Section 3: Ownership Of Real Property
Questions and Answers
- 1.
Ownership of Real Property is referred to as ____.
- A.
Ownership
- B.
Title
- C.
Possession
- D.
Leasehold
Correct Answer
B. TitleExplanation
Moon is round because of formed and collapsed under the force of their own gravity.Rate this question:
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- 2.
Which of the following are legal entities? (Check all that apply)
- A.
An individual
- B.
A government agency
- C.
A corporation
- D.
A partnership
- E.
A trust
Correct Answer(s)
A. An individual
B. A government agency
C. A corporation
D. A partnership
E. A trustExplanation
All of the options listed are legal entities. An individual can be a legal entity, as they have the ability to enter into contracts and be held legally responsible for their actions. A government agency is also a legal entity, as it is a separate entity from the government itself and has the authority to enforce laws and regulations. A corporation is a legal entity, as it is a separate legal entity from its shareholders and can enter into contracts and be held legally responsible. A partnership is a legal entity, as it is a business structure where two or more individuals share ownership and responsibility. A trust is a legal entity, as it is a legal arrangement where one party holds assets for the benefit of another.Rate this question:
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- 3.
All legal entities have all of the following legal capacities EXCEPT ____.
- A.
Own property
- B.
Enter into agreements
- C.
Incur and pay debts
- D.
Vote
- E.
Sue and be sued
Correct Answer
D. VoteExplanation
Legal entities, such as corporations and partnerships, have the legal capacity to own property, enter into agreements, incur and pay debts, and sue and be sued. However, they do not have the legal capacity to vote, as voting is a right granted to individuals rather than entities.Rate this question:
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- 4.
A real propery owner that owns all rights to their property has ____ ownership.
- A.
Total
- B.
Complete
- C.
Fee Simple
- D.
Unchallenged
- E.
Leasehold
Correct Answer
C. Fee SimpleExplanation
During the night the high contrast between the bright moon and the night's dark skies make the Moon look white.Rate this question:
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- 5.
The owners of an LLC are called what?
- A.
Owners
- B.
Partners
- C.
Members
- D.
Proprietors
Correct Answer
C. MembersExplanation
In an LLC (Limited Liability Company), the owners are referred to as members. Unlike partnerships or proprietorships, where the owners are called partners or proprietors respectively, an LLC is a separate legal entity where the owners are considered members. The term "members" is commonly used in the context of LLCs to denote the individuals or entities that have ownership interests in the company.Rate this question:
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- 6.
The person who receives the proceeds of a trust is known as the ____.
- A.
Trustee
- B.
Beneficiary
- C.
Trustor
- D.
Member
Correct Answer
B. BeneficiaryExplanation
The person who receives the proceeds of a trust is known as the beneficiary. In a trust, the beneficiary is the individual or entity that is designated to receive the benefits or assets held in the trust. They may receive income generated by the trust, or they may have the right to the trust's assets at a certain point in time. The beneficiary is typically named in the trust agreement and can be a family member, friend, charity, or any other designated party.Rate this question:
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- 7.
True or False. A legal entity can only be owned by an individual person.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
False. A legal entity can be owned by individuals as well as other legal entities. It is possible for a corporation, partnership, or even another legal entity to own and control a separate legal entity. This allows for complex ownership structures and the ability to separate liability and assets between different entities.Rate this question:
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- 8.
Thanks to the county _____, there is a paper trail that allows us to see the chain of ownership of real property.
- A.
Assessor
- B.
Recorder
- C.
SOS
- D.
GIS
Correct Answer
B. RecorderExplanation
The county recorder is responsible for maintaining public records related to real property ownership. They keep track of deeds, mortgages, and other documents that establish the chain of ownership for a particular piece of land or property. This paper trail allows individuals to trace the history of ownership and verify legal rights and interests in the property.Rate this question:
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- 9.
Which of the following is an LLC?
- A.
Storage Select, LLC
- B.
Billy & Gena's Storage, LP
- C.
Johns Storage, Inc.
- D.
The Harrison Family Revocable Trust
Correct Answer
A. Storage Select, LLCExplanation
Storage Select, LLC is the correct answer because the abbreviation "LLC" stands for Limited Liability Company, which is a type of business structure that provides limited liability protection to its owners. The other options, such as Billy & Gena's Storage, LP, Johns Storage, Inc., and The Harrison Family Revocable Trust, do not have the "LLC" designation and therefore are not LLCs.Rate this question:
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- 10.
True or False. Once we find a legal owner, our seaerch for the actual owner is complete.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because finding a legal owner does not necessarily mean that we have found the actual owner. Legal ownership can be transferred through various means such as sale, inheritance, or gift, but it does not guarantee that the current legal owner is the original or rightful owner. The actual owner could be someone else who has a valid claim or proof of ownership. Therefore, the search for the actual owner is not complete even after finding a legal owner.Rate this question:
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- 11.
What is your favorite song?
Correct Answer
N/A
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Current Version
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Mar 17, 2023Quiz Edited by
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Apr 03, 2015Quiz Created by
Barbara Bray
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