Types of Property Ownership Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is NOT one of the four unities?

Question 2 2. Wanda holds a 25% undivided interest in a property with Zack, Wanda's husband, who owns the other 75% undivided interest. What type of tenancy is this?

Question 3 3. Jack and Dianne were recently married and bought their first home. Which type of cotenancy can they acquire over their home?

Question 4 4. Which of the following concurrent estates gives the right of survivorship?

Question 5 5. How are REIT dividends taxed?

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Question 6 6. How are limited liability company profits taxed?

Question 7 7. Which of the following business structures does not require registration with the state?

Question 8 8. What is required to qualify as a limited partnership?

Question 9 9. Which of the following is incorrect about condominiums?

Question 10 10. What do condo association fees cover?

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Question 11 11. What do you call the document that governs how a condo association functions?

Question 12 12. Which of the following will tell you the type of restrictions there are on the use of your condo unit?

Question 13 13. What type of timeshare does not give you any ownership interest over the property but just lets you use the property for a specific period of time?

Question 14 14. A timeshare divides rights in property by ____.

Question 15 15. Jane signed a contract to purchase a timeshare today. Later that evening she tells her parents who convince her she made a bad decision. What's the best recourse for Jane regarding the contract?

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Question 16 16. Generally speaking, a timeshare is considered a ____ investment vehicle.

Question 17 17. Which of the following is an advantage of the life estate interest?

Question 18 18. Which of the following is an example of a life estate deed grant?

Question 19 19. Which of the following is a right of the life estate holder?

Question 20 20. In which of the following examples is Jane Smith the remainderman?

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Question 21 21. Which of the following is incorrect about cooperatives?

Question 22 22. The ____ of a cooperative establishes how its day-to-day operations are governed.

Question 23 23. Which of the following documents actually forms the cooperative once it is filed with the appropriate government agency?

Question 24 24. Which of the following documents specifically addresses the the rights and obligations of a shareholder regarding the shareholder's unit?

Question 25 25. A _____ transfers property to a _____ who owns and manages it for the _____.

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Question 26 26. Marissa is the trustee for a large fund. She can either liquidate assets, which would earn the beneficiaries a 35% return over what they normally get, or she can hold the assets which would earn her a 10% commission. Why must she choose to liquidate assets?

Question 27 27. Allan is buying a house that he wants to place in a trust. How can he ensure the trust receives the property at closing?

Question 28 28. Which type of trust is created during life and which type is created upon death?

Question 29 29. Allan and Beth hold a piece of property as joint tenants. Allan decides to sell his interest to Charles. How do Beth and Charles hold their interest?

Question 30 30. Which of the following is the simplest business entity to create?

Types of Property Ownership Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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