Chapter 2 Flashcards
Which of the following would be considered community property?
A. Property bought by either party before the marriage
B. Property acquired by gift after the marriage
C. Property acquired by inheritance after the marriage
D. Property bought by one of the parties during the marriage
D. Property bought by one of the parties during the marriage
Bob and Bill bought an apartment building and took title to the property as joint tenants. Bob died and left a will. Bill now owns the apartment building
A. In severalty
B. As tenant in common with Bob’s heirs
C. As joint tenant with Bob’s heirs
D. The building would have to be sold upon Bob’s death
A. In severalty
John, Ted, and Alice own property as joint tenants. Alice sells her ownership interest to Sam. What best describes the current ownership of the property?
A. John and Ted remain joint tenants with Sam as a tenant in common
B. John, Ted, and Sam are now joint tenants
C. John, Ted, and Sam are tenants in common
D. All hold the property in severalty
A. John and Ted remain joint tenants with Sam as a tenant in common
Which method of ownership is NOT legal in Arizona?
A. Joint tenancy WROS
B. Severalty
C. Tenancy by the entirety
D. Tenants in common
C. Tenancy by the entirety
In Arizona, the “state presumption” is, unless stated otherwise, that unmarried couples will take title as
A. Joint tenants
B. Community property
C. Tenants in common
D. Severalty
C. Tenants in common
Penny formed a joint tenancy with Samuel. Penny is married to Ralph. Penny dies, and one week later Samuel dies. Who owns the property?
A. Ralph
B. Penny’s heirs
C. Samuel’s heirs
D. Ralph’s heirs
C. Samuel’s heirs
Peggy and Paul own a parcel of land. Peggy owns 65% interest, and Paul owns the remainder. How do they hold title?
A. Joint tenancy
B. Tenants in common
C. Community property with right of survivorship
D. Tenancy by the entirety
B. Tenants in common
Michelle and Mike are husband and wife. Michelle inherits a home from her late uncle John and is careful not to commingle it with other property. When Michelle dies, who owns the home she inherited from John?
A. Michelle’s heirs
B. Mike
C. John’s wife
D. This will be determined in probate
A. Michelle’s heirs
A tenant and a landlord agree on an oral lease for three years. This lease is probably
A. Typical of leases
B. Illegal
C. Unenforceable
D. Renewable if in writing
C. Unenforceable
Sally’s apartment lease has expired, but the building owner agrees to let her stay in the apartment until the owner’s parents, who are in the process of selling their house, are ready to move in. The tenancy held by Sally is a(n)
A. Estate at sufferance
B. Periodic estate
C. Estate at will
D. Fee simple
C. Estate at will
Which of the following lease arrangements would a landlord be LEAST LIKELY to use with a retail tenant in a shopping center?
A. Gross lease
B. Net lease
C. Percentage lease
D. Net-net lease
A. Gross lease
A person who holds the greatest ownership rights in the property that is allowed by law owns a
A. Leasehold estate
B. Life estate
C. Defensible estate
D. Fee simple estate
D. Fee simple estate
A father owns a house as a fee simple owner and gives his daughter a life estate in the property with a provision that the property will pass to the son after her death. The son has a
A. Reversion interest
B. Remainder interest
C. Homestead interest
D. Riparian interest
B. Remainder interest
A fee simple property owner deeds title to the property to a church group as long as they run a battered women’s shelter on the property. The type of ownership interest held by the church group is
A. Fee simple
B. Life estate
C. Defeasible fee
D. Homestead
C. Defeasible fee
How much gross equity does the homestead exemption protect in a person’s Arizona residence?
A. $50,000
B. $75,000
C. $100,000
D. $150,000
D. $150,000
