Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
43 Cards in this Set
- Front
- Back
|
What is NOT the cycle of the syndication? |
taxation |
|
|
Who must prove the sale when the corporation is willing to sell all or a majority of its corporate assets? |
the majority of the stockholders |
|
|
a cooperative is a |
non profit corperation |
|
|
Which of the following statements best defines joint tenancy? |
In a joint tenancy, two or more persons collectively own a property as if they were a single person. |
|
|
What categories does community property law distinguish regarding real and personal property? |
separate and community |
|
|
The "four unities" required to create a joint tenancy include which of the following conditions? |
Parties must acquire respective interests at the same time. |
|
|
Which of the following is a descriptive, non-legal term for a group of two or more people who combine their financial resources to achieve certain investment objectives? |
syndicate |
|
|
What entity holds the real property interest in a cooperative? |
corporate entity |
|
|
What must all LLCs do before filing evidence of their existence? |
assign a statutory agent, disclose their business goals and company name |
|
|
What is another term given to an interval ownership estate? |
freehold time share |
|
|
In what cases the estate may be terminated? |
divorce, death and mutual agreement |
|
|
a timeshare plan must be |
registered with the Texas RE Commision |
|
|
- What is it called when just a few people hold stock in a corporation?` |
closely held |
|
|
Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. This type of ownership is this? |
tenancy in common |
|
|
How many members must be in Limited Liability Company? |
At least one |
|
|
What can business owner use alongside with his or her own name? |
a fictitious name |
|
|
Which document determines, defines, and apportions the rights of LLC members? |
the operating agreement of an LLC |
|
|
What grants the beneficiary the rights to use the property and to control the actions of the trustee? |
deed in trust |
|
|
What procedure can creditors and mortgagees follow in case the corporation is not capable to meet its obligations? |
foreclose on the corporation’s entire property |
|
|
What privileges do limited partners possess comparing with the general partner?to occupy this positio |
to contribute only money to the partnership |
|
|
What can business owner use alongside with his or her own name? |
a fictitious name |
|
|
What entity holds the real property interest in a cooperative? |
corporate entity |
|
|
Which of the following is NOT the defining characteristic of the tenancy in common? |
trustees fees |
|
|
The distinguishing features of a condominium estate are |
fee simple ownership of the airspace in a unit and an undivided share of the entire property's common areas. |
|
|
What is NOT the cycle of the syndication? |
taxation |
|
|
What form of ownership is reserved exceptionally for wife and husband? |
tenancy by the entirety |
|
|
Which of the following is a descriptive, non-legal term for a group of two or more people who combine their financial resources to achieve certain investment objectives? |
syndicate |
|
|
Unlike tenants in common, joint tenants |
cannot will their interest to a party outside the tenancy. |
|
|
a cooperative is a |
non-profit corperation |
|
|
Ownership by a corporation is an ownership |
in severalty |
|
|
In joint tenancy, all owners |
must receive equal undivided interest |
|
|
What do the rights of survivorship mean? |
after a joint tenant death the surviving joint tenants obtain all interests and rights free from any claims of heirs or creditors
|
|
|
Which of the following statements is TRUE? |
A joint tenant may transfer his or her interest in the property to an outside party, but only as a tenancy in common interest. |
|
|
What is another name of membership interests? |
shares |
|
|
A limited partnership must have how many general partners with unlimited liability? |
at least one |
|
|
Tenancy by the entirety, a form of ownership reserved exclusively for husband and wife, is not recognized in Texas. It features all EXCEPT |
community property |
|
|
What do businessmen make up in case they are interested in gaining common profit? |
partnership |
|
|
What does separate property NOT consists of: |
income from common property |
|
|
Unlike tenants in common, joint tenants |
cannot will their interest to a party outside the tenancy. |
|
|
Who are the essential parties involved in an estate in trust? |
Trustor, trustee, and beneficiary. |
|
|
What is a result of signed deed of conveyance for both husband and wife? |
community property interest |
|
|
Condominium units are |
individually assessed and taxed |
|
|
|
|
