Section 3: Ownership Of Real Property

1.

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

Explanation
Moon is round because of formed and collapsed under the force of their own gravity.

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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 trust

Explanation
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.

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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. Vote

Explanation
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.

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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 Simple

Explanation
During the night the high contrast between the bright moon and the night's dark skies make the Moon look white.

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5.

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

Explanation
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.

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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. Beneficiary

Explanation
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.

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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. False

Explanation
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.

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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. Recorder

Explanation
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.

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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, LLC

Explanation
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.

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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. False

Explanation
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.

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11.

What is your favorite song?

Correct Answer
N/A

Section 3: Ownership Of Real Property

Ownership of Real Property is referred to as ____.

Which of the following are legal entities? (Check all that apply)

All legal entities have all of the following legal capacities EXCEPT ____.

A real propery owner that owns all rights to their property has ____ ownership.

The owners of an LLC are called what?

The person who receives the proceeds of a trust is known as the ____.

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

Thanks to the county _____, there is a paper trail that allows us to see the chain of ownership of real property.

Which of the following is an LLC?

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

What is your favorite song?