Chapter 5 Quiz

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Chapter 5 Quiz

Methods of Ownership

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A conveys property to B and C who are unrelated and not joint tenants. If B dies:

1 point

(A) C is the sole owner.

(B) B’s share goes to his heirs.

(D) E comes into the picture.

Clear selection

Which of the following statements apply equally to joint tenants and tenants by the entirety?

1 point

(A) There is no right to file a partition suit.

(B) The survivor becomes owner.

(D) A deed will not convey any interest unless signed by both spouses.

Clear selection

When a person owns property to the exclusion of all other persons, he is said to hold the property in:

1 point

(A) personalty.

(B) common.

(D) secret.

Clear selection

A tenancy in common must have unity of:

1 point

(A) time.

(B) title.

(D) possession.

Clear selection

Co-ownership of property by a husband and wife can take any of the following forms EXCEPT a:

1 point

(A) tenancy in common.

(B) tenancy by the entirety.

(D) tenancy in severalty.

Clear selection

When used In connection with ownership interests, the term "partition’’ means:

1 point

(A) a formal written request signed by a group of petitioners.

(B) court action by which owners of property seek to sever their common ownership.

(D) a non-bearing wall In a building.

Clear selection

A joint tenant may NOT:

1 point

(A) sell his interest.

(B) give away his interest.

(D) devise his interest.

Clear selection

Your customer plans to get divorced shortly before closing of a property she and her boyfriend just purchased and asks you about how to hold title to the property. You should suggest she:

1 point

(A) get divorced first.

(B) conceal the pending divorce.

(D) choose joint tenancy.

Clear selection

When purchasing real estate, the form or method of ownership (severalty, tenants in common or joint tenants) should be determined by:

1 point

(A) the broker.

(B) the buyer and his attorney.

(D) the law of the state in which the real estate is located.

Clear selection

If title to a farm is held as tenants by the entirety, which of the following is true?

1 point

(A) A valid contract of sale on the farm must be signed by both of the spouses that are selling.

(B) A creditor of one spouse can assert a valid lien on the farm.

(D) Spouses have no survivorship rights.

Clear selection

When a person who owns real estate in severalty dies testate, his property:

1 point

(A) goes entirely to the surviving joint tenant.

(B) is probated and distributed according to the will.

(D) reverts to the county by escheat.

Clear selection

Property purchased by a brother and sister with full survivorship would be:

1 point

(A) tenancy in common.

(B) joint tenancy.

(D) severalty.

Clear selection

One of the features of owning real property as tenants in common is:

1 point

(A) each co-owner must have equal interest.

(B) each owner may not will his interest.

(D) the last survivor owns property in severalty.

Clear selection

Two sisters, Mary and Rose, inherit real estate from their mother with no stipulation except that 1/3 is to go to Mary and 2/3 to Rose. Which of the following is true?

1 point

(A) Mary and Rose are joint tenants of the property.

(B) Rose may not mortgage her Interest in the property without Mary’s consent.

(D) Upon Rose’s death, her share passes to her heirs or devisees.

Clear selection

A woman and her brother hold property in joint tenancy. The woman deeded her part to herself and her husband. Therefore:

1 point

(A) the deed to the husband is invalid.

(B) the joint tenancy is broken.

(D) joint tenancy remains the same.

Clear selection

One of the advantages of joint tenancy is:

1 point

(A) it cannot be terminated without the consent of each tenant.

(B) tenants may own different fractional shares.

(D) it can only exist between husband and wife.

Clear selection

Property owned by a tenant in common passes at death:

1 point

(A) to his co-tenant or tenants.

(B) to his estate.

(D) by escheat.

Clear selection

A joint tenant may NOT:

1 point

(A) sell his interest.

(B) give away his interest.

(D) sell the property.

Clear selection

Where two brothers hold title to property, one with a 1/3 interest and the other a 2/3 interest, title would most likely be held as:

1 point

(A) joint tenancy.

(B) tenancy by the entirety.

(D) tenancy in severalty.

Clear selection

A corporation cannot hold title to real property in New Jersey with another as a joint tenant because:

1 point

(A) it is a violation of the Securities Act.

(B) of its perpetual existence.

(D) a corporation cannot convey title to real property.

Clear selection

A, B and C own property as joint tenants. C dies and B sells his interest in the property to D. The property is now owned:

1 point

(A) as joint tenants by A, D and C’s widow, E, his sole heir.

(B) A and D as joint tenants.

(D) A and D and B’s wife.

Clear selection

Hanna Marsh and Max Haver buy a house together. They are a young, unmarried couple and want to know how they should take title so that if one of them dies, that person’s heirs will inherit the property interest. Their attorney will most likely recommend:

1 point

(A) joint tenancy.

(B) tenancy at will.

(D) tenancy in common.

Clear selection

A deed in favor of Norman and Rosalie with the stated proportionate interests of 2/3 and 1 /3 respectively:

1 point

(A) creates a tenancy in common.

(B) creates a valid joint tenancy.

(D) is void.

Clear selection

A tenancy by the entirety exists:

1 point

(A) automatically when names of husband and wife appear on the deed.

(B) whenever there is right of survivorship among concurrent owners.

(D) after the owners have been divorced.

Clear selection

The person for whom a trust is created is called the:

1 point

(A) fiduciary.

(B) trustee.

(D) beneficiary.

Clear selection

Tenants by the entirety:

1 point

(A) each own a portion of the property.

(B) may seek an action for partition.

(D) may share unequal interests.

Clear selection

In New Jersey, condominiums are regulated by:

1 point

(A) the NJ Real Estate Commission.

(B) the NJ Condominium Bureau.

(D) the Horizontal Property Act.

Clear selection

Which of the following statements is (are) true regarding timeshare estates?

1 point

(A) Individuals who sell timeshare estates must be licensed by the New Jersey Real Estate Commission.

(B) The purchaser of a timeshare estate will receive a deed.

(C) Developers who sell timeshare estates in New Jersey must comply with the provisions of the New Jersey Real Estate Timeshare Act if they market the units in New Jersey.

(D) All of the above statements are true.

Clear selection

Which of the following statements is NOT true?

1 point

(A) An inter vivos trust is created by a beneficiaiy.

(B) A testamentary trust is created by a will.

(D) A testamentary trust becomes effective when the trustor dies.

Clear selection

All of the following statements are true EXCEPT:

1 point

(A) A Subchapter S corporation is taxed as a partnership.

(B) A Subchapter S corporation does not have to pay corporate income tax.

(D) A corporation that is not Subchapter S is classified as a C Corporation.

Clear selection

A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner. 5-198

1 point

1. General Partnership

2. Tenancy by the Entirety

3. Limited Partnership

4. Horizontal Property Act

Clear selection

Title to property owned by two or more persons, with no one co-owner having exclusive rights to any specific part.

1 point

1. General Partnership

2. Limited Partnership

3. Tenancy by the Entirety

4. Undivided Interest

Clear selection

The individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of that property. 5-201

1 point

1. Condominium Ownership

2. Right of Survivorship

3. Cooperative Ownership

4. Common Interest

Clear selection

A partnership composed of general and limited partners whose contribution and liability are limited and specifically defined. 5-201

1 point

1. Limited Partnership

2. Undivided Interest

3. General Partnership

4. Tenancy by the Entirety

Clear selection

A lease in a cooperative apartment between the owner-corporation and the tenant stockholder. 5-203

1 point

1. Common Interest

2. Common Expense

3. Unities of Time

4. Proprietary Lease

Clear selection

Ownership by two or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property. Each owner is possessed of an undivided part of the whole. 5-197

1 point

1. Joint Venture

2. Joint Tenancy

3. Tenancy In Common

4. Cooperative Ownership

Clear selection

The instrument that legally establishes a condominium. 5-202

1 point

1. Partnership

2. Corporation

3. Master Deed

4. Common Interest

Clear selection

A vehicle used to carry on business, with its owners having liability only to the extent of their stock ownership; considered being an individual or separate entity. 5-200

1 point

1. Partnership

2. Joint Venture

3. Partition

4. Corporation

Clear selection

Necessities usually required in the formation of a joint tenancy or tenancy by the entirety: time, title, interest and possession. 5-198

1 point

1. Proprietary Lease

2. Common Element

3. Common Interest

4. Unities of Time

Clear selection

The name given to the laws that recognize condominium ownership in New Jersey; horizontal layers of ownership. 5-201

1 point

1. Horizontal Property Act

2. Tenancy by the Entirety

3. Right of Survivorship

4. Condominium Ownership

Clear selection

Ownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interests need not be equal, and each owner is possessed of the whole of an undivided part. 5-197

1 point

1. Tenancy In Common

2. Tenancy by Severalty

3. Cooperative Ownership

4. Joint Tenancy

Clear selection

Court proceedings by which co-owners of commonly owned property seek to sever their common ownership. 5-198

1 point

1. Common Interest

2. Corporation

3. Partition

4. Partnership

Clear selection

Ownership by only one person. 5-197

1 point

1. Tenancy In Common

2. Joint Tenancy

3. Tenancy by Severalty

4. Cooperative Ownership

Clear selection

Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses. 5-203

1 point

1. Tenancy In Common

2. Joint Tenancy

3. Condominium Ownership

4. Cooperative Ownership

Clear selection

A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions. 5-201

1 point

1. Joint Venture

2. Partnership

3. Partition

4. Corporation

Clear selection

In a condominium, land and all parts of a building usually used by all the owners for their mutual convenience or safety; also called "common area." 5-202

1 point

1. Common Interest

2. Common Element

3. Common Expense

4. Joint Venture

Clear selection

In a condominium, the expenses of operation; all sums designated as such by the declaration or bylaws.

1 point

1. Common Element

2. Common Interest

3. Common Expense

4. Unities of Time

Clear selection

The right of a co-owner automatically to receive the title of a deceased co-owner immediately without probate. 5-197

1 point

1. Condominium Ownership

2. Unities of Time

3. Right of Survivorship

4. Common Interest

Clear selection

A joining of two or more people in a specific business enterprise; similar to a partnership, and generally with no intention of a continuing relationship beyond the original purpose. 5-201

1 point

1. Joint Venture

2. Partnership

3. Joint Tenancy

4. Corporation

Clear selection

A partnership in which all partners are personally liable for partnership debts that exceed parnership assets. 5-201

1 point

1. General Partnership

2. Undivided Interest

3. Tenancy by the Entirety

4. Limited Partnership

Clear selection

The percentage of undivided interest in the common elements of a building appertaining to each apartment

1 point

1. Proprietary Lease

2. Common Expense

3. Common Interest

4. Common Element

Clear selection

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