Ownership

Question 1

Tenancy in severalty

Answer 1

Property held by one person, severed from others

In Death: Entire property subject to probate including gross estate for federal and state taxes

Question 2

Tenancy in common

Answer 2

Property held by two or more persons with no rights of survivorship

In Death: property passes by Will to heirs or devisees Who take as tenants in common. No survivorship rights

Question 3

Joint tenancy

Answer 3

Property held by two or more individuals (not corporations) with right of survivorship

In Death: property automatically belongs to surviving continents last one alive holds in severalty

Question 4

Tenancy by entireties

Answer 4

Property held by husband and wife with right of survivorship

In Death: right of survivorship so no probate. Same death taxes as joint tenancy

Question 5

Only a husband and wife may hold title to real estate property as

Answer 5

Tenants by the entirety

Question 6

One of the advantages of joint tenancy is that

Answer 6

Avoids the delays and expenses of probate

Question 7

Which of the following events creates a tenancy in common

Answer 7

And transfer of one joint tenants interest to a third-party

Question 8

And tenant in common may transfer his or her interest under which of the following circumstances

Answer 8

At any time, without permission or approval, even under protest

Question 9

And woman and her brother hold a property in joint tenancy you. What results if the woman deeds her part to herself and her husband

Answer 9

The joint tenancy is severed

Question 10

Hey properties purchased by a brother and a sister with equal shares. This could be what form of ownership

Answer 10

Joint tenancy

Question 11

And joint tenancy make a blush all of the following, so the interest, give away the interest, encumber the interest but it cannot what

Answer 11

Devise the interest

Question 12

To devise

Answer 12

leave (real estate) to someone by the terms of a will

Question 13

What is a partition

Answer 13

And action brought by a co-owner of a property to compel the severance of respective interests is an action for partition

Question 14

Tenancy in common must have Unity of what

Answer 14

Possession

Question 15

When someone owns property to the exclusion of all other persons, this person is said to hold the property in what

Answer 15

Severalty

Question 16

In the case of three tenants in common owning a property

Answer 16

Each tenant has separate and distinct interest

Question 17

This is true regarding the liability of a limited partner

Answer 17

Liability is to the extent of his or her investment

Question 18

Trust

Answer 18

A trust is an arrangement where legal title is transferred from a trustor to a trustee.

Question 19

The trustee will hold title and manage the property for

Answer 19

a benefit of another party called the beneficiary

Question 20

A trust is very often used as an estate planning tool or to provide animinity to

Answer 20

a true owner of the property.