Unit 4 Flashcards
Ownership by more than one person is called ownership in severalty.
False
Co-owners can also be called concurrent owners.
True
A joint tenancy can be created by conveying a deed or giving the property by will or living trust.
True
In tenancy in common, each tenant holds a divided fractional interest in the property.
False
The death of a shareholder in a corporation results in the dissolution of the corporation.
False
A general partnership is dissolved and must be reorganized if one partner dies, withdraws, or goes bankrupt.
True
The individual unit owners of a condominium own the common elements as tenants in common.
True
Condominium laws are often called vertical property acts.
False
An ownership interest that is based on annual occupancy intervals is
a time-share.
A brother and sister were co-owners of a lot. The sister became the sole owner automatically when the brother died. The form of ownership they had was
Joint Tenancy
A broker who is asked how a married couple should take title would advise them
to seek legal advice.
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely
an estate by the entirety.
A tenancy in common differs from a joint tenancy in that
tenants in common may have unequal interests.
When parties own property as tenants in common, each owner
has equal rights of possession with the other owners.
A primary feature of property held in joint tenancy is that
there is right of survivorship.
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called
cooperative.
A trust is a legal arrangement in which property is held for the benefit of a third party by
a trustee.
Eight heirs are now the owners of a farm as tenants in common. This means that
use of the property can be determined by agreement of all the owners.
Two people are co-owners of a small office building with the right of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased’s interest?
Joint tenancy
The forms of property ownership are controlled by
the state.
A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in
severalty.
The trust established by a decedent’s will is
a testamentary trust.
Which of the following is MOST likely evidence of ownership in a cooperative?
Shareholder stock
Which of the following refers to ownership by one person?
Severalty
The unities required to create a joint tenancy include
unity of possession.
Title to a property is held by two or more individuals; this property is held in
co-ownership.
