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taking title/ownership methods > Methods of Ownership and Taking Title > Flashcards

Methods of Ownership and Taking Title Flashcards

1
Q

In tenancy in common, there is always a unity of:

a. time
b. title
c. interest
d. possession

A

D.

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2
Q

An individual will take sole title to a home as an:

a. joint tenancy
b. tenancy in common
c. estate in severalty
d. estate for years

A

c. estate in severalty

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3
Q

Under the law of community property if one spouse dies, the surviving spouse:

a. holds possession to the property in severalty
b. has half interest in the property
c. auto inherits half the property
d. and heirs both receive equal shares of the estate through probate

A

B.

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4
Q

A corporation cannot hold title to real property as a joint tenant because:

a. it is a violation of the securities laws
b. a corporation has perpetual existence
c. it is difficult to list all the stockholders in the deed
d. a corp cannot convey title to real property

A

B.

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5
Q

CHECK THIS ANSWER-Not sure it’s correct

Owner “A” owns 75% of a property, and owner B owns 25%. Upon death, owner B’s portion goes to B’s heirs. This type of ownership is:

a. JTRS
b. tenants in common
c. community property
d. life estate

A

C.

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6
Q

In AZ, undesignated property acquired by joint effort after marriage is considered to be held in:

a. joint tenancy
b. tenancy in common
c. severalty
d. community property

A

D. comm prop

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7
Q

A corporation cannot hold title to real property as joint tenant bc:

a. it is a violation of the securities laws
b. a corp has perpetual existence
c. it is difficult to list all the stockholders in the deed
d. a corp cannot covey title to real property

A

B.

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8
Q

If a person who owns property in joint tenancy dies, his share goes to his:

a. wife
b. estate
c. heirs
d. surviving tenants

A

D.

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9
Q

A parent conveys property to their heirs, R and G. R dies and, against the protests of R’s children, R;s interest passes to G automatically. R and G held title in:

a. tenancy in common
b. severalty
c. joint tenancy
d. community prop

A

C. joint tenancy

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10
Q

ownership by two or more unrelated parties with rights of survivorship is

a. joint tenancy
b. tenancy in common
c. tenancy in severalty
d. leasehold

A

A. joint tenancy

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11
Q

Two siblings own equal undivided interests in a parcel of land. If the older sibling dies, his share goes to his heirs. If the younger sibling dies, his share goes to the older sibling. They hold title as:

a. partnership
b. community property
c. tenancy in common
d. joint tenancy

A

C.

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12
Q

When a property is held in joint tenancy and one of the parties dies with a will, which is true

a. title would transfer according to will
b. property would be divided between the spouse and children
c. property goes to the joint tenant survivor
d. proper would pass to the heirs after probate

A

C. goes to joint tenant survivor

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13
Q

How would two buyers take title if they were not related

a. sole and separate
b. tenancy in common
c. interval
d. comm prop

A

B.

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14
Q

Two sisters want to buy property and leave it to their heirs. To accomplish this, they should take title:

a. as joint tenants w/ right of survivorship
b. as tenants in common
c. “ tenants in severatly
d. “ community property

A

B.

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15
Q

A, B, and C own prop as joint tenancts. C dies, and then B sells his interest in the property to D. The property is now owned by

a. A, D, and C’s widow, E, his sole heir, as joint tenants
b. a and D as joint tenants
c. A and D as tenants in common, each w/ 1/2 interest
d. A, D, and B’s wife

A

C.

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16
Q

If a husband and wife decide to take title as tenants in common, which apply:

a. husband and wife must have equal interest
b. right os successorship would exist
c. husband and wife may have unequal interests
d. they would own the prop as sole and separate

A

C. MAY have unequal interests

17
Q

Under AZ law, what happens to community property when one spouse dies

a. 100% passes to the heirs
b. 50% auto passes to the surviving spouse
c. 50% passes to the children
d. 50% passes to the heirs

A

D. 50% to heirs

18
Q

Two friends are partners in a corp and they wish to purchase some property. If they’re using their corp for the purchase, how would title be taken

a. tenancy in common
b. severalty
c. joint tenancy
d. community prop

A

B.

19
Q

A and B each own a 1/3rd interest in a property as joint tenants w/ right of survivorship. D owns a 1/3rd interest in the property as a tenant in common with A and B. When B dies, what happens to his interest in the property:

a. it is split equally, so A and D each have a 50% interest
b. it goes to A, who now has a 2/3rds interest
c. it goes to B’s heirs, leaving A and D with their 1/3rd interest
d. it must go to probate court for a determination

A

B. it goes to A, who now has 2/3 interest

20
Q

H, Y, K and R co-own a prop as joint tenants. When R, K, and Y are killed in a car accident, what is is H’s interest in the property:

a. H is a joint tenant w/ 100% interest
b. H owns the property inseveralty
c. H still owns 25% and the rest is split between the heirs of R, K and Y
d. The estate ends at the death of a majority of the co-owners

A

B. H owns in severalty

21
Q

J, T, and A own prop as joint tenants. A sells her ownership interest to S. What best describes the current ownership of the prop

a. J and T remain joint tenancy w/ S as a tenant in common
b. J, T, and S are now joint tenants
c. “, “, “ are tenants in common
d. All hold the prop in severalty

A

A.

22
Q

B and D bought an apartment building and took title to the property as joint tenants. B died and left a will. D now owns the apartment building:

a. in severalty
b. as tenant in common w/ B’s heirs
c. as joint tenant w/ B’s heirs
d. only if D purchases it from B’s heirs

A

A. severalty

23
Q

Severalty:

of people(ownership):
1
2+
2

Relationship:
Married
None
No corps, LLCs etc

Requirements:
None
TTIP
Both must sign to sell
Unity of Possession Only

% of Ownership:
100%
Equal 50%
Equal or Unequal

At Death:
Heirs
Auto Right of Survivorship
Passes based on method of ownership

A

1
None
req’d None
100%
Heirs

24
Q

Tenancy In Common:

of people (ownership):
1, 2, 2+

Relationship:
Married, None, or No Corps LLCs etc

Req’s:
None, TTIP, Both must sign to sell, or Unity of possession

% of Ownership:
100%, Equal, 50%, or Equal or Unequal

At Death:
Heirs, Auto Right of Survivorship, or passes based on method of ownership

A

2+
None
Unity of Possession only
% of ownership: Equal or Unequal
At death, passes based on method of ownership

25
Q

Joint Tenancy

of People:
Relationship: Married/None/No Corps etc
Requirements: Both must sign/TTIP/None
% of Ownership: 100, 50, Equal, Equal or Unequal
At Death: Auto Survivorship Rights/Heirs

A

2+
No Corps etc
TTIP
Equal
Auto Survivorship

26
Q

of People:

Community Property:

Relationship:
Req’s: both must sign to sell/unity of possession only or none
% Ownership: 100, 50 or equal
At Death: Heir or Survivorship…

A

2
married
both must sign to sell
50%
Heirs

***Deceased spouse’s 50% passes to his/her heirs. The Surviving Spouse RETAINS their 50%.

27
Q

Mother and son own an investment property with equal interest. No other info is available, how do they hold title?

a. community property
b. in severalty
c. joint tenancy with rights
d. tenancy in common

A

D. tenancy in common

28
Q

COMPARING METHODS OF TAKING TITLE

See image attached to this card.

A
29
Q

Two individuals hold property as tenants in common. The partners cannot agree on a way to dissolve their ownership. What legal action could be used to dissolve the tenancy in common

a. suite to quiet title
b. suit for severance
c. foreclosure
d. suit for partition

A

D.

30
Q

When a sole owner of property dies with no will, the property would transfer

a. by testate succession
b. by intestate succession
c. to the spouse automatically
d. 1/2 to the heirs, 1/2 to the spouse

A

B.

31
Q

Ways to take title broken down

SEVERALTY -probate

*Sole Ownership

*Schools

  • *Corporations*
  • *Government*
  • *Partnerships*
  • *Trusts*

TENANTS IN COMMON - maybe probate

  • *2 or more owners*
  • *Undivided Interest*
  • *Will to Heirs*
  • *Equal or Unequal Interest*
  • *Each can Sell, Will, Transfer w/o consent of others*
  • *State Presumption*

JTWROS - no probate

*AKA Poor mans will

  • *Undivided Interest*
  • *Additional Documentation to Confirm*
  • *Survivors get automatic remaining interest*
  • *Last one gets Severalty*
  • *TTIP (Time, Title, Interest, Possession)*

COMMUNITY PROPERTY - probate

*Husband and wife only

  • *Each owns 50% undivided interest*
  • *Each can will to others*
  • *Not automatic to surviving spouse*

COMMUNITY PROP WROS- no probate

  • *Husband and Wife only*
  • *Survivor get all upon death of spouse*
  • *Cut out heirs until last one passes through a will*
A

taking title/ownership methods (2 decks)

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