Question 1

Interval owners have no right to use the common areas of the property.

Accepted Answer

A) True 
 B)False

Question 2

When a business partner dies, his or her rights in specific partnership property passes to the decedent's heirs.

Accepted Answer

A) True 
 B)False

Question 3

What kind of property is an ownership interest in a time-share?

Accepted Answer

A)   Real property
B)   Tangible personal property
C)   Intangible personal property
D)   Intellectual propertyE) B) and D)
F) A) and C)

Question 4

Four different "unities" of ownership are required for ________ tenancy.

Accepted Answer

The answer of Four different "unities" of ownership are required...

Question 5

What term describes real property owned separately by one person?

Accepted Answer

A)   Estate in entirety
B)   Estate in severalty
C)   Estate in totality
D)   Estate in wholeE) All of the above
F) A) and C)

Question 6

A form of ownership of real property that is available to business partners is called tenancy in ________.

Accepted Answer

The answer of A form of ownership of real property...

Question 7

What is an integral part of joint tenancy?

Accepted Answer

A)   Agreement of time
B)   Unity of time
C)   Concord of time
D)   Unison of timeE) B) and D)
F) A) and D)

Question 8

Match the terms with their descriptions:
-Estate in severalty

Accepted Answer

A)   Law governing a tenancy by partnership
B)   Equal interest in a property by all owners
C)   Deed to a condominium describing the entire property owned by the condominium association
D)   Community property jurisdiction
E)   Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of timeF)  Real property is owned separately by one personG)  Division of the property into separate parcelsH)  Tenancy that may be held only by a husband and wifeI)  Deed to an individual condominium unit being transferredJ)  To collect a sum of money by putting into effect the judgment of a courtK) B) and G)
L) E) and G)

Question 9

Since each tenant in common has an undivided share, it automatically means that each co-tenant has an equal share of the property.

Accepted Answer

A) True 
 B)False

Question 10

An individual join tenant owns the entire estate, subject to the equal rights of other joint tenants.

Accepted Answer

A) True 
 B)False

Question 11

When a person dies intestate, leaving real property to several heirs, they may take the property as tenants in common.

Accepted Answer

A) True 
 B)False

Question 12

A single estate with multiple ownership is called joint tenancy with the right of ________.

Accepted Answer

The answer of A single estate with multiple ownership is...

Question 13

The word "tenant" applies not only to renters.

Accepted Answer

A) True 
 B)False

Question 14

What organization may govern tenancy in partnership?

Accepted Answer

A)   UPA
B)   RUPA
C)   CC & Rs
D)   Both A and BE) All of the above
F) A) and D)

Question 15

When real property is owned by more than one person, each owner is called a(n) ________.

Accepted Answer

The answer of When real property is owned by more...

Question 16

In her will, Virginia wants to leave her house to her four children. Additionally, she wants her children to have unity in possession. Discuss how Virginia can achieve this goal.

Accepted Answer

First option: in her will, Virginia can ...

Question 17

In resort areas of the country, ________ ownership is popular.

Accepted Answer

The answer of In resort areas of the country, ________...

Question 18

One of the most common co-tenant relationships is tenants in common.

Accepted Answer

A) True 
 B)False

Question 19

Match the terms with their descriptions:
-Levy on execution

Accepted Answer

A)   Law governing a tenancy by partnership
B)   Equal interest in a property by all owners
C)   Deed to a condominium describing the entire property owned by the condominium association
D)   Community property jurisdiction
E)   Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of timeF)  Real property is owned separately by one personG)  Division of the property into separate parcelsH)  Tenancy that may be held only by a husband and wifeI)  Deed to an individual condominium unit being transferredJ)  To collect a sum of money by putting into effect the judgment of a courtK) D) and J)
L) F) and J)

Question 20

Match the terms with their descriptions:
-Timesharing

Accepted Answer

A)   Law governing a tenancy by partnership
B)   Equal interest in a property by all owners
C)   Deed to a condominium describing the entire property owned by the condominium association
D)   Community property jurisdiction
E)   Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of timeF)  Real property is owned separately by one personG)  Division of the property into separate parcelsH)  Tenancy that may be held only by a husband and wifeI)  Deed to an individual condominium unit being transferredJ)  To collect a sum of money by putting into effect the judgment of a courtK) A) and C)
L) B) and I)

Exam 33: Multiple Ownership of Real Property

Four different "unities" of ownership are required for ________ tenancy.

Correct AnswerverifiedShow Answer

A single estate with multiple ownership is called joint tenancy with the right of ________.

Correct AnswerverifiedShow Answer

The word "tenant" applies not only to renters.

Correct AnswerverifiedShow Answer

When a person dies intestate, leaving real property to several heirs, they may take the property as tenants in common.

Correct AnswerverifiedShow Answer

A form of ownership of real property that is available to business partners is called tenancy in ________.

Correct AnswerverifiedShow Answer

Match the terms with their descriptions: -Estate in severalty

Correct AnswerverifiedShow Answer

In resort areas of the country, ________ ownership is popular.

Correct AnswerverifiedShow Answer

What is an integral part of joint tenancy?

Correct AnswerverifiedShow Answer

Interval owners have no right to use the common areas of the property.

Correct AnswerverifiedShow Answer

Match the terms with their descriptions: -Levy on execution

Correct AnswerverifiedShow Answer

What term describes real property owned separately by one person?

Correct AnswerverifiedShow Answer

In her will, Virginia wants to leave her house to her four children. Additionally, she wants her children to have unity in possession. Discuss how Virginia can achieve this goal.

Correct AnswerverifiedFirst option: in her will, Virginia can ...View AnswerShow Answer

An individual join tenant owns the entire estate, subject to the equal rights of other joint tenants.

Correct AnswerverifiedShow Answer

Since each tenant in common has an undivided share, it automatically means that each co-tenant has an equal share of the property.

Correct AnswerverifiedShow Answer

What kind of property is an ownership interest in a time-share?

Correct AnswerverifiedShow Answer

When a business partner dies, his or her rights in specific partnership property passes to the decedent's heirs.

Correct AnswerverifiedShow Answer

When real property is owned by more than one person, each owner is called a(n) ________.

Correct AnswerverifiedShow Answer

One of the most common co-tenant relationships is tenants in common.

Correct AnswerverifiedShow Answer

What organization may govern tenancy in partnership?

Correct AnswerverifiedShow Answer

Match the terms with their descriptions: -Timesharing

Correct AnswerverifiedShow Answer

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First option: in her will, Virginia can ...
View Answer

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