Lesson 5

Question 1

A form of estate held by two or more persons, each of whom is considered as being possessed of his share of the whole is:

Answer 1

Tenancy in common

Question 2

Which event creates a tenancy in common?

Answer 2

Transfer of one joint tenant’s interest to a third party

Question 3

The four unities of title, time, interest, and possession normally are found in

Answer 3

Joint tenancy

Question 4

A joint tenancy may accomplish all of these actions EXCEPT:

Answer 4

Devise the interest

Question 5

One of the advantages of a joint tenancy is that it

Answer 5

Avoids the delays and expenses of probate

Question 6

Tom and Sam take title to a farm as joint tenants. Assuming Sam dies, which statement is TRUE?

Answer 6

Tom is the sole owner of the property.

Question 7

Two sisters, Florence and Mary, inherit real property from their mother with no stipulation except that one-third is to go to Florence and two-thirds to Mary. Which statement is TRUE?

Answer 7

Upon Mary’s death, her share passes to her heirs or devisees

Question 8

Which statement applies equally to two joint tenants and to tenants by the entirety?

Answer 8

The last living tenant becomes sole owner.

Question 9

The master deed to a condo is recorded in:

Answer 9

The county registry of deeds.

Question 10

A “Condominium Declaration” is:

Answer 10

The charter of the condominium.

Question 11

In what way is tenancy by the entirety different from joint tenancy for a husband and wife?

Answer 11

One spouse can sell only with the other’s consent.

Question 12

X and Y are joint tenants, X conveys his interest to Z. The relationship between Z and Y is:

Answer 12

Tenants in common

Question 13

A floor plan shows

Answer 13

Interior layout.

Question 14

Condominium form of ownership applies to all EXCEPT:

Answer 14

Tenants in common.

Question 15

In the sale of real property owned by a limited partnership, who must sign the sales contract or deed for it to be valid?

Answer 15

Hospitals

Question 16

Financing real estate through a group of persons who pool their funds to purchase or make a down payment on investment properties is BEST described as:

Answer 16

a syndicate

Question 17

In a condo conversion, a tenant given an owner-signed P&S has how many days to accept or reject?

Answer 17

90

Question 18

Timesharing ownership is all EXCEPT:

Answer 18

Weekly time periods must be consecutive.

Question 19

Which subject would LEAST likely be found in a prospectus marketing a time-share condominium?

Answer 19

Escalating rents.

Question 20

A common area in a condo is one that

Answer 20

Every unit owner has an interest in.

Question 21

At the closing of a condo resale, which of the following is necessary?

Answer 21

6D Certificate

Question 22

The buyer-shareholder of a cooperative apartment

Answer 22

Becomes a stockholder in the corporation and receives a proprietary interest.

Question 23

Condo and coop owners have the following in common

Answer 23

Income tax deduction for interest and taxes

Question 24

A, B and C own as joint owners. A dies. B sells her interest to X. How do X and C own the property?

Answer 24

Tenants in common

Question 25

Which type of ownership is LEAST likely to be subject to regulation by the securities law?

Answer 25

Joint tenancy

Question 26

Bill and Susan buy a house together, but wish to leave their individual estates to their respective children from previous marriages. They will hold title as:

Answer 26

Tenants in common

Question 27

Title to ownership of a condo unit is vested in:

Answer 27

The individual owner of each unit