Tennessee National Portion REAL ESTATE EXAM

A corporation is - Answer- a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is - Answer- property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a - Answer- tenancy in common between the new owner and the remaining joint tenants 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, - Answer- a lien can be filed against the neighbor's unit and percentage of the common elements. Real properties owned by public entities, such as cities, counties, states, and public agencies are generally - Answer- owned in severalty The partition of property that is owned concurrently can be accomplished by - Answer- court action A fee simple estate may be held - Answer- in three basic ways Eight heirs are now the owners of a farm as tenants in common. This means that use of the property can be determined by agreement of - Answer- all the owners. When parties own property as tenants in common, each owner - Answer- has equal rights of possession with the other owners. A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns a - Answer- condominium A trust is a device by which one person transfers ownership of property to someone else to hold or manage for - Answer- the benefit of a third party. Joint tenancy is - Answer- a form of concurrent ownership of property that is available to two or more people, whether married or unmarried. Property owned by a married person can belong to - Answer- the spouses together or be the separate property of one spouse. An ownership interest that is based on annual occupancy intervals is a - Answer- time share.