FREE AND STUDY GAMES ABOUT UNIT 7 EXAM

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FREE AND STUDY GAMES ABOUT UNIT 7 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

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-Guarantee passing score -27 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A woman lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. she owns stock in the corporation and has a lease to an apartment. What type of ownership is this?

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Cooperative unit Question 2: Under what circumstances may the owner of a campground membership usually use the facilities?

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Limited only by weather and access Question 3: Two sisters and their brother were concurrent owners of a parcel of real estate. The brother died, and his interest passed according to his will to become part of his estate. This brother was a

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tenant in common.

Question 4: As a legal entity, a corporation continues to exist until

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it is formally dissolved.Question 5: Three co-owners cannot agree on the use and disposition of the property that they own together. Two want to sell and the third wants to keep the property. What, if anything, can they do to solve their problem?

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limited partnership.Question 6: How does a condominium obtain the funds necessary to cover ongoing operating expenses and mortgage payments?

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Assess unit holders Question 7: Which of the following forms of ownership may be created by operation of law?

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Tenancy in common Question 8: What is the effect of Pennsylvania adopting the Uniform Partnership Act?

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Partnerships are recognized as a legal entity.Question 9: In Pennsylvania, a conveyance made "to Arnold and Julia Haber, Husband and Wife," without further elaboration, creates a

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tenancy by the entirety.

Question 10: Many cooperatives require that a prospective buyer

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be approved by the board of directors.Question 11: Under Pennsylvania's Uniform Condominium Act, each succeeding purchaser must be given a copy of the

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resale certificate.

Question 12: What type of business organization is a popular method of organizing investors with small amounts of capital to invest?

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Limited partnership Question 13: A parcel of real estate was purchased by two friends. The deed they received from the seller at the closing transferred the property with no further explanation. The two friends MOST likely took title as

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tenants in common.

Question 14: What is a primary disadvantage of a corporation?

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Pays taxes twice Question 15: A corporation may own real estate in all of the following manners EXCEPT

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in joint tenancy.Question 16: Which statement applies to both joint tenancy and tenancy by the entirety?

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The last survivor becomes a severalty owner.Question 17: Of five individuals who own a business, only one is active in operating a business.The other four owners contribute funds, but do not participate in the day-to-day operations. This form of ownership is a

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limited partnership.Question 18: When a couple downsized and moved into a cooperative apartment building, they

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became stockholders in a corporation.

Question 19: What is the benefit of an S corporation?

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No corporate taxes

Question 20: Who runs the business in a general partnership?

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One or more general partners Question 21: A man conveys a vineyard in trust to his sister, with the instruction that any income derived from the vineyard is to be used for his daughter's medical care. Which of the following statements MOST accurately describes the relationship of these parties?

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The man is the trustor, the sister is the trustee, and his daughter is the beneficiary.Question 22: An owner purchases an interest in a resort property. The owner is entitled to the right of possession only between July 10 and August 4 of each year. The owner most likely purchased a

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time-share estate.Question 23: A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?

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Condominium Question 24: What type of business organization combines both limited liability and tax advantages?

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Limited liability companies (LLCS) Question 25: Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys her interest to a friend. Which of the following statements is TRUE?

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The first two owners remain joint tenants.