Deck 2: Concurrent Ownership

Question 1

Tenancy in common can be created by deed or will.

Answer 1

True

Question 2

Tenancy in common does not have a right of survivorship.

Answer 2

True

Question 3

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.

Answer 3

False

Question 4

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

Question 5

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

Question 6

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

Question 7

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

Question 8

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

Question 9

Tenancy in common can be created by will only.

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

It is mandatory that tenants in common have equal shares.

Question 16

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

Question 17

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

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 never be terminated by the parties.

Question 20

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

Question 21

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

Question 22

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

Question 23

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

Question 24

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

Question 25

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 26

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

Question 27

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

Question 28

A majority of the states recognize community property.

Question 29

Partition must always be done by court action.

Question 30

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

Question 31

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

Question 32

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

Question 33

Community property is found in only a few states.

Question 34

Partition may be by voluntary agreement or by court action.

Question 35

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

Question 36

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 37

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

Question 38

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 39

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

Question 40

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

Question 41

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

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

Question 42

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 43

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

Question 44

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 45

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 46

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 47

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:

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

Question 48

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

Question 49

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

Question 50

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 51

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 death?

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

Question 52

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 53

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 54

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 55

A tenancy in common may be created by:

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

Question 56

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

Question 57

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

Question 58

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 59

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 60

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