometimes referred to as a "poor man's will".
- True
- False
Correct Answer

A. True

Explanation

When there is a death of an owner in a Joint Tenancy, the ownership interest passes to the other owners, which is known as the "right of survivorship".

Automatic right of survivorship also applies in a Tenancy by the Entirety - which is exclusively for husband/wife.

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12.

The originator of a trust is called a trustee.
- True
- False
Correct Answer

A. False

Explanation

The originator of a trust is called a Trustor.

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13.

The lengthy document that creates the condominium and is known as a master deed of the condominium is usually referred to as the Bible of Condominium Associations.
- True
- False
Correct Answer

A. False

Explanation

It is referred to as the "Declaration". A Declaration is the Master Deed of the Condominium.

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14.

In the "right of survivorship" when one of the co-owner's dies, the fractional ownership interest would pass according to the wording of the will.
- True
- False
Correct Answer

A. False

Explanation

In the "right of survivorship," when one of the co-owner's dies, the fractional ownership interest would not pass according to the wording of the will. Instead, it would automatically transfer to the surviving co-owner(s) without the need for probate or the involvement of the deceased co-owner's will. This is a characteristic of joint tenancy or tenancy by the entirety, where the surviving co-owner(s) inherit the deceased co-owner's share by operation of law.

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15.

When a trust is created during an owner's lifetime it is called a "beneficiary trust".
- True
- False
Correct Answer

A. False

Explanation

A trust created during the owner's lifetime is called a living trust.

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Current Version
Mar 21, 2023

Quiz Edited by
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Jul 28, 2011

Quiz Created by
Sseveland

Real Estate Fundamentals - Chapter 8: Ownership

The second type of ownership is co-ownership which means that the ownership in real property is held by two or more people

Quiz Preview

The most basic form of ownership is referred to as "ownership in severalty" which means ownership by several people.

When a consumer purchases a one or two week amount of time each year in a vacation resort or condominium building it is known as a "time share ownership".

When a party goes to court in an attempt to have the court force the sale of property and split the sale proceeds proportionately it is known as a suit of partition.

The type of co-ownership that is reserved exclusively for a husband and wife is called tenancy by marriage.

Individual condominium owners own the common areas of the building, such as the lobby, elevators, hallways, grounds, etc. called common elements, as "tenants in common".

In Pennsylvania real property ownership by a corporation is held in "severalty".

When ownership by two or more people is held as tenancy in common, each co-owner holds an undivided, fractional interest in severalty.

A real estate agent may give legal advice ONLY if the question has been ruled on previously by the courts and the real estate agent is absolutely sure of the advice he/she is giving.

When a husband and a wife own real property and they become divorced the ownership of the real property would automatically convert to a "tenancy by the entirety".

The "right of survivorship" is sometimes referred to as a "poor man's will".

The originator of a trust is called a trustee.

The lengthy document that creates the condominium and is known as a master deed of the condominium is usually referred to as the Bible of Condominium Associations.

In the "right of survivorship" when one of the co-owner's dies, the fractional ownership interest would pass according to the wording of the will.

When a trust is created during an owner's lifetime it is called a "beneficiary trust".