Exam 2: Concurrent Ownership

The debts of a single common owner will bind his or her interest in the property but will not affect the common property.

A spouse's interest in a tenancy by the entirety cannot be willed, but it can be inherited.

It is possible for persons to be general partners in a general partnership without a formal partnership agreement.

Joint tenancy with right of survivorship can be created only by a deed.

It is not required that tenants by the entirety be married to each other.

Which of the following concurrent forms of ownership contains a right of survivorship?

Tenancy in common can be created by deed or will.

A common owner is entitled to his or her fractional share of any rent or income produced from the real property.

At least one member of a limited liability company must have full liability for the debts and obligations of the limited liability company.

Chris, Aaron, and Kyle own 20 acres of farmland as tenants in common. They would like to have the property divided into separate ownerships. They have agreed upon how the property should be divided. Can they do this? What is the process called, and what is the easiest way to accomplish the division?

Each member of a limited liability company is an agent of the company for purposes of its business affairs.

Which of the following entities can be formed without a formal agreement?

Partition must always be done by court action.

It is mandatory that tenants in common have equal shares.

When property is owned as tenants by the entirety, the death of one spouse will result in the surviving spouse owning the property as a whole.

Each owner under a joint tenancy with right of survivorship owns an equal undivided interest in the property.

Aaron, Bob, and Carl own property as joint tenants with right of survivorship. During the lifetime of all of them, Aaron sells his interest in the property to Donna. Bob then dies and wills all of his property to Frank. Who are the owners of the property after Bob's deat h?

Which of the following would not be community property?

A limited partner in a limited partnership has limited liability for the debts and obligations of the limited partnership similar to that of a shareholder in a corporation.

Property owned by a spouse before marriage in a community property state is separate property.