Exam 2: Concurrent Ownership

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

Which of the following would not be community property?

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

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

Tenancy in common does not have a right of survivorship.

Tenancy in common can be created by will only.

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

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

A tenancy in common may be created by:

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

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.

A limited partner in a limited partnership has personal liability for the debts and obligations of the limited partnership.

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:

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

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

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

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

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

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