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PROPERTY OWNERSHIP TEST questions with 100% correct answers
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PROPERTY OWNERSHIP TEST questions with 100% correct answers
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PROPERTY OWNERSHIP TESTFor friends decide to purchase an investment property as co-owners and take title as joint tenants. All of
these are true, except - correct answer ✔✔The four friends will each receive a separate deed for their
share
A title search for a property under contract has revealed several outstanding liens against the property.
Which of these liens has highest priority? - correct answer ✔✔A property tax lien for the current year
A tax lien on a property can hinder the sale of the property my because it is - correct answer ✔✔An
encumbrance
Which external area can be included in the calculation of the gross living area of a property? - correct
answer ✔✔Closets
Tenancy with survivorship means - correct answer ✔✔The tendency interest will pass to the surviving
tenants upon the death of a co-tenant
A corporation takes title to real property - correct answer ✔✔In severalty
The priority of liens refers to which of these - correct answer ✔✔The order in which lines will be paid, if
property is sold to satisfy a debt
What is the difference between a general lien in a specific lien? - correct answer ✔✔In general lien
affects all of a debtor's property, while a specific lien affects only a certain piece of property
A metes and bounds legal description - correct answer ✔✔Uses descriptions moving in a set direction
Two men are co-owners in fee, simple of a small office building. One of the men dies in testate, and
leaves nothing to be distributed to his heirs. The surviving owner is related to neither the deceased
, owner nor his creditor. What would explain how the surviving owner acquired the deceased owners
interest in the office building? - correct answer ✔✔Joint tenancy
A person who owns one unit in a multi unit structure together, with a specified undivided interest in the
common elements as a tenant in common owns - correct answer ✔✔A condominium
Which tax targets homeowners in particular - correct answer ✔✔real property tax
In receiving a gift of a parcel of real estate, one of the two new owners was given an undivided, 60%
share, and the other received an undivided 40% share. They now hold title as. - correct answer
✔✔Tenants in common
The four unities of possession, interest, time, and title are associated with which of these - correct
answer ✔✔Joint tenancy
General real estate property taxes are also known as - correct answer ✔✔ad valorem taxes
The freehold estate of fee, simple, absolute, fee, simple, defeasible, and a life estate have all the same
attributes accept - correct answer ✔✔All owners may convey title via a will to their heirs
Neighbor A uses neighbor B's driveway to reach neighbor is garage, which is on neighbors is property.
Neighbor B's attorney explains that the ownership rights of neighbor A is real estate includes an
easement appurtenant giving neighbor A either right to use neighbor these driveway in this case,
neighbor B's property is. - correct answer ✔✔The servient tenement
Which of these would create a lien on real estate - correct answer ✔✔Unpaid mortgage loan
When a company furnishes materials for the construction of a house and the company is not paid, it may
file - correct answer ✔✔Mechanic's lien
Which of these would be classified as a general lien - correct answer ✔✔Judgment
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