Real Estate Fundamentals - Chapter 8: Ownership

15 Questions | Total Attempts: 382

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Real Estate Quizzes & Trivia

Questions and Answers
  • 1. 
    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.
    • A. 

      True

    • B. 

      False

  • 2. 
    The most basic form of ownership is referred to as "ownership in severalty" which means ownership by several people.
    • A. 

      True

    • B. 

      False

  • 3. 
    The second type of ownership is co-ownership which means that the ownership in real property is held by two or more people
    • A. 

      True

    • B. 

      False

  • 4. 
    When ownership by two or more people is held as tenancy in common, each co-owner holds an undivided, fractional interest in severalty.
    • A. 

      True

    • B. 

      False

  • 5. 
    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.
    • A. 

      True

    • B. 

      False

  • 6. 
    The "right of survivorship" is sometimes referred to as a "poor man's will".
    • A. 

      True

    • B. 

      False

  • 7. 
    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.
    • A. 

      True

    • B. 

      False

  • 8. 
    The type of co-ownership that is reserved exclusively for a husband and wife is called tenancy by marriage.
    • A. 

      True

    • B. 

      False

  • 9. 
    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".
    • A. 

      True

    • B. 

      False

  • 10. 
    In Pennsylvania real property ownership by a corporation is held in "severalty".
    • A. 

      True

    • B. 

      False

  • 11. 
    The originator of a trust is called a trustee.
    • A. 

      True

    • B. 

      False

  • 12. 
    When a trust is created during an owner's lifetime it is called a "beneficiary trust".
    • A. 

      True

    • B. 

      False

  • 13. 
    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".
    • A. 

      True

    • B. 

      False

  • 14. 
    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.
    • A. 

      True

    • B. 

      False

  • 15. 
    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".
    • A. 

      True

    • B. 

      False

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