Deck 2: Concurrent Ownership

Question 1

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

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

False

Question 4

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 5

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

Question 6

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

Question 7

Partition may be by voluntary agreement or by court action.

Question 8

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

Question 9

Tenancy in common does not have a right of survivorship.

Question 10

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

Question 11

Tenancy in common can be created by will only.

Question 12

Partition must always be done by court action.

Question 13

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

Question 14

Tenancy in common can be created by deed or will.

Question 15

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

Question 16

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.

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

A tenancy in common may be created by:

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

Question 22

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

Question 23

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

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

Question 24

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, Bob, and Carl
D) Aaron and Bob

Question 25

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

Question 26

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?

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

Question 27

Community property is found in only a few states.

Question 28

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

Question 29

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

Question 30

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

Question 31

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 the wife through inheritance
D) none of the above

Question 32

A managing member of a limited liability company has personal liability for the debts and obligations of the limited liability company.

Question 33

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:

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

Question 34

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

Question 35

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

A) interest
B) possession
C) contribution
D) time

Question 36

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

Question 37

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 38

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

A) community property
B) dower
C) tenancy by the entirety
D) tenancy in common
E) none of the above

Question 39

A majority of the states recognize community property.

Question 40

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 41

Which of the following entities does not provide limited liability to the members of the entity?

A) limited partnership
B) limited liability company
C) general partnership
D) corporation