Unit 2: Basics of Real Estate Law TEST UPDATED ACTUAL
QUESTIONS AND CORRECT Answers
Which type of CID is characterized by fee ownership of Condominium
the dwelling unit with a tenant in common interest in a
portion of real property?
Condominium
Community apartment project
Cooperative
Planned unit development t
Which of the following is not true regarding a sole The owner is not personally liable for all debts
proprietorship?
A single individual operates a business with no other
owners
The owner owns all assets and assumes all liabilities
The business can be sold at the owner's will
The owner is not personally liable for all debts
Which of the following is not true regarding property? Property can't be personal
It is anything capable of private ownership
Property can be real
Property can't be personal
It can have corporeal or incorporeal rights
Which of the following is not true regarding homestead An owner can waive his or her homestead rights
rights?
They protect individuals and families from creditors
An owner can waive his or her homestead rights
A homestead was created by the Texas Constitution
A homestead is a legal status for real property
, What is the common ownership of a single piece of A timeshare
property in which each owner has the exclusive right to
occupy a unit for a specific time?
A planned development
A timeshare
A proprietary lease
A cooperative
Which of the following is considered real property? A mine
A mine
A promissory note
Trade fixtures
Cash
All of the following are examples of personal property, condominiums.
except:
money.
movable goods.
condominiums.
trade fixtures.
What right gives an owner of property the ability to live The right of possession
on the property and to exclude others from access?
The right of succession
The right of possession
The right of adjudication
The right of transfer
All of the following are true regarding a corporation, owned by its board members.
except it is:
formed by filing a Certificate of Formation.
legal person with characteristics of limited liability.
owned by its board members.
characterized by ease of transferability of ownership
interests.
Paul, Ted, and Donna purchase a parcel of real tenants in common.
property. Because Paul contributed $10,000 to the
purchase price while Ted and Donna each contributed
$5,000 apiece, Paul holds a 50% share while Ted and
Donna hold a 25% share apiece. Without knowing
anything more, it is clear that they hold title as:
joint tenants.
tenants in common.
tenants by the entirety.
community property.
QUESTIONS AND CORRECT Answers
Which type of CID is characterized by fee ownership of Condominium
the dwelling unit with a tenant in common interest in a
portion of real property?
Condominium
Community apartment project
Cooperative
Planned unit development t
Which of the following is not true regarding a sole The owner is not personally liable for all debts
proprietorship?
A single individual operates a business with no other
owners
The owner owns all assets and assumes all liabilities
The business can be sold at the owner's will
The owner is not personally liable for all debts
Which of the following is not true regarding property? Property can't be personal
It is anything capable of private ownership
Property can be real
Property can't be personal
It can have corporeal or incorporeal rights
Which of the following is not true regarding homestead An owner can waive his or her homestead rights
rights?
They protect individuals and families from creditors
An owner can waive his or her homestead rights
A homestead was created by the Texas Constitution
A homestead is a legal status for real property
, What is the common ownership of a single piece of A timeshare
property in which each owner has the exclusive right to
occupy a unit for a specific time?
A planned development
A timeshare
A proprietary lease
A cooperative
Which of the following is considered real property? A mine
A mine
A promissory note
Trade fixtures
Cash
All of the following are examples of personal property, condominiums.
except:
money.
movable goods.
condominiums.
trade fixtures.
What right gives an owner of property the ability to live The right of possession
on the property and to exclude others from access?
The right of succession
The right of possession
The right of adjudication
The right of transfer
All of the following are true regarding a corporation, owned by its board members.
except it is:
formed by filing a Certificate of Formation.
legal person with characteristics of limited liability.
owned by its board members.
characterized by ease of transferability of ownership
interests.
Paul, Ted, and Donna purchase a parcel of real tenants in common.
property. Because Paul contributed $10,000 to the
purchase price while Ted and Donna each contributed
$5,000 apiece, Paul holds a 50% share while Ted and
Donna hold a 25% share apiece. Without knowing
anything more, it is clear that they hold title as:
joint tenants.
tenants in common.
tenants by the entirety.
community property.
