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R0920 CO-OWNERSHIP OF REAL PROPERTY
QUESTIONS AND ANSWERS
1. How would an unmarried couple take ownership to real property if they
wanted full ownership immediately upon the death of the other co-owner?
A. Severalty.
B. Tenancy in common.
C. Joint tenancy.
D. Tenancy by the entirety.
2. A person bought three lots for $22,000 net each and divided them into four
lots of equal frontage. The lots were then sold for $18,000 each. What was
the approximate percentage of gross profit?
A. 3%
B. 9%
C. 12%
D. 33%
3. In a trust, legal title to real property is transferred to a person to be held and
managed by the person for the benefit of the:
A. trustee.
B. trustor.
C. beneficiary.
D. grantor.
4. A person who purchases shares of stock in a corporation that owns a
building and receives a proprietary lease to a specific unit within the building
has purchased a:
A. condominium.
B. cooperative.
C. timeshare.
D. limited partnership.
5. Several persons own property as tenants in common. One of the owners
dies and the heirs want to sell the property, whereas the other owners
prefer to retain the property. If the parties cannot reach an agreement,
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which of the following actions would most likely be taken by the heirs who
want to sell?
A. Force the remaining owners to buy his or her interest.
B. File a partition action.
C. File a foreclosure action.
D. File a quiet title action.
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6. A father conveyed the family property to his daughter by will as a pur autre vie
estate for the life of her mother. If the daughter should die before the mother,
who gains possession of the property?
A. Remainderman.
B. Mother.
C. Father.
D. Daughter’s heirs
7. Under cooperative ownership the lease that grants occupancy of a specific unit to
the stockholder is called a:
A. percentage lease.
B. proprietary lease.
C. sublease.
D. net lease.
8. Which of the following would best describe interval ownership?
A. A timeshare ownership in which the owner acquires title to a specific property
for a certain period of each year.
B. An ownership interest in a limited partnership.
C. A leasehold interest in a cooperative.
D. Trust ownership, whereby legal title to the property is transferred to a trustee
to be held and managed for the benefit of another.
9. Which of the following transactions would most likely be subject to the state’s
blue-sky laws?
A. Sale of a single family residential home.
B. Sale of a limited partnership interest or condominium.
C. Purchase securities in a timeshare ownership plan.
D. Rental of a commercial office building.
10. The owner of a residential condominium unit and a tenant under a lease both
have:
A. a lien on the property.
B. an estate in the property.
C. a lis pendens.
D. the right of first refusal.
11. An item of personal property that, by the process of attachment and by intent, has
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become real property is called:
A. an estate.
B. a fixture.
C. an emblement.
D. chattel.
12. In Georgia, the legal description section of the listing agreement would
NOT contain information about the following items:
A. state and county.
B. city and state.
C. plat book and page.
D. range and townships.
Cram Course Knowledge Quiz Page 4
R0920 CO-OWNERSHIP OF REAL PROPERTY
QUESTIONS AND ANSWERS
1. How would an unmarried couple take ownership to real property if they
wanted full ownership immediately upon the death of the other co-owner?
A. Severalty.
B. Tenancy in common.
C. Joint tenancy.
D. Tenancy by the entirety.
2. A person bought three lots for $22,000 net each and divided them into four
lots of equal frontage. The lots were then sold for $18,000 each. What was
the approximate percentage of gross profit?
A. 3%
B. 9%
C. 12%
D. 33%
3. In a trust, legal title to real property is transferred to a person to be held and
managed by the person for the benefit of the:
A. trustee.
B. trustor.
C. beneficiary.
D. grantor.
4. A person who purchases shares of stock in a corporation that owns a
building and receives a proprietary lease to a specific unit within the building
has purchased a:
A. condominium.
B. cooperative.
C. timeshare.
D. limited partnership.
5. Several persons own property as tenants in common. One of the owners
dies and the heirs want to sell the property, whereas the other owners
prefer to retain the property. If the parties cannot reach an agreement,
Cram Course Knowledge Quiz Page 1
,2
which of the following actions would most likely be taken by the heirs who
want to sell?
A. Force the remaining owners to buy his or her interest.
B. File a partition action.
C. File a foreclosure action.
D. File a quiet title action.
Cram Course Knowledge Quiz Page 2
,3
6. A father conveyed the family property to his daughter by will as a pur autre vie
estate for the life of her mother. If the daughter should die before the mother,
who gains possession of the property?
A. Remainderman.
B. Mother.
C. Father.
D. Daughter’s heirs
7. Under cooperative ownership the lease that grants occupancy of a specific unit to
the stockholder is called a:
A. percentage lease.
B. proprietary lease.
C. sublease.
D. net lease.
8. Which of the following would best describe interval ownership?
A. A timeshare ownership in which the owner acquires title to a specific property
for a certain period of each year.
B. An ownership interest in a limited partnership.
C. A leasehold interest in a cooperative.
D. Trust ownership, whereby legal title to the property is transferred to a trustee
to be held and managed for the benefit of another.
9. Which of the following transactions would most likely be subject to the state’s
blue-sky laws?
A. Sale of a single family residential home.
B. Sale of a limited partnership interest or condominium.
C. Purchase securities in a timeshare ownership plan.
D. Rental of a commercial office building.
10. The owner of a residential condominium unit and a tenant under a lease both
have:
A. a lien on the property.
B. an estate in the property.
C. a lis pendens.
D. the right of first refusal.
11. An item of personal property that, by the process of attachment and by intent, has
Cram Course Knowledge Quiz Page 3
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become real property is called:
A. an estate.
B. a fixture.
C. an emblement.
D. chattel.
12. In Georgia, the legal description section of the listing agreement would
NOT contain information about the following items:
A. state and county.
B. city and state.
C. plat book and page.
D. range and townships.
Cram Course Knowledge Quiz Page 4
