II Ownership

A CLUE report can only be obtained by:

A. buyer
B. seller
C. listing agent
D. seller's insurance agent

An individual who owns one unit of a multi-unit complex with an undivided interest in the common area would own:

A. a time share
B. a cooperative
C. a condominium
D. an apartment

CLUE reports were former by:

A. Federal Law
B. Buyer's representative
C. Insurance industry
D. Real Estate Law

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

The right of survivorship is associated with:

A. tenants in common
B. severalty
C. community propery
D. joint tenants

Building construction is regulated through:

A. Registrar of Contractors
B. building codes
C. zoning regulations
D. Sate Law

The substructure of a house is its:

A. floor
B. concrete
C. foundation
D. framing

The theory of community propery is:

A. husband and wife decide what each owns
B. community propery can only be willed by the spouse
C. husband and wife become equal partners
D. husband and wife own all property together

Joint tenancy and tenancy in common have which common unity?

A. title
B. interest
C. time
D. possession

The rescission period on the purchase of a time share is?

A. 30 days
B. 10 days
C. 3 days
D. 7 days

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

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. In Severalty
C. Joint Tenant WROS
D. Tenant in Common

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. Trustor
B. Trustee
C. Beneficiarty
D. Administer

What type of business ownership offers limited liability?

A. Corporation
B. Joint Venture
C. Limited Partnership
D. General partnership

A trust taht is established by a person prior to death is called a:

A. a Beneficial Trust
B. an Inter Vivos Trust
C. a Voluntary Trust
D. a Testamentary Trust

A corporation owns property in what form?

A. Severalty
B. Tenancy by the Entirety
C. Joint Tenancy
D. None of the above

At least 100 beneficiaries are required in:

A. LLC
B. Trust
C. REIT
D. Blind Trust

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. Condo
C. Time Share
D. Townhouse

Investors in a Limited Liability Company are called:

A. Trustees
B. Beneficiaries
C. Partners
D. Members

What is granted after construction is completed and an inspection has been performed?

A. Affidavit of Completion
B. Building Permit
C. Registrar of Contractors Permit
D. Certificate of Occupancy