Exam 2: Concurrent Ownership

A general partnership must always have a formal written partnership agreement.

The voluntary division of common property by the owners into separate ownerships is called

A common owner can waive his or her right to partition.

Which of the following have full liability for the debts and obligations of the entity?

Tenancy in common does not have a right of survivorship.

The right of survivorship in a joint tenancy with right of survivorship provides that one owner's interest in the joint property can be willed or passed to his or her heirs at death.

Which of the following are requirements for the creation of dower?

Community property is found in only a few states.

The obligation of a common owner to pay his or her share of the common expenses is known as the right of contribution.

The right of a common owner to be reimbursed from the other common owners for their share of common expenses is called the right of

The survivorship feature of a joint tenancy with right of survivorship can never be terminated by the parties.

The division of common property into separate ownerships is called contribution.

A majority of the states recognize community property.

The division of common property into separate ownerships is called partition.

Members of a limited liability company are not personally responsible for the debts or obligations of the limited liability company.

A tenancy in common may be created by

Tenancy in common can be created by will only.

An owner of a tenancy in common cannot sell his interest in the property without the other common owners' consent.

All partners in a limited partnership have full liability for the debts and obligations of the limited partnership.

The survivorship feature of a joint tenancy with right of survivorship can b e terminated by the parties.