Multiple Choice

$16.\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a type of ownership where each holds an undivided interest in the property.

Joint tenancy.

Community property.

Tenancy in common.

Tenancy by entirety

Joint Tenancy with rights of survivorship means

The tenancy interest may be inherited

The tenancy interest may be held by the remaining tenants upon death.

The tenant$$s heirs are survivors.

The tenant is the original owner$$s legal heir.

The type of company that enjoys the limited liability offered by a corporate form ownership and the tax advantages of a partnership is called

Limited liability company

Land Trusts

S Corporations

Partnerships

A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a

General Partnership

Corporation

Trusts

Limited Partnerships

The numbering of sections in a township begins in which section?

Northeast corner and then runs easterly

Northwest corner and then runs easterly

Northeast corner and then runs westerly

Northwest corner and then runs westerly

Which of the following parcels of land is the smallest?

Two Sections

Five percent of a township

Two square miles

$1,280$ acres

The tax levied by the state of Ohio Based on the purchase price is known as the

State conveyance fee

County transfer fee

State Tax

Special state assessment

The title to real estate passes when a valid deed is

Signed and recorded

Delivered and Accepted

Filed and Recorded

Executed and mailed

The severalty owner of a parcel of land sells it to a buyer. The buyer insists that the owner$$s wife join in signing the deed. The purpose of obtaining the wife$$s signature is to

Terminate any rights the wife may have in property

Defeat any curtsey rights

Provide evidence that the owner is married

Subordinate the wife$$s interests to the buyer.

The type of deed in which the grantor defends the title back to its beginning is a

Trustee$$s deed

Quitclaim deed

Special warranty deed

General warranty Deed

The recorded history of matters that affect the title to a specific parcel of real property

Chain of title

Certificate of title

Title insurance policy

Title guaranty.

An ownership interest that is based on occupancy during a certain period each year is the

Town house

Time$-$share

Condominium

Cooperative.

What is the Ohio transfer tax on a sales price of a $$200,000$ with a transfer tax of $1$ mill?

$$100\mathrm{.}00$

$$200\mathrm{.}00$

$$2,000\mathrm{.}00$

$$1,000\mathrm{.}00$

What is another term for chattels

realty

fixtures

personal property

fructus naturales

The factors affecting the $\_\_\_\_\_\_\_\_\_\_\_\_$ for real estate include population, demographics and employment and wage levels.

Demand

Supply

Market value

Trade Fixture

What is the amount for the first offense, when discrimination violation has occurred?

$$100,000\mathrm{.}00$

$$98,935\mathrm{.}00$

$$49,467\mathrm{.}00$

$$19,987\mathrm{.}00$

$32.$ A$($n$)\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ is a type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual some degree of control of their property.

a$.$ Life Estate

Homestead

Encumbrance

Pur Autre Vie

What is any artificial thing attached on or below ground such as a building, fence, water line or sewer pipe is called

Improvements.

Real property

Personal Property

Bundle of Rights

$34.$ What are the differen