Realty & Personal Property

Lois and Clark are married and decide to buy some investment property together. Lois wants to make sure that if she dies, her daughter from a previous marriage will be able to inherit her interest in the property. How should Lois and Clark take title to the property?

Which of these unities is required for there to be tenancy in common?

Jack and friend Jill buy a $250,000 house together as tenants in common. Jack puts up $200,000, and Jill puts up $50,000. The deed indicates that Jack owns 80% interest, and Jill owns 20% interest. How much of that property can Jill occupy?

A parcel of farmland is owned by Desmond, Hillary, and Susan. Hillary dies, and her 50% interest in the farm passes to Desmond and Susan. Which of the following is TRUE?

Property held in tenancy by the entirety:

Heather, Yvonne, Kim, and Rita co-own a property as joint tenants. Rita, Kim, and Yvonne are killed in a car accident. What is Heather’s interest in the property?

Able, Baker, and Charlie co-own property. Charlie dies, leaving behind a will that transfers his one-third interest in the property to Able and Baker. What form of ownership did they have?

When Dave and Lucy get married, they decide to sell each of their homes and buy one house together. Lucy’s house sells for $700,000, Dave’s house sells for $300,000, and they’re going to buy a $1 million house. If Lucy wants a 70% interest in the new house, what form of ownership must they take?

Two cousins want to buy a house together and arrange it so that if one dies, the other will receive full ownership of the property. They will probably take title to the property as:

Joint tenancy is severed when:

When people own real property in joint tenancy, it means that:

Pam and Jim are getting divorced and decide to sell their house. Before the house sells, however, the divorce is finalized, and the judge awards the house to Jim as part of the divorce settlement. What is his interest in the house?

Ann and Bob each own a one-third interest in a property as joint tenants. Dave owns a one-third interest in the property as a tenant in common with Ann and Bob. When Bob dies, what happens to his interest in the property?

Brad and George are an unmarried couple who decide to buy a vacation home together. Brad puts up 60% of the money, and George puts up 40%. At closing, the deed simply lists Brad and George as the new owners. How did they take title, and what is their ownership interest?

Select the matching pairs.

Which method of organizing a business entity may result in double taxation

Evercrusty Pie, Inc., buys an old warehouse to turn into a state-of-the-art bakery. How does Evercrusty take ownership of the property?

Which type of business entity pays a share of the profits to its beneficiaries?

Jim, Nancy, and Shane enter into a limited partnership, where Nancy will be the general partner. This means:

Max owns an apple orchard, which he divides into smaller parcels and sells. Then, he enters into agreements with the buyers to continue harvesting apples on the properties and give them the proceeds. Concerning the second set of transactions, Max has sold:

One hundred doctors get together and put in $10 million each to purchase every strip mall in town as they become available over the next several years. This is MOST likely an example of a:

To avoid paying income tax, a REIT must earn __% of its income from real estate and distribute __% of its taxable income to its beneficiaries.

Patricia establishes a real estate venture and sells limited partnerships in it. All purchasers are residents of the same state where she is licensed and the partnership will operate. This offering will be regulated under:

An investor would like to invest in real estate without being involved in the management or subject to any personal liability. They should invest in a:

Which business entity does NOT protect the owner from the business’ financial liability?

A limited partnership is a preferable method of owning real estate investment properties because:

Sunshine Property is a REIT that owns and operates 79 strip malls. It has 420 shareholders and is managed by a seven-member board of directors. Who, if anyone, are the beneficiaries in this arrangement?

A broker would need to have a securities license to participate in:

Select the matching pairs.

A popular downtown condominium project has many common facilities, such as a swimming pool, tennis courts, a gym, and a spa. Who owns these common elements?

Ronaldo bought a condominium unit. What kind of ownership interest does Ronaldo have?

The developer of a condominium project generally files ________ to begin development.

Which statement about cooperative ownership is TRUE?

What serves as evidence of a cooperative resident’s ownership?

Sean has a designated parking space at his condo. This is an example of a(n):

Oscar wants to buy a low-maintenance residence. Which option will NOT give Oscar ownership of real property?

Tori has a proprietary lease on an individual unit in the prestigious Triumphant Estates. Most likely, what does Tori own?

Ned is a co-owner of a property in Orlando. He is permitted to stay there only the first week of December and the third week of June every year. Ned MOST likely owns a:

Julie is applying to live in Highland Hills Tower. Assuming no illegal discrimination, she could be rejected if:

_____________ may stipulate that condo owners cannot paint doors a particular color or must use a specific type of patio furniture.

Lou lives in a condominium community. What would his association fees most likely NOT cover?

A form of property ownership in which several buyers purchase interests in real estate with each party having the right to use the property and facilities for a designated period of time is called a:

The most common way timeshare properties are occupied by buyers is:

In which type of common interest ownership will one resident’s failure to pay their share of the building expenses threaten the entire community?