Tennessee National Portion REAL ESTATE EXAM QUESTIONS AND ANSWERS 100% CORRECT

Tennessee National Portion REAL ESTATE EXAM QUESTIONS AND ANSWERS 100% CORRECTTennessee National Portion REAL ESTATE EXAM QUESTIONS AND ANSWERS 100% CORRECTTennessee National Portion REAL ESTATE EXAM QUESTIONS AND ANSWERS 100% CORRECT 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.