Tennessee National Portion REAL ESTATE EXAM Flashcards

Tennessee National Portion REAL ESTATE EXAM Flashcards A corporation isa legal entity that can buy and sell real estate as set out in its charter.Property owned by a married person can belong to the spouses together or be the separate property of one spouse.A tenancy in common differs from a joint tenancy in thattenants in common may have unequal interest.The forms of property ownership are controlled by the state Which type of deed provides the BEST protection to the buyer?General Warranty Deed In any township, what is the number of the section designated as the school section?16 In a recent property sale, the deed of conveyance

contained only the following guarantee: "This property was

not encumbered during the time the current owner owned it, except as noted in this deed." What type of deed makes such a covenant?special warranty An estate left the decedent's farm to eight grandchildren.Because no form of ownership was specified in the decedent's will, each of the grandchildren receives a one-eighth interest in the property as a tenant in common 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?The other two owners remain joint tenants.If a shareholder in a cooperative defaults in maintenance payments, the burden of the default falls on the remaining shareholders.A legal description is a detailed way of describing a parcel of land and is based on information collected through a survey A broker who is asked how a married couple should take title would advise them to seek legal advice Default in payment of real estate taxes by a condominium unit owner can result in a forced sale of that unit.The partition of property that is owned concurrently can be accomplished by court action The trust established by a decedent's will is testamentary trust.According to some states, any real property that either spouse owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance of with the proceeds of separate property) belongs to both of them equally. What is this form of ownership called?community property A legal description must contain a reference to a principal meridian

A person who has died without a will has died intestate 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 cooperative Which of the following is TRUE of both joint tenancy and tenancy in common?Each tenant must join in a conveyance of title to the property A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a trust A trust isa legal arrangement in which property is held for the benefit of a third party by a(n) trustee Which of the following is NOT a form of co-ownership?Ownership in severalty A deed contains a guarantee that the grantor will compensate the grantee. This is an example of which type of covenant?Warranty forever A neutral individual holds title for the benefit of another when property is held in trust.The real property interest that takes the form of personal property is the cooperative unit ownership.A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely an estate by entirety When a person dies, ownership of real estate passesimmediately An owner of real estate was declared legally incompetent and was committed to a state mental institution. While institutionalized, the owner wrote and executed a will. The owner died while still institutionalized and was survived by a spouse and three children. The real estate will pass according to the state laws of descent.A deed contains a promise that the title conveyed is good and a promise to obtain and deliver any documents necessary to ensure good title. This deed contains an example of which covenant?Further assurances An example of involuntary alienation isadverse possession Where is it necessary to define or explain in the deed the ownership to be enjoyed by the grantee?habendum clause Title is held by two persons as joint tenants with rights of survivorship. If one party dies, the deceased party's interest goes to the co-owner Ownership of property by two people is considered concurrent ownership A trust is a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.One of the distinguishing characteristics of a land trust is that public records usually do not name the beneficiary The condominium form of property ownership can be used for detached structures

An estate in severalty is associated with which of the following?Sole and separate ownership A buyer purchased a half-acre parcel for $2.15 per square foot. What was the selling price of the parcel?

$46,827

An ownership interest that is based on annual occupancy intervals is a time share.Three women were concurrent owners of a parcel of real estate. When one of the women died, her interest, according to her will, became part of the estate. The deceased was a tenant in common Which parties must sign a deed to make it valid? The grantor(s).Title to a property is held by two or more individuals;this property is held in co ownership 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, a lien can be filed against the neighbor's unit and percentage of the common elements.Joint tenancy isa form of concurrent ownership of property that is available to two or more people, whether married or unmarried.The LEAST specific method for identifying real property isstreet addresses 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 one or more persons in any type of ownership or tenancy recognized by state law.A legal description has to contain a reference to principal meridian "P.M." What is the shortest distance between Section 1 and Section 36 in the same township?four miles. The shortest distance from Section 1 to Section 36 is from the bottom of Section 1 to the top of Section 36, or four miles.Which of the following is a legal entity that exists independently of its members?Corporation, Partnership, and Limited liability company A deed would be valid without acompetent grantee The document used to convey ownership to real property is a quitclaim deed 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 joint tenancy When surveying land, a surveyor refers to the principal meridian that is within the rectangular survey system area in which the land being surveyed is located A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a trust Because a corporation is a legal entity, it can own real estate in severalty or as a tenant in common.Which of the following is TRUE regarding community property rights?Any property acquired during a marriage is considered to be obtained by mutual effort.What is the number of the section designated as the school section in any township?16 How many acres are in a section?640

Which of the following would convey an owner's interest in real property?Deed An important feature of adverse possession is that the individual who intends to make a claim to property owned by someone else must use the property.A grantor conveys property by delivering a deed. The deed contains five covenants. This is MOST likely a general warranty deed An LLC is a form of business organization that combines the MOST attractive features of limited partnerships and corporations If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to the surviving owner or owners Real properties owned by public entities, such as cities, counties, states, and public agencies are generally owned in severalty The process of probate isa formal judicial process A neutral individual holds title for the benefit of another when property is held in trust A primary feature of property held in joint tenancy is that there is always right of survivorship An advantage of cooperative ownership of a dwelling is thatthere are income tax advantages.A survey that provides only the location of the structures and improvements as related to property boundaries is an Improvement Location Certificate (ILC).An ownership interest that can be an estate interest or a right of use is a time share.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 tenants in common The possession of property by an adverse possession claimant must be hostile, notorious, and open A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely an estate by the entirety A person who dies testate can transfer title to his real estate upon his death through which type of document?Will An exercise room available to all occupants in a condominium development would be regarded as a common element.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 place a lien on the property A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns a condominium Which of the following statements about a condominium unit is TRUE?Each owner owns and finances an individual unit.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