Ch. 3 HW (Ownership)

Question 1

If there is no indication in the deed as to how co-owners are taking title, the law presumes the parties intended to own the property as: *

Answer 1

A. tenants in common.

Question 2

Ownership of real estate for such things as schools, roads, parks, and military installations is: *

Answer 2

public ownership.

Question 3

A condominium may be used for which of the following?

Answer 3

Office building

Question 4

Husband and wife who own property as tenants by the entirety:

Answer 4

Your Answer: D. must both consent to sell AND must both sign for any debt secured by the property.

Question 5

A tenancy in common form ownership entitles each co-tenant to:

Answer 5

an undivided interest in the property.

Question 6

Al and Sue own property as joint tenants. Under which of the following circumstances will severalty ownership NOT result?

Answer 6

Al sells his interest to Barry.

Question 7

In order to obtain a proprietary lease on a co-op unit, an individual must buy a:

Answer 7

share of stock.

Question 8

Which of the following characteristics does NOT apply to tenants in common?
A. Hold separate title to an undivided interest.
B. Must own equal share of interest.
C. May sell, will, or mortgage their interest.
D. Are not subject to right of survivorship.

Answer 8

Must own equal share of interest.

Question 9

Corporation are not allowed to own real estate in joint tenancy because of the:

Answer 9

right of survivorship.

Question 10

An undivided interest of the whole is owned by a:

Answer 10

All of the answers are correct

Question 11

In the event of death, which form of ownership permits the deceased to name an heir?

Answer 11

Tenants in Common.

Question 12

Carlos would like to liquidate his one-third interest in a business property. His cousin, who has a two-thirds interest, does not agree to selling. Can Carlos file a partition suit?

Answer 12

Yes, because any concurrent owners, except for a tenant by the entireties, can file.

Question 13

Al, Bill, and Rob own property as joint tenants. Upon Rob’s death his interest passes to:

Answer 13

Al and Bill.

Question 14

The owners of a limited liability company are called:

Answer 14

members.

Question 15

Which of the following types of ownership cannot be created by operation of law, but must be created by the parties expressed intent?
A. Community property
B. Tenants in Common
C. Joint Tenancy
D. Condominium ownership

Answer 15

Joint Tenancy

Question 16

The Georgia Timeshare Act requires all of the following EXCEPT:

A. all advertising must comply with the Fair Business Practices Act.
B. trust funds must be held in an escrow account.
C unless exempt by law, sales agents must be licensed.
D. a 10 day right-of-recission from receipt of the Public Offering Statement.

Answer 16

a 10 day right-of-recission from receipt of the Public Offering Statement.

Question 17

Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. Under these circumstances which of the following is INCORRECT?

A. Each owns an undivided one-half interest.
B. A Tenants-in-Common ownership exists.
C. Their interests are subject to probate.
D. They own the property with the Right of Survivorship.

Answer 17

Your Answer: D. They own the property with the Right of Survivorship.

Question 18

The Georgia Condominium Act requires:

Answer 18

a 7-day right-of-recission for the purchase of new condominium units only.

Question 19

Joint tenancy will most likely be chosen as a form of ownership by husband and wife to:

Answer 19

assure the surviving spouse of sole ownership without probate.

Question 20

Both husband and wife must sign in order to sell or mortgage land held:

A. as community property.
B. as tenants by the entireties.
C. in states with dower.
D. All of the answers are correct.

Answer 20

Your Answer: D. All of the answers are correct.