FormsOfRealEstateOnwership

Question 1

One person owns the property and all other interests are severed

Answer 1

Estate in severalty

Question 2

each person entitled to possession of the whole and that persons share does not pass to other owners unless willed

Answer 2

Tenancy in Common

Question 3

Business can be conducted ant title to property using your own name is a characteristic of

Answer 3

Sole proprietor

Question 4

A sole proprietor can use name along with this

Answer 4

Business Name

Question 5

In a sole proprietorship, property is owned in

Answer 5

Severalty

Question 6

This is not part of a sole proprietorship

Answer 6

Tenancy in common

Question 7

Partners that are involved with the business

Answer 7

General partners

Question 8

Partners that are not involved with the business

Answer 8

Limited Partners

Question 9

An example of a limited partner

Answer 9

Silent Partner

Question 10

General partners are liable for

Answer 10

debts

Question 11

If debts exceed partnership assets then limited partners are

Answer 11

Not liable.

Question 12

Corporations exist in

Answer 12

Law

Question 13

Shareholders may be taxed on a corporate level as well as an

Answer 13

individual level

Question 14

Corporations can receive, hold and transfer to

Answer 14

Real property and may give or hold a mortgage (to secure debt)

Question 15

Corporations can exist as S corp or a

Answer 15

C corp

Question 16

Shields personal assets from Liability

Answer 16

LLC

Question 17

An LLC does not do this

Answer 17

Commingle personal and company assets

Question 18

With an LLC you may not have file a separate

Answer 18

Tax Return

Question 19

Organizations with many participants with the common purpose of making a profit from a real estate investment.

Answer 19

Syndicate

Question 20

Two or more people come together for the single, temporary purpose of buying real estate, improving properties and selling for profit.

Answer 20

Joint Ventures

Question 21

Title to land and building is held by coproration

Answer 21

Cooperative Ownership

Question 22

If you purchase a condo

Answer 22

You hold the title to the unit and share the common areas

Question 23

Another example of cooperative ownership is

Answer 23

Personal Property

Question 24

These are real property

Answer 24

Condos

Question 25

Ownership can be transferred similar to other properties in a

Answer 25

Condo

Question 26

Ownership may follow occupancy agreement and can be approved or disapproved by the board in

Answer 26

Cooperative Ownership