Tennessee National Portion REAL ESTATE
ACTUAL EXAM question with verified
correct verified detailed answers Latest
2025 Graded A+
A trust is --- correct answers ---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? ---
correct answers ---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 --- correct answers ---cooperative
,A married couple co-owns a farm and has the right of survivorship.
This arrangement is MOST likely --- correct answers ---an estate by
the entirety
The person who creates a trust conveys real or personal property to a
--- correct answers ---trustee
Because a corporation is a legal entity, it can own real estate in ---
correct answers ---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? --- correct answers ---tenants in common
A corporation is a legal entity, recognized as an artificial person.
Property owned solely by the corporation is --- correct answers ---
owned in severalty
The real property interest that takes the form of personal property is -
-- correct answers ---cooperative unit ownership.
,An exercise room available to all occupants in a condominium
development would be regarded as a --- correct answers ---common
element.
Title is held by two persons as joint tenants with rights of
survivorship. If one party dies, --- correct answers ---the deceased
party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE?
--- correct answers ---Each owner owns and finances an individual
unit.
The condominium form of property ownership can be used for ---
correct answers ---detached structures
Ownership of property by two people is considered --- correct
answers ---concurrent ownership
If a condominium unit owner has not paid homeowners association
fees for the length of time required by state law, the HOA's remedy
may be to --- correct answers ---place a lien on the property
, Valley Place is a condominium community with a swimming pool,
tennis courts, and biking trail. These common elements are MOST
likely owned by all unit owners as --- correct answers ---tenants in
common
An estate in severalty is associated with which of the following? ---
correct answers ---Sole and separate ownership
A broker who is asked how a married couple should take title would
advise them to --- correct answers ---seek legal advice
The trust established by a decedent's will --- correct answers ---is
testamentary trust.
A brother and his sister were co-owners of a lot. The sister became the
sole owner automatically when the brother died. The form of
ownership they had was --- correct answers ---joint tenancy
An LLC is a form of business organization that combines the MOST
attractive features of --- correct answers ---limited partnerships and
corporations
ACTUAL EXAM question with verified
correct verified detailed answers Latest
2025 Graded A+
A trust is --- correct answers ---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? ---
correct answers ---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 --- correct answers ---cooperative
,A married couple co-owns a farm and has the right of survivorship.
This arrangement is MOST likely --- correct answers ---an estate by
the entirety
The person who creates a trust conveys real or personal property to a
--- correct answers ---trustee
Because a corporation is a legal entity, it can own real estate in ---
correct answers ---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? --- correct answers ---tenants in common
A corporation is a legal entity, recognized as an artificial person.
Property owned solely by the corporation is --- correct answers ---
owned in severalty
The real property interest that takes the form of personal property is -
-- correct answers ---cooperative unit ownership.
,An exercise room available to all occupants in a condominium
development would be regarded as a --- correct answers ---common
element.
Title is held by two persons as joint tenants with rights of
survivorship. If one party dies, --- correct answers ---the deceased
party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE?
--- correct answers ---Each owner owns and finances an individual
unit.
The condominium form of property ownership can be used for ---
correct answers ---detached structures
Ownership of property by two people is considered --- correct
answers ---concurrent ownership
If a condominium unit owner has not paid homeowners association
fees for the length of time required by state law, the HOA's remedy
may be to --- correct answers ---place a lien on the property
, Valley Place is a condominium community with a swimming pool,
tennis courts, and biking trail. These common elements are MOST
likely owned by all unit owners as --- correct answers ---tenants in
common
An estate in severalty is associated with which of the following? ---
correct answers ---Sole and separate ownership
A broker who is asked how a married couple should take title would
advise them to --- correct answers ---seek legal advice
The trust established by a decedent's will --- correct answers ---is
testamentary trust.
A brother and his sister were co-owners of a lot. The sister became the
sole owner automatically when the brother died. The form of
ownership they had was --- correct answers ---joint tenancy
An LLC is a form of business organization that combines the MOST
attractive features of --- correct answers ---limited partnerships and
corporations
