| A | B |
|---|
| A corporate officer's authority to make an offer can be checked in the: | corporate bylaws |
| A limited partner is ALWAYS: | limited as to liability |
| A limited partner may NOT: | participate in management |
| A method of ownership reserved only for husband and wife that does NOT exist in AZ. is: | tenancy by the entirety |
| A passive investor in a real estate syndication WOULD MOST likely be a: | limited partner |
| A syndicate for real estate purposes would MOST likely be a: | limited partnership |
| Alan leased to Bruce for 20 years. One year later Alan died intestate leaving no heirs. What will happen now? | The state will acquire the property subject to the lease rights of Bruce |
| An incorporated developer wants to raise capital for improvements w/o creating any liens or incurring new debt. The developer could: | sell stock |
| Angie Hobson, a married woman, and Todd Green, a single man, may not own real estate as: | community property |
| 4 brothers recieved title to a large tact of land from their grandfather who gave each brother a 1/4 undivided interest with equal rights to possession of the land. All 4 received their title on their grandfather's 70th birthday. The brothers MOST likely hold title in which of the following ways: in severalty; joint tenants; tenants by the entirety; as remainderman | joint tenants |
| It always takes a minimum of 100 people to form a: | real estate investment trust |
| One tenant in common may NOT: | place an easement over the property |
| Ownership in severalty is ownership by: | one person (or legal entity) |
| Tenancy in common refers to: | ownership by 2 or more persons |
| The owner of a commercial office building transfers his interest to a trustee who manages the office building for the benefit of the trustor. What type of trust has been formed? | Inter Vivos Trust |
| The owner(s) of real property may hold title in all of the following ways EXCEPT: as tenants in common; as lessees; in severalty; as joint tenants | as lessees |
| Title is conveyed to 2 persons who are NOT married, and no mention is made of how they are to take title, ownership is presumed to be as: | tenants in common |
| 2 persons own property as joint tenants. The man has a son by a previous marriage and the wife has a daughter by a previous marriage. The wife dies leaving the property to both the son and the daughter. The situation is: | the husband is the sole owner of the property |
| What form of financing is controlled by Federal Securities Law: | REIT |
| When community property is to be divided because of a divorce, the husband or wife may file an action in court for a: | a writ of partition |
| When 2 or more people take title to the same property and there are no directions regarding survivorship, etc., they take title as: | tenants in common |
| _____________ is incompatible with joint tenancy. | probate |
| ___________ provides the exclusive right of possession and control of real estate. | leasehold |
| _____________ type of ownership requires unity of interest, title, time and possession. | joint tenancy |
| ___________ includes the right of survivorship. | joint tenancy |
| ___________ is a correct statement in reference to tenancy in common. | any party may sell his interest without consent of the other parties |
| __________ applies to both joint tenants and tenants by the entirety. | the survivor becomes the owner |
| Which of the following types of ownership is LEAST likely to be subject to securities regulations? limited partnership; subchapter S corporation; joint tenancy; joint venture | joint tenancy |
| _____________ applies to a Limited Liability Company. | members |
| ___________ bears the GREATEST liability for the investor. | a general partnership |
