Study (Principles 1) How Home Ownership is Held Part Two Flash Cards

 
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(Principles 1) How Home Ownership is Held Part Two

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The shares owned by tenants in a cooperative give them what kind of long-term lease to a unit in the building?
Proprietary
The members of an LLC have
limited liability offered by a corporate form of ownership
If MOST or all of the unit owners of a condominium are a party to a revocation agreement filed in the public record in the county where the property is located, all units owners would then become
Tenants in Common
A corporation is run by its
General Partners
A lien obtained for nonpayment of homeowners' association assessments is NOT an enforceable lien against the Texas homestead T/F?
F
A syndicate must have an organizational structure that differs from legal organizations such as corporations or partnerships T/F?
F
Tenants in a cooperative hold what kind of property?
Personal
The shareholders' liability for the debts of a corporation is
limited to the amount of their investment
In a limited partnership, who runs the business?
General Partners
If a purchaser does NOT receive a copy of the contract when it is signed, when may a purchaser of a time-share cancel the contract?
Before the third day after a signed copy of the contract or required time-share disclosure is received
When a corporation holds title to real estate, the property is held in
Severalty
Who pays income tax on corporate profits?
Both the corporation and the shareholders
n a limited partnership,
Title may be held either in the names of individual partners as tenants in common or in the name of partnership as owners in severalty
Residents of which hold real property?
Condominium
Profits of S corporations have what kind of taxation?
Single
Limited partners are liable for partnership debts
to the extent of their investments or their commitments
There are no restrictions on how many owners can be in an
LLC
If a real estate broker operates his or her business as a sole proprietorship,
broker must inform TREC within 30 days if he or she adopts an assumed name and the Assumed Name Certificate must be filed with the county clerk
In a limited partnership, who runs the business?
General Partners
Taxes on a condominium unit are assessed against
Each unit
Limited partners are liable for partnership debts
To the extent of their investments or commitments
Which controls and maintains the common elements of a condominium and enforces the condominium bylaws?
Owners Association
A syndicate must have an organizational structure that differs from legal organizations such as corporations or partnerships T/F?
F
When a corporation holds title to real estate, the property is held in
Severalty
Timeshare ownership is usually used for what kind of properties?
Resort
In a limited partnership,
title may be held either in names of individual partners as tenants in common or in name of partnership as owners in severalty
A lien obtained for nonpayment of homeowners' association assessments is NOT an enforceable lien against the Texas homestead T/F
F
A corporation is run by its
board of directors
A cooperative is a privately held corporation whose shareholders are its occupants T/F?
T
A condominium is a form of ownership in which a tenant of a building receives stock and a proprietary lease when she pays the agreed-on price for the unit T/F?
F
Forms of partnership include general partnerships, limited partnerships, and limited liability partnerships T/F?
T
In a sole proprietorship, a single individual operates a business and owns all the assets but shares the liability for debts with other people T/F?
F
Failure by a condominium owner to pay a homeowners' association assessment may result in a lien against the owner's unit T/F?
T
A limited partnership consists of at LEAST one general partner and one or more limited partners T/F?
T
Persons who sell time-share interests in Texas are required to have a real estate license unless the salesperson selling a time-share is an employee of either the builder of the project or the owner of the time-share interest T/F?
T
A street address identifying a parcel of real estate
is not an adequate legal description
Stock held by shareholders in corporations is real property? T/F?
F
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