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TENNESSEE NATIONAL PORTION REAL
ESTATE EXAM QUESTIONS AND
ANSWERS 2025
A corporation is - correct answer- a legal entity that can buy
and sell real estate as set out in its charter.
Ownership in severalty is - correct 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 - correct 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, - correct 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 - correct
answer- owned in severalty
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The partition of property that is owned concurrently can be
accomplished by - correct answer- court action
A fee simple estate may be held - correct 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 - correct answer- all the owners.
When parties own property as tenants in common, each owner
- correct 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 - correct answer- condominium
A trust is a device by which one person transfers ownership of
property to someone else to hold or manage for - correct
answer- the benefit of a third party.
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Joint tenancy is - correct 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 - correct
answer- the spouses together or be the separate property of
one spouse.
An ownership interest that is based on annual occupancy
intervals is a - correct answer- time share.
Depending on the type of trust and its purpose, the trustor,
trustee, and beneficiary can all be either - correct answer-
people or legal entities.
A deed conveying land on a one-third and two-thirds share
basis establishes a - correct answer- tenancy in common
An advantage of cooperative ownership of a dwelling is that -
correct answer- there are income tax advantages.
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The term severalty comes from the fact that - correct answer- a
sole owner is severed or cut off from other owners.
Which of the following is NOT a form of co-ownership? - correct
answer- Ownership in severalty
If a shareholder in a cooperative defaults in maintenance
payments, - correct 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 - correct 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? - correct answer- The other two owners
remain joint tenants.
TENNESSEE NATIONAL PORTION REAL
ESTATE EXAM QUESTIONS AND
ANSWERS 2025
A corporation is - correct answer- a legal entity that can buy
and sell real estate as set out in its charter.
Ownership in severalty is - correct 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 - correct 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, - correct 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 - correct
answer- owned in severalty
,2 | Page
The partition of property that is owned concurrently can be
accomplished by - correct answer- court action
A fee simple estate may be held - correct 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 - correct answer- all the owners.
When parties own property as tenants in common, each owner
- correct 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 - correct answer- condominium
A trust is a device by which one person transfers ownership of
property to someone else to hold or manage for - correct
answer- the benefit of a third party.
,3 | Page
Joint tenancy is - correct 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 - correct
answer- the spouses together or be the separate property of
one spouse.
An ownership interest that is based on annual occupancy
intervals is a - correct answer- time share.
Depending on the type of trust and its purpose, the trustor,
trustee, and beneficiary can all be either - correct answer-
people or legal entities.
A deed conveying land on a one-third and two-thirds share
basis establishes a - correct answer- tenancy in common
An advantage of cooperative ownership of a dwelling is that -
correct answer- there are income tax advantages.
, 4 | Page
The term severalty comes from the fact that - correct answer- a
sole owner is severed or cut off from other owners.
Which of the following is NOT a form of co-ownership? - correct
answer- Ownership in severalty
If a shareholder in a cooperative defaults in maintenance
payments, - correct 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 - correct 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? - correct answer- The other two owners
remain joint tenants.
