Exam 2: Concurrent Ownership

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

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

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

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

Partition must always be done by court action.

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

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:

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

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

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.

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?

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

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

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?

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

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.

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.

Tenancy in common can be created by will only.

Partition may be by voluntary agreement or by court action.

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