Mastering Real Estate Principles, Eighth Edition - Unit 9

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What would be considered community property?

Property bought by one of the parties during the marriage

Property acquired by gift after the marriage

Property bought by either party before the marriage

Property acquired by inheritance after the marriage

A and B bought an apartment building and took title to the property as joint tenants. B died and left a will. A now owns the apartment building

The building would have been sold upon B’s death.

as tenant in common with B’s heirs.

as a joint tenant with B’s heirs.

in severalty.

X, Y, and Z, own property as joint tenants. X sells their ownership interest to Q. What best describes the current ownership of the property?

Y, Z and Q are tenants in common.

Y, Z and Q are now joint tenants.

Y and Z remain joint tenants owning a two-thirds interest.

All hold the property in severalty.

Under a trust arrangement, title to property is held for someone’s benefit by the

grantor.

trustee.

beneficiary.

trustor.

What best describes ownership in a multi-unit building if a person owns their unit plus a percentage of the common parts of the building and grounds?

Timeshare

Cooperative

Land trust

Condominium

A family lives in an apartment building that is owned by a corporation. The family, like the other building residents, owns shares in the corporation and has a proprietary lease right to the apartment. This type of ownership is called

condominium.

trust.

cooperative.

timeshare.

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