Forms of real property ownership, part two Flashcards
Tenancy by entirety
Married couples = community property = This term is used in California
Other states, the term is tenancy by the entirety
A married couple hold title to a property as tenants by entirety. If one spouse dies, the other automatically become sole owner,
true or false.
True
A married couple holds property as tenants by the entirety. If one spouse dies, the spouse shares pass accordingly to the will.
True or false
False
You don’t need a will, the property is entirely the other spouses
A married couple hold property as tenants by entirety. One spouse may pledge the property without permission from the other spouse.
True or false
False
A married couple hold title to property as tenants in entirety. If the spouses divorce, they must sell the property
True or false
False
A married couple hold property as tenants by the entirety. If the spouses divorced, the tenancy by entirety automatically ends, and the former spouses become tenants in common.
True or false
True
Tenancy by the entirety has the right of right of survivorship.
Tenancy by entirety, would end automatically by divorce. Decree and become tenants in common.
In community property in California, if one owner dies, the other automatically becomes full owner.
True or false
False,
the tricky wording in the deed must state that the title is held as community property with right to survivorship. If the deed simply states that is held as community property, there is no automatic right to survivorship.
With community property in California, one spouse may, pledge the property without permission from the other spouse
True or false
False
In community property in California, if the spouses divorce, all community property will be divided equally as part of the divorce settlement.
True or false
True
With community property in California, all property acquired by individual spouse or domestic partner by any means during the marriage is considered community property?
True or false
False, most of the time this is true however, an inheritance or gift given to the spouse would remain that individual separate property.
Coownership tenancy in common
Coownership with inheritance rights. Owners may sell their interest without the consent of co-owners. Each has an undivided interest in the entire property.
Coownership joint tenancy
Coownership with the right of survivorship. When one joint tenant dies, the other joint tenants receive the benefit of the share of a Estate.
Co-ownership tenancy by entirety
This form is used in about half the states, but California does not use it
Married couples own the property equally and undivided, they each own the entire estate. They can’t transfer individual fractions, and it includes the right of survivorship.
Co-ownership community property
California is one of the nine states that have community property laws. In California, community property applies to married couples and domestic partners. In general any property acquired during the marriage/partnership is considered community property, with equal rights of ownership and possession. The right of survivorship isn’t automatic, it can be specified by stating that tittle is held as “community property with right of survivorship”, but otherwise, each spouse/partner has the right to will the individuals half interest a property away with the surviving spouse.
In California, and estate at will is known————-?
A life estate
Channel interest
Personal property
Real chattel
Chattel interest
Which of the following is a life estate in a property held by a widower?
Curtesy
Dower
Estate at will
Remaindermen
Curtesy
California couple Tim and Roxanne on a condo as community property. When Tim stopped paying his credit card debt, can the creditor put a lien on the condo?
No, Community property is exempt from liens and judgments.
No, creditors may not place a lien on community property to collect on an individual co-owners debt .
Yes. Eileen may be placed on community property for a debt owed by one of the co-owners.
Yes, as long as Tim’s that was incurred while he and Roxanne were married.
Yes. Eileen may be placed on community property for a debt owed by one of the co-owners.
Creditors may place a lien on community property for a debt owed by an individual co-owner.
Billy (Sam) Silva was just licensed as a broker, and she plans to hang out a shingle, and go into business for herself. As a sole proprietor, which of the following business names, can she not use?
Billy Silva
Billy silva Realty
Happy homes realty
Sam Silva Realty
Happy homes realty
An inheritable freehold estate that’s a free simple defeasible (where are the grantor can re-claim ownership) is also known as————?
Free absolute
Free, simple
Qualified fee
Tenancy at will
Qualified fee
Peter is a tenant at a single-family home, owned by Carey. What type of interest does Carey have in the property?
Freehold
Homestead
Leasehold
Lifelong
Freehold, property owners have freehold interest in property.
Ken, Dale, and James, we’re brothers who owned more than 100 acres as tenants in common. The relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result was that the court gave each brother a designated set of acres to own. What did the court grant?
Bifurcation
Parcel
Partition
Severalty
Partition
Louis and Elliot started a real estate investment business together. After much discussion with their attorney, they decided to incorporate, but in such a way that they are treated like a partnership and don’t have to pay corporate taxes. What form of business do they have?
Double partnership
Limited liability partnership
Subchapter C corporation
Subchapter S corporation
S corporation are corporations that are taxed as partnerships. They don’t pay corporate, income taxes, and shareholders may deduct losses on their taxes that represent their share of the corporations losses.
