Exam 2: Concurrent Ownership

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

A majority of the states recognize community property.

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

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

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:

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

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

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

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

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

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

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

It is mandatory that tenants in common have equal shares.

A shareholder in a corporation is personally responsible for debts of the corporation.

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

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

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

Community property is found in only a few states.

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

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.