II Ownership

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Author:
derekinaz
ID:
161197
Filename:
II Ownership
Updated:
2012-07-27 00:21:45
Tags:
AZ Real Estate
Folders:

Description:
AZ Real Estate
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  1. A CLUE report can only be obtained by:

    A. buyer
    B. seller
    C. seller's insurance agent
    D. listing agent
    C. seller's insurance agent
    (this multiple choice question has been scrambled)
  2. An individual who owns one unit of a multi-unit complex with an undivided interest in the common area would own:

    A. an apartment
    B. a cooperative
    C. a condominium
    D. a time share
    C. a condominium
    (this multiple choice question has been scrambled)
  3. CLUE reports were former by:

    A. Buyer's representative
    B. Insurance industry
    C. Real Estate Law
    D. Federal Law
    B. Insurance industry
    (this multiple choice question has been scrambled)
  4. Separate property acquired prior to marriage and kept separate is:

    A. community property
    B. sole and separate property
    C. community property with no right to will
    D. none of the above
    B. sole and separate propery
    (this multiple choice question has been scrambled)
  5. The right of survivorship is associated with:

    A. tenants in common
    B. joint tenants
    C. severalty
    D. community propery
    B. joint tenants
    (this multiple choice question has been scrambled)
  6. Building construction is regulated through:

    A. Sate Law
    B. building codes
    C. Registrar of Contractors
    D. zoning regulations
    B. building codes
    (this multiple choice question has been scrambled)
  7. The substructure of a house is its:

    A. concrete
    B. foundation
    C. framing
    D. floor
    B. foundation
    (this multiple choice question has been scrambled)
  8. The theory of community propery is:

    A. husband and wife become equal partners
    B. husband and wife own all property together
    C. community propery can only be willed by the spouse
    D. husband and wife decide what each owns
    A. husband and wife become equal partners
    (this multiple choice question has been scrambled)
  9. Joint tenancy and tenancy in common have which common unity?

    A. interest
    B. time
    C. possession
    D. title
    C. possession
    (this multiple choice question has been scrambled)
  10. The rescission period on the purchase of a time share is?

    A. 10 days
    B. 3 days
    C. 7 days
    D. 30 days
    C. 7 days
    (this multiple choice question has been scrambled)
  11. In Arizona when two unmarried individual take title, how is it assumed they will take title unless otherwise specified?

    A. community property
    B. joint tennancy WROS
    C. tennants in common
    D. tenancy by the entirety
    C tenants in common
  12. Two brothers bought a home and took title as joint tenants. One brother dies. The surviving brother now owns the home:

    A. Tenancy by the Entrirety
    B. Joint Tenant WROS
    C. In Severalty
    D. Tenant in Common
    C. In Severalty
    (this multiple choice question has been scrambled)
  13. When an individual puts their property in a trust to be managed by another individual, the person who is managing the trust is the:

    A. Beneficiarty
    B. Administer
    C. Trustee
    D. Trustor
    C. Trustee
    (this multiple choice question has been scrambled)
  14. What type of business ownership offers limited liability?

    A. General partnership
    B. Joint Venture
    C. Limited Partnership
    D. Corporation
    C. Limited Partnership
    (this multiple choice question has been scrambled)
  15. A trust taht is established by a person prior to death is called a:

    A. a Voluntary Trust
    B. a Beneficial Trust
    C. a Testamentary Trust
    D. an Inter Vivos Trust
    D. an Inter Vivos Trust
    (this multiple choice question has been scrambled)
  16. A corporation owns property in what form?

    A. Joint Tenancy
    B. Severalty
    C. Tenancy by the Entirety
    D. None of the above
    B. Severalty
    (this multiple choice question has been scrambled)
  17. At least 100 beneficiaries are required in:

    A. REIT
    B. LLC
    C. Trust
    D. Blind Trust
    A. REIT
    (this multiple choice question has been scrambled)
  18. When multiple people share ownership in a single property with the right of use for a limited period of time, it is a:

    A. Cooperative
    B. Townhouse
    C. Condo
    D. Time Share
    D. Time Share
    (this multiple choice question has been scrambled)
  19. Investors in a Limited Liability Company are called:

    A. Members
    B. Trustees
    C. Partners
    D. Beneficiaries
    A. Members
    (this multiple choice question has been scrambled)
  20. What is granted after construction is completed and an inspection has been performed?

    A. Building Permit
    B. Affidavit of Completion
    C. Registrar of Contractors Permit
    D. Certificate of Occupancy
    D. Certificate of Occupancy
    (this multiple choice question has been scrambled)

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