Deck 2: Concurrent Ownership

Question 1

An owner of a tenancy in common cannot sell his interest in the property without the other
common owners' consent.

Answer 1

False

Question 2

Tenancy in common can be created by will only.

Answer 2

False

Question 3

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

Answer 3

False

Question 4

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

Question 5

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

Question 6

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

Question 7

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

Question 8

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.

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

Tenancy in common does not have a right of survivorship.

Question 15

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

Question 16

Tenancy in common can be created by deed or will.

Question 17

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

Question 18

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

Question 19

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

Question 20

It is mandatory that tenants in common have equal shares.

Question 21

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

Question 22

A general partnership must always have a formal written partnership agreement.

Question 23

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.

Question 24

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

Question 25

A majority of the states recognize community property.

Question 26

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.

Question 27

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

Question 28

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

Question 29

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

Question 30

Community property is found in only a few states.

Question 31

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

Question 32

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

Question 33

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

Question 34

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

Question 35

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.

Question 36

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

Question 37

Partition may be by voluntary agreement or by court action.

Question 38

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

Question 39

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

Question 40

Partition must always be done by court action.

Question 41

Which of the following have full liability for the debts and obligations of the entity?

A) General partners of a limited partnership
B) Members of a limited liability company
C) Shareholders of a corporation
D) Limited partners of a limited partnership

Question 42

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?

Question 43

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

A) Corporation
B) Limited partnership
C) General partnership
D) Limited liability company

Question 44

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

A) Contribution
B) Possession
C) Interest
D) Time

Question 45

Which of the following would not be community property?

A) Property acquired by husband and wife during marriage
B) Property acquired by husband during marriage
C) Property received by wife through inheritance
D) None of the above

Question 46

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) partition.
B) contribution.
C) survivorship.
D) dower.

Question 47

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

A) Community property
B) Tenancy by the entirety
C) Dower
D) Tenancy in common
E) None of the above

Question 48

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?

Question 49

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.

Question 50

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?

A) Donna, Frank, and Carl
B) Aaron, Frank, and Carl
C) Donna and Carl
D) Carl
E) None of the above

Question 51

A tenancy in common may be created by

A) grant.
B) devise.
C) descent.
D) lease.
E) all of the above.

Question 52

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

Question 53

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

A) Aaron.
B) Bob and Carl.
C) Aaron and Bob.
D) Aaron, Bob, and Carl.

Question 54

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

Question 55

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

Question 56

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

A) Valid marriage
B) Husband owns real property during marriage
C) Husband dies before the wife
D) All of the above
E) None of the above

Question 57

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

Question 58

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

A) Frank and Wilma.
B) Harry and Wilma.
C) Wilma.
D) none of the above.

Question 59

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

A) contribution.
B) survivorship.
C) partition.
D) common division.