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Quiz 2

Unit 2 – Forms of Ownership, Transfer, and Recording of Title

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The Bundle of Rights contain all except?
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What gives an owner the ability to use, exclude, lease, transfer or will their property to others?
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Upon death ownership goes to surviving owners is known as?
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All of the following forms of ownership have some type of survivorship except?
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Which form of ownership requires that the owners be married?
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Survivorship applies to which of the following forms of ownership?
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Tenants must obtain ownership at the same time for this form of ownership?
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Which form of ownership has no survivorship tied to it?
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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?
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Creation of Joint Tenancy includes all of the following except?
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An S Corporation may not have more then ______________ shareholders.
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A regular Corporation is taxed on the profits compared to a LLC or S Corporation that is taxed how?
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A Real Estate Investment Trust must have at least ___________ Investors.
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An agreement between two or more business owners to share profits and risk of the business is known as?
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How does a LLC differ from a Corporation?
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An ____________________ is the interest a person has in real property.
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Which estate allows the tenant to freely transfer the property without restriction?
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_______________________ is the highest ownership level someone may have in real property.
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My mother was so upset because I was given the right to live at the house until my father passes away.
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A trust or living trust is best to ______________________________.
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All of the follow are examples of non-freehold estates except for?
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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?
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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?
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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.
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Which form of ownership only allows a person to have ownership interest for a specific period of time?
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Restrictive covenants that are governed by those who are effected by the covenants are known as?
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Which form of ownership cannot be partitioned?
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My grandmother allows me to be at the house and keep it up as long as she is alive.
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Remainder rights applies to which of the following?
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In Wisconsin, which form of ownership applies directly to a married couple?
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In which form of ownership does the ownership not have to be equal among the owners?
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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.
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Which of the following is required to be a valid deed?
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The level of ownership of a Condominium __________________ is Fee Simple.
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Restrictive covenants that are put in place by a developer are known as?
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Remainder rights means that ownership interest go to the _______________________.
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Title Insurance offers protection for:
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Por ature vie refers to which of the following?
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Reversionary rights means that ownership interest go back to the _______________________.
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Which of the following is not a requirement to be a valid deed?
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Reversionary rights means that ownership interest go back to the _______________________.
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Involuntary Alienation means which of the following?
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All of the following are not a requirement of a valid deed except?
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Property goes to the State if there is no owner, usually upon death is known as _________________.
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What is the transfer tax for a home that is for sale in the amount of $244, 500.00?
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