Exam 2: Concurrent Ownership

Property acquired by a spouse by gift in a community property state is community property.

Tenants by the entirety must always be married to each other.

It is possible, in a tenancy in common, that the owners may hold unequal shares in the property.

Donna and David are considering marriage. It is the second marriage for both and each has children and substantial property from the previous marriage. They would like to enter into an agreement that would control the ownership and division of their property in the event of divorce. What is this agreement called, and what would normally be covered in the agreement?

Harry and Wilma own property as tenants by the entirety. Without Wilma's consent, Harry deeds his interest in the property to Frank. The owners of the property are

The debts of a single common owner are unenforceable against the owner's interest in the common property.

Mitzie and her sister Carol inherited their mother's home as tenants in common. Mitzie has been paying the full tax bills and insurance premiums on the home for several years. Mitzie would like for Carol to reimburse her for Carol's share of the bills. What is this right of reimbursement? Briefly explain how it works.

Partition may be by voluntary agreement or by court action.

All property owned by a husband and wife in a community property state is community property.

A spouse's interest in a tenancy by the entirety property can be willed by the spouse.

A limited liability company can be formed without any type of formal agreement.

An owner of a tenancy in common has a nonexclusive right to possess the common property.

Property owned by a spouse before marriage in a community property state becomes community property at the time of marriage.

A limited partner in a limited partnership, unlike a shareholder in a corporation, has full liability for the debts and obligations of the limited partnership.

Which of the following is not one of the unities required for a joint tenancy with right of survivorship?

A joint tenancy with the right of survivorship can be created by a deed or a will.

A common owner cannot waive his or her right to partition.

Aaron, Bob, and Carl, as joint tenants with right of survivorship, own 15 acres of land. A purchaser wishes to purchase 5 acres of land. The purchaser will need a deed from

An owner of a tenancy in common can sell or mortgage his interest in the common property without the other common owners' consent.