1 A trust is an arrangement wherein a _____ conveys title to a _____, who in turn managers and controls the property for the benefit of a _____

a. Trustor, Beneficiary, Trustee

b. Trustee, Trustor, Beneficiary

c. Trustee, Beneficiary, Trustor

d. Trustor, Trustee, Beneficiary

2 A partnership is taxed similarly to a corporation.

a. True

b. False

3 Tenants in common require which of the following Unities:

a. Unity of time

b. Unity of title

c. Unity of interest

d. Unity of Possession

4 In a general warranty deed, the grantor makes several promises or guarantees. One of the promises is not that there are no encumbrances such a liens or easements against the title.

a. True

b. False

5 A characteristic of REITS is

a. They are similar to mutual funds

b. They are a way to invest in real estate

c. Their profits are passed to investors

d. All of the above

6 A characteristic of corporation is

a. They may not sell shares to stockholders

b. They do not need a corporate charter

c. Stockholder are not liable for corporate assets

d. They pass through taxes to any shareholders on profits

7 Ownership in severalty is ownership of a property held by several people

a. True

b. False

8 Which of the following statements is TRUE:

a. A deed not need to have any legal description of the property

b. A deed must have a signature of witnesses

c. A deed does not need to be in writing

d. A deed must be delivered to the grantee