REE 3433 Exam 2 Questions with Correct Answers
A life tenant who makes improvements on leased property which are considered fixtures generally (under common law) has a right to remove them within a reasonable period of time after terminating the life estate. - Answer true
Which of the followi...
REE 3433 Exam 2 Questions with
Correct Answers
A life tenant who makes improvements on leased property which are considered fixtures
generally (under common law) has a right to remove them within a reasonable period of
time after terminating the life estate. - Answer ✅ true
Which of the following has "double" taxation? - Answer ✅ a "C" corporation.
A real estate contract can successfully be avoided when:
a. there is a mutual mistake by seller and buyer.
b.the court rules that the seller was insane when he made the sale
c.the buyer bought the property when he was under 18, but now seeks to avoid it two
months after turning 19. - Answer ✅ all
If a closing date is not specified in a real estate contract, the contract will be
unenforceable. - Answer ✅ false
Estates generally fall into two categories: fee estates and freehold estates. - Answer ✅
false
Ross and Rachel are joint tenants. Ross conveys his interest to Monica. Monica and
Rachel are now tenants in common - Answer ✅ true
Jamie and Jeff bought property together, to be held in fee, which was coveyed to them
in a deed about a month after they were married with rights of survivorship. Most likely
they have: - Answer ✅ a tenancy by the entirey
A limited liablility company can never be pierced by those seeking to hold its members
personally liable. - Answer ✅ true
A fee simple absolute: - Answer ✅ all
A partnership is governed by by-laws and certificate of incorporation. - Answer ✅ false
In order to form a corporation, where must an organization document first be filed? -
Answer ✅ Off of the secretary of state
The general partners in a limited partnership have: - Answer ✅ unlimited personal
liability
, Ann owns a life estate in Blackacre and Mark owns a remainder interest. - Answer ✅\
Ann would have to pay for ordinary repairs and Mark for extraordinary repairs
Which of the following is NOT a future estate? - Answer ✅ Defeasible Fee
The fee simple defeasible corresponds to what the average person thinks of today as
ownership of real property. - Answer ✅ false
A joint tenancy requires all of the following "unities" except for the unity of: - Answer ✅
SEVERANCE
Denise deeds to Pete a life estate for "Pete's life." Upon Pete's death, Pete's heirs get
his life estate. - Answer ✅ false
Piercing the corporate vail" means that there is personal liability to a corporate officer. -
Answer ✅ true
Which of the following forms of ownership is the least desirable for a person seeking to
protect her personal assets? - Answer ✅ General Partnership
The following is considered a freehold estate:
A)fee simple absolute.
B)fee simple defeasible.
C)fee simple subject to a condition subsequent
D) all of the above. - Answer ✅ all of the above.
A fee simple absolute:
A)can be inherited.
B)is subject to governmental regulations.
C)Provides ownership of the earth below and sky above the boundaries of the
owner's land.
D) all of the above. - Answer ✅ all of the above.
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common. T or F - Answer ✅ True
Which of the following has "double" taxation?
A) a limited liability company.
B)a "C" corporation.
C)a "S" corporation
D)all of the above.
E)two of the above. - Answer ✅ a "C" corporation.
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