Tennessee National Portion REAL ESTATE EXAM Correctly Answered

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Tennessee National Portion REAL ESTATE EXAM | Q&A Latest Update 2025/2026 | 100% PASS A corporation is - Answer -a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is - Answer -property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a - Answer -tenancy in common between the new owner and the remaining joint tenants The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. If this neighbor does not pay the taxes, - Answer -a lien can be filed against the neighbor's unit and percentage of the common elements. Real properties owned by public entities, such as cities, counties, states, and public agencies are generally - Answer -owned in severalty The partition of property that is owned concurrently can be accomplished by - Answer -court action A fee simple estate may be held - Answer -in three basic ways Eight heirs are now the owners of a farm as tenants in common. This means that use of the property can be determined by agreement of - Answer -all the owners. When parties own property as tenants in common, each owner - Answer -has equal rights of possession with the other owners. A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns a - Answer -condominium A trust is a device by which one person transfers ownership of property to someone else to hold or manage for - Answer -the benefit of a third party.