Section 3: Ownership Of Real Property

11 Questions | By Yardiselfstorage | Last updated: Mar 17, 2022 | Total Attempts: 224

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1.

Ownership of Real Property is referred to as ____.
- A.
  
  Ownership
- B.
  
  Title
- C.
  
  Possession
- D.
  
  Leasehold
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
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
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
5.

The owners of an LLC are called what?
- A.
  
  Owners
- B.
  
  Partners
- C.
  
  Members
- D.
  
  Proprietors
6.

The person who receives the proceeds of a trust is known as the ____.
- A.
  
  Trustee
- B.
  
  Beneficiary
- C.
  
  Trustor
- D.
  
  Member
7.

True or False. A legal entity can only be owned by an individual person.
- A.
  
  True
- B.
  
  False
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
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
10.

True or False. Once we find a legal owner, our seaerch for the actual owner is complete.
- A.
  
  True
- B.
  
  False
11.

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