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Legal Aspects of Real Estate > Ch 5: Test > Flashcards

Ch 5: Test Flashcards

1
Q

owners of a LLC are known as

A

Members

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2
Q

LINK

A

https://quizlet.com/365917224/law-flash-cards/

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3
Q

Which of these unities is a characteristic of tenancy in common?

Unity of interest
Unity of possession
Unity of time
Unity of title

A

***Unity of POSSESSION

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4
Q

Two unmarried persons take title to property together. They don’t specify any method of holding title in the deed. Their form of ownership will be:

community property
joint tenancy
tenancy by the entirety
tenancy in common

A

Tenency in common

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5
Q

Joint tenancy requires that all tenants have the same proportionate share of a property. This is known as:

unity of interest
unity of possession
unity of time
unity of title

A

unity of interest

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6
Q

The right of survivorship always applies to:

community property
joint tenancy
ownership in severalty
tenancy in common

A

joint tenancy

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7
Q

Jerry and Mary are unmarried joint tenants who die simultaneously in an airplane crash. Who takes title to their joint tenancy property, and how?

Both Jerry’s and Mary’s heirs take title as joint tenants
Both Jerry’s and Mary’s heirs take title as tenants in common
Jerry’s heirs take title as tenants in common
Mary’s heirs take title as joint tenants

A

Both Jerry’s and Mary’s heirs take title as tenants in common

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8
Q

Wilma dies intestate in California, survived by her husband and one son. What happens to her property?

A. Her husband and son share both her community and separate property
B. Her husband receives both her community and separate property
C. Her husband receives her community property interest; her husband and son share her separate property

A

***Her husband receives her community property interest; her husband and son share her separate property

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9
Q

In a tenancy in common:

  1. a tenant may log the entire property and retain the profits
  2. a tenant may require other tenants to contribute a proportionate share of costs of optional improvements
  3. a tenant may require other tenants to contribute a proportionate share of the property’s necessary expenses
  4. a tenant must contribute money, rather than labor, to the property’s upkeep
A

a tenant may require other tenants to contribute a proportionate share of the property’s necessary expenses

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10
Q

A tenant in common encumbers his interest in a property. Which of the following statements is true?

  1. The creditor can also reach the other tenant’s share
  2. The creditor does not have security for the debt
  3. This encumbrance can occur without the other tenant’s consent
  4. This encumbrance cannot occur without the other tenant’s consent
A

This encumbrance can occur without the other tenant’s consent

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11
Q

. Jed, Red, and Ted are joint tenants. Ted sells his interest in the property to Zed. Which of the following statements is true?

  1. Jed, Red, and Zed become tenants in common in relation to each other
  2. Jed, Red, and Zed remain joint tenants in relation to each other
  3. When Zed is dead, one-half of his interest passes to Jed and the other half passes to Red
  4. Zed is a tenant in common in relation to Jed and Red, while Jed and Red are joint tenants in relation to each other
A

Zed is a tenant in common in relation to Jed and Red, while Jed and Red are joint tenants in relation to each other

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12
Q

An asset held as separate property may become community property via:

a community property agreement
a deed
commingling
All of the above

A

All of the above

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13
Q

Which of the following statements about control over community property is true?

  1. A spouse may give away a car owned by the marital community without the other spouse’s consent
  2. A spouse may sell a car owned by the marital community without the other spouse’s consent
  3. A spouse may sell a couch owned by the marital community without the other spouse’s consent
A

spouse may sell a car owned by the marital community without the other spouse’s consent

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14
Q

Which of the following would be considered community property?

  1. Property acquired before marriage
  2. Property purchased with salary earned by a married spouse
  3. Property received as a gift
  4. Property received as an inheritance
A

Property purchased with salary earned by a married spouse

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15
Q

Which of the following statements regarding a REIT is true?

  1. A REIT is incorporated as a trust
  2. A REIT must have at least 100 investors
  3. REIT earnings are subject to double taxation
  4. REIT investors are not shielded from liability for the REIT’s debts
A

A REIT must have at least 100 investors

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16
Q 
Which of the following is not a community property state?
Arizona
California
Nevada
Oregon
A

OR

17
Q

Which of the following applies in California?

  • Common law marriage
  • Community property w/ right of survivorship
  • Property acquired by married couple in non-community property state does not become community property upon move to California
  • Tenancy by the entirety
A

Community property w/ right of survivorship

18
Q

Which type of business owner has personal financial liability for the business’s debts?

Corporate shareholder
General partner
Limited partner
LLC member

A

General partner

19
Q

Which of the following is not an aspect of a corporation?

Board of directors
Limited partners
Officers
Shareholders

A

Ltd partners

20
Q

Which type of business entity can be created without filing formal paperwork with the secretary of state?

Corporation
General partnership
Limited liability company
Limited partnership

A

General partnership

21
Q

Which type of organization is subject to ‘double taxation?’

C corporation
LLC
REIT
S corporation

A

C Corp

Legal Aspects of Real Estate (48 decks)

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