TENNESSEE NATIONAL PORTION
REAL ESTATE EXAM, LATEST
PREMIUM UPDATE 2025|BRAND
NEW EXAM QUESTIONS WITH(100%)
CORRECT ANSWERS|ALL GRADED
A+|GUARANTEED SUCCESS|LATEST
EXAM BANK
A corporation is - ANSWER✅✅a legal entity that can buy and sell real estate as set
out in its charter.
Ownership in severalty is - ANSWER✅✅property owned by one individual or
corporation.
, A house is owned by three joint tenants, and one of the owners, as permitted by
state law, sells that interest to a new owner. The result is a - ANSWER✅✅tenancy in
common between the new owner and the remaining joint tenants
The owner of a condominium unit learns that a neighbor has failed to pay real
estate taxes. If this neighbor does not pay the taxes, - ANSWER✅✅a lien can be
filed against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and public
agencies are generally - ANSWER✅✅owned in severalty
The partition of property that is owned concurrently can be accomplished by -
ANSWER✅✅court action
A fee simple estate may be held - ANSWER✅✅in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that use
of the property can be determined by agreement of - ANSWER✅✅all the owners.
When parties own property as tenants in common, each owner - ANSWER✅✅has
equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified
undivided interest in the common elements owns a - ANSWER✅✅condominium
A trust is a device by which one person transfers ownership of property to someone
else to hold or manage for - ANSWER✅✅the benefit of a third party.
Joint tenancy is - ANSWER✅✅a form of concurrent ownership of property that is
available to two or more people, whether married or unmarried.
Property owned by a married person can belong to - ANSWER✅✅the spouses
together or be the separate property of one spouse.
An ownership interest that is based on annual occupancy intervals is a -
ANSWER✅✅time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary
can all be either - ANSWER✅✅people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a -
ANSWER✅✅tenancy in common
An advantage of cooperative ownership of a dwelling is that - ANSWER✅✅there
are income tax advantages.
,The term severalty comes from the fact that - ANSWER✅✅a sole owner is severed
or cut off from other owners.
Which of the following is NOT a form of co-ownership? - ANSWER✅✅Ownership in
severalty
If a shareholder in a cooperative defaults in maintenance payments, -
ANSWER✅✅the burden of the default falls on the remaining shareholders.
Once a property is established as a condominium, each unit becomes a separate
parcel of real estate that is owned in fee simple and may be held by -
ANSWER✅✅one or more persons in any type of ownership or tenancy recognized
by state law.
Three people are joint tenants with rights of survivorship in a tract of land. One
owner conveys his interest to a friend. Which statement is TRUE? - ANSWER✅✅The
other two owners remain joint tenants.
The forms of property ownership are controlled by - ANSWER✅✅the state
An ownership interest that can be an estate interest or a right of use is a -
ANSWER✅✅time share.
One of the distinguishing characteristics of a land trust is that public records usually
- ANSWER✅✅do not name the beneficiary
The real property interest that takes the form of personal property is -
ANSWER✅✅the cooperative unit ownership.
Three women were concurrent owners of a parcel of real estate. When one of the
women died, her interest, according to her will, became part of the estate. The
deceased was a - ANSWER✅✅tenant in common
A neutral individual holds title for the benefit of another when property is -
ANSWER✅✅held in trust.
The four unities of possession, interest, time, and title are associated with which of
the following? - ANSWER✅✅Joint tenancy
A legal arrangement under which the title to real property is held to protect the
interests of a beneficiary is a - ANSWER✅✅trust
If property is held by two or more owners as joint tenants, the interest of a
deceased co-owner will be passed to - ANSWER✅✅the surviving owner or owners
A trust is - ANSWER✅✅a legal arrangement in which property is held for the
benefit of a third party by a(n) trustee
, Two people are co-owners of a small office building with the right of survivorship.
One of the co-owners dies intestate and leaves nothing to be distributed to his heirs.
Which of the following would explain why the surviving co-owner acquired the
deceased's interest? - ANSWER✅✅Joint tenancy
A person lives in an apartment building. The land and structures are owned by a
corporation, with one mortgage loan securing the entire property. Like the other
residents, this person owns stock in the corporation and has a lease to the
apartment. This type of ownership is called - ANSWER✅✅cooperative
A married couple co-owns a farm and has the right of survivorship. This
arrangement is MOST likely - ANSWER✅✅an estate by the entirety
The person who creates a trust conveys real or personal property to a -
ANSWER✅✅trustee
Because a corporation is a legal entity, it can own real estate in -
ANSWER✅✅severalty or as a tenant in common.
A parcel of property was purchased by two friends. The deed they received from the
seller at closing transferred the property without further explanation. The two
friends took title as which of the following? - ANSWER✅✅tenants in common
A corporation is a legal entity, recognized as an artificial person. Property owned
solely by the corporation is - ANSWER✅✅owned in severalty
The real property interest that takes the form of personal property is -
ANSWER✅✅cooperative unit ownership.
An exercise room available to all occupants in a condominium development would
be regarded as a - ANSWER✅✅common element.
Title is held by two persons as joint tenants with rights of survivorship. If one party
dies, - ANSWER✅✅the deceased party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE? -
ANSWER✅✅Each owner owns and finances an individual unit.
The condominium form of property ownership can be used for -
ANSWER✅✅detached structures
Ownership of property by two people is considered - ANSWER✅✅concurrent
ownership
REAL ESTATE EXAM, LATEST
PREMIUM UPDATE 2025|BRAND
NEW EXAM QUESTIONS WITH(100%)
CORRECT ANSWERS|ALL GRADED
A+|GUARANTEED SUCCESS|LATEST
EXAM BANK
A corporation is - ANSWER✅✅a legal entity that can buy and sell real estate as set
out in its charter.
Ownership in severalty is - ANSWER✅✅property owned by one individual or
corporation.
, A house is owned by three joint tenants, and one of the owners, as permitted by
state law, sells that interest to a new owner. The result is a - ANSWER✅✅tenancy in
common between the new owner and the remaining joint tenants
The owner of a condominium unit learns that a neighbor has failed to pay real
estate taxes. If this neighbor does not pay the taxes, - ANSWER✅✅a lien can be
filed against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and public
agencies are generally - ANSWER✅✅owned in severalty
The partition of property that is owned concurrently can be accomplished by -
ANSWER✅✅court action
A fee simple estate may be held - ANSWER✅✅in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that use
of the property can be determined by agreement of - ANSWER✅✅all the owners.
When parties own property as tenants in common, each owner - ANSWER✅✅has
equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified
undivided interest in the common elements owns a - ANSWER✅✅condominium
A trust is a device by which one person transfers ownership of property to someone
else to hold or manage for - ANSWER✅✅the benefit of a third party.
Joint tenancy is - ANSWER✅✅a form of concurrent ownership of property that is
available to two or more people, whether married or unmarried.
Property owned by a married person can belong to - ANSWER✅✅the spouses
together or be the separate property of one spouse.
An ownership interest that is based on annual occupancy intervals is a -
ANSWER✅✅time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary
can all be either - ANSWER✅✅people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a -
ANSWER✅✅tenancy in common
An advantage of cooperative ownership of a dwelling is that - ANSWER✅✅there
are income tax advantages.
,The term severalty comes from the fact that - ANSWER✅✅a sole owner is severed
or cut off from other owners.
Which of the following is NOT a form of co-ownership? - ANSWER✅✅Ownership in
severalty
If a shareholder in a cooperative defaults in maintenance payments, -
ANSWER✅✅the burden of the default falls on the remaining shareholders.
Once a property is established as a condominium, each unit becomes a separate
parcel of real estate that is owned in fee simple and may be held by -
ANSWER✅✅one or more persons in any type of ownership or tenancy recognized
by state law.
Three people are joint tenants with rights of survivorship in a tract of land. One
owner conveys his interest to a friend. Which statement is TRUE? - ANSWER✅✅The
other two owners remain joint tenants.
The forms of property ownership are controlled by - ANSWER✅✅the state
An ownership interest that can be an estate interest or a right of use is a -
ANSWER✅✅time share.
One of the distinguishing characteristics of a land trust is that public records usually
- ANSWER✅✅do not name the beneficiary
The real property interest that takes the form of personal property is -
ANSWER✅✅the cooperative unit ownership.
Three women were concurrent owners of a parcel of real estate. When one of the
women died, her interest, according to her will, became part of the estate. The
deceased was a - ANSWER✅✅tenant in common
A neutral individual holds title for the benefit of another when property is -
ANSWER✅✅held in trust.
The four unities of possession, interest, time, and title are associated with which of
the following? - ANSWER✅✅Joint tenancy
A legal arrangement under which the title to real property is held to protect the
interests of a beneficiary is a - ANSWER✅✅trust
If property is held by two or more owners as joint tenants, the interest of a
deceased co-owner will be passed to - ANSWER✅✅the surviving owner or owners
A trust is - ANSWER✅✅a legal arrangement in which property is held for the
benefit of a third party by a(n) trustee
, Two people are co-owners of a small office building with the right of survivorship.
One of the co-owners dies intestate and leaves nothing to be distributed to his heirs.
Which of the following would explain why the surviving co-owner acquired the
deceased's interest? - ANSWER✅✅Joint tenancy
A person lives in an apartment building. The land and structures are owned by a
corporation, with one mortgage loan securing the entire property. Like the other
residents, this person owns stock in the corporation and has a lease to the
apartment. This type of ownership is called - ANSWER✅✅cooperative
A married couple co-owns a farm and has the right of survivorship. This
arrangement is MOST likely - ANSWER✅✅an estate by the entirety
The person who creates a trust conveys real or personal property to a -
ANSWER✅✅trustee
Because a corporation is a legal entity, it can own real estate in -
ANSWER✅✅severalty or as a tenant in common.
A parcel of property was purchased by two friends. The deed they received from the
seller at closing transferred the property without further explanation. The two
friends took title as which of the following? - ANSWER✅✅tenants in common
A corporation is a legal entity, recognized as an artificial person. Property owned
solely by the corporation is - ANSWER✅✅owned in severalty
The real property interest that takes the form of personal property is -
ANSWER✅✅cooperative unit ownership.
An exercise room available to all occupants in a condominium development would
be regarded as a - ANSWER✅✅common element.
Title is held by two persons as joint tenants with rights of survivorship. If one party
dies, - ANSWER✅✅the deceased party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE? -
ANSWER✅✅Each owner owns and finances an individual unit.
The condominium form of property ownership can be used for -
ANSWER✅✅detached structures
Ownership of property by two people is considered - ANSWER✅✅concurrent
ownership
