Unit 2 – Forms of Ownership, Transfer, and Recording of Title Page 1 of 46 The Bundle of Rights contain all except? Right to Use Right to Exclude Right to Steal Right to Transfer Page 2 of 46 What gives an owner the ability to use, exclude, lease, transfer or will their property to others? Tenants in Common Joint Tenancy Community Property The Bundle of Rights Page 3 of 46 Upon death ownership goes to surviving owners is known as? Sole proprietorship Tenancy in Entirety Survivorship Undivided Interest Page 4 of 46 All of the following forms of ownership have some type of survivorship except? Joint Tenancy Tenants in Common Community Property Tenancy in Partnership Page 5 of 46 Which form of ownership requires that the owners be married? Joint Tenancy Tenants in Common General partnership Community Property Page 6 of 46 Survivorship applies to which of the following forms of ownership? Joint Tenancy Tenants in Common Community Property Tenancy in Entirety Page 7 of 46 Tenants must obtain ownership at the same time for this form of ownership? Tenants in Common Joint Tenancy Community Property Tenancy in Entirety Page 8 of 46 Which form of ownership has no survivorship tied to it? Joint Tenancy Tenants in Common Community Property Tenancy in Entirety Page 9 of 46 Mark, Brian and Sam obtained ownership in the property in 2016, Brian passed away in 2019. John wanted to become an owner in the property in 2022. Mark and Sam agreed to this. What form of ownership does John have in the property? Joint Tenancy Tenants in Common Community Property Tenancy in Entirety Page 10 of 46 Creation of Joint Tenancy includes all of the following except? Time Title Possession Interest Rate Page 11 of 46 An S Corporation may not have more then ______________ shareholders. 75 99 100 200 Page 12 of 46 A regular Corporation is taxed on the profits compared to a LLC or S Corporation that is taxed how? Passthrough Taxation to the owner(s) Taxed similar to a General Partnership Taxed similar to a Limited Partnership Taxed based on the profits made Page 13 of 46 A Real Estate Investment Trust must have at least ___________ Investors. 75 99 100 200 Page 14 of 46 An agreement between two or more business owners to share profits and risk of the business is known as? Joint Tenancy Tenants in Common Tenancy in Partnership Community Property Page 15 of 46 How does a LLC differ from a Corporation? A LLC is taxed on the profits made Protects personal assets A corporation has passthrough taxation A LLC has passthrough taxation Page 16 of 46 An ____________________ is the interest a person has in real property. Estate Time-Share Lease NonFreehold Estate Page 17 of 46 Which estate allows the tenant to freely transfer the property without restriction? Fee Simple Deferminable Non-Freehold Estate Life Estate Fee Simple Page 18 of 46 _______________________ is the highest ownership level someone may have in real property. Fee Simple on Condition Subsequent Fee Simple Flee Simple Determinable Life Estate Page 19 of 46 My mother was so upset because I was given the right to live at the house until my father passes away. Life Estate Fee Simple Fee Simple Determinable Fee Simple on Condition Subsequent Page 20 of 46 A trust or living trust is best to ______________________________. Avoid passthrough taxation Avoid probate Ensure tax penalties after death Incite a riot Page 21 of 46 All of the follow are examples of non-freehold estates except for? Leased apartment Leased single family home Leased commercial space Single family home with a satisfied mortgage Page 22 of 46 The sale price of a property is $215,000.00, the total commission rate is 5.5%, the co-brokerage commission rate is 2.4%. What is the total commission due? $10,750 $11,825 $12,900 $5,160 Page 23 of 46 Mark, Brian and Sam obtained ownership in the property in 2016, Brian passed away in 2019. John wanted to become an owner in the property in 2022. Mark and Sam agreed to this. What type of ownership did Mark, Sam and Brian have? Community Property Tenants in Common Joint Tenancy Tenancy in Entirety Page 24 of 46 My grandfather allows me to use the warehouse any way I would like as long as I allow his brothers to store 4 cars inside. Life Estate Fee Simple Fee Simple Determinable Fee Simple on Condition Subsequent Page 25 of 46 Which form of ownership only allows a person to have ownership interest for a specific period of time? Cooperative Time-share Homeowner Associations Planned Unit Development Page 26 of 46 Restrictive covenants that are governed by those who are effected by the covenants are known as? Deed Restrictions Homeowners Associations Cooperatives Time-Shares Page 27 of 46 Which form of ownership cannot be partitioned? Joint Tenancy Tenants in Common Community Property Tenancy in Entirety Page 28 of 46 My grandmother allows me to be at the house and keep it up as long as she is alive. Life Estate Fee Simple Fee Simple Determinable Fee Simple on Condition Subsequent Page 29 of 46 Remainder rights applies to which of the following? Life Estate Fee Simple Fee Simple Determinable Fee Simple on Condition Subsequent Page 30 of 46 In Wisconsin, which form of ownership applies directly to a married couple? Joint Tenancy Tenancy in Entirety Tenants in Common Community Property Page 31 of 46 In which form of ownership does the ownership not have to be equal among the owners? Joint Tenancy Tenants in Common Community Property Tenancy in Entirety Page 32 of 46 I was able to use the store front in order to sell my products, but once I sold tobacco there I was no longer able to use it. Life Estate Fee Simple Fee Simple Determinable Fee Simple on Condition Subsequent Page 33 of 46 Which of the following is required to be a valid deed? Witness Dated Consideration Be in Writing Page 34 of 46 The level of ownership of a Condominium __________________ is Fee Simple. Pool Gym Unit Driveway Page 35 of 46 Restrictive covenants that are put in place by a developer are known as? Deed Restrictions Homeowners Associations Cooperatives Time-Shares Page 36 of 46 Remainder rights means that ownership interest go to the _______________________. Trustee's Heirs Beneficiary Grantor's Heirs Grantee Page 37 of 46 Title Insurance offers protection for: the involuntary transfer of property to a government without compensation. buyers with any possible issues on the title from date of closing to the date that the deed/title is recorded a Writ of Execution which allows property to be sold via Sheriff’s Sale to satisfy the judgement possible defects in the title that were recorded prior to closing Page 38 of 46 Por ature vie refers to which of the following? Time-shares Fee Simple Life Estates Non-Freehold Page 39 of 46 Reversionary rights means that ownership interest go back to the _______________________. Trustee Trustor Grantor Grantee Page 40 of 46 Which of the following is not a requirement to be a valid deed? Delivery Acceptance Signature Witnessed Page 41 of 46 Reversionary rights means that ownership interest go back to the _______________________. Trustee Trustor Grantor Grantee Page 42 of 46 Involuntary Alienation means which of the following? The aliens have landed Transfer without owner's consent Owner died without a will Bequest Page 43 of 46 All of the following are not a requirement of a valid deed except? Address of parties Conveyance Recording Acknowledgment Page 44 of 46 Property goes to the State if there is no owner, usually upon death is known as _________________. Eminent domain Condemnation Escheats Probate Page 45 of 46 What is the transfer tax for a home that is for sale in the amount of $244, 500.00? 731.05 733.50 735.00 730.50 Page 46 of 46 Gap Endorsement offers: the involuntary transfer of property to a government without compensation. protection for buyers with any possible issues on the title from date of closing to the date that the deed/title is recorded a Writ of Execution which allows property to be sold via Sheriff’s Sale to satisfy the judgement protections from possible defects in the title that were recorded prior to closing Please provide your contact information to proceed.Email Address *First Name *Consent *Yes, I promise to not disclose any of the test questions or answers to any current or future students of SENSBL Real Estate Academy. I additinoally agree with the privacy policy and terms and conditions.Start Quiz
