Tennessee National Portion REAL ESTATE EXAM Questions with 100% Correct Answers |Updated & Verified | 2025

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is 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 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, 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 owned in severalty The partition of property that is owned concurrently can be accomplished by court action A fee simple estate may be held in three basic ways