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GA Real Estate Exam: Ch. 3 - Property Ownership questions with complete solutions
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GA Real Estate Exam: Ch. 3 - Property Ownership questions with complete solutions
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GA Real Estate Exam: Ch. 3 - PropertyOwnership
Severalty Ownership - correct answer ✔✔Ownership by a single person or a single legal entity
Concurrent Ownership - correct answer ✔✔A form of ownership where more than one person has an
interest in the same property at the same time.
Tenancy in Common - correct answer ✔✔A form of concurrent ownership where co-owners hold an
equal or unequal undivided interest without the right of survivorship.
Tenancy by the Entirety - correct answer ✔✔A special form of joint tenancy between husband and wife.
Both own an equal undivided interest in the entire property with the right of survivorship. Any
instrument to convey or transfer an interest in the property must be signed by both spouses.
Syndicate - correct answer ✔✔A group of persons or firms who combine their resources for the purpose
of investing or dealing in real estate.
Joint Tenancy - correct answer ✔✔A form of concurrent ownership involving only one title that is shared
equally by the co-owners. Right of survivorship. All tenants must acquire their interest at the same time.
Can sell, lease, or mortgage at any time without permission.
Partition Suit - correct answer ✔✔A legal action to divide or sell property held as tenancy in common or
in joint tenancy. This legal procedure is available to co-tenants who are unable to mutually agree on an
acceptable plan of division or sale.
Community Property - correct answer ✔✔A type of concurrent ownership between husband and wife
which entitles each spouse to one-half of all property acquired by their mutual efforts during marriage.
Tenancy in Partnership - correct answer ✔✔A form of concurrent ownership in which title is held by
either a general or limited partnership in a registered trade name.
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