Statement regarding community property

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Reference no: EM132195213

1. How many states recognize a form of co-ownership known as community property?

A. 17

B. none

C. 9

D. 37

E. 24

2. Which of the following is an INCORRECT statement regarding community property?

A. Property that is acquired through gift or inheritance either before or during marriage remains separate property.

B. During the marriage, either spouse can sell, transfer, or make a gift of community property without the consent of the other spouse.

C. Interest payments, dividends, and appreciation of separate property received or accrued during marriage are separate property.

D. Under community property laws, each spouse owns an equal one-half share of the income both spouses earned during the marriage, regardless of who earns the income.

E. Upon a divorce, each spouse has a right to one-half of the community property.

3. Which of the following is NOT true about a cooperative?

A. A cooperative is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.

B. The corporation can borrow money on a blanket mortgage, and each shareholder is jointly and severally liable on the loan.

C. Usually, cooperative owners may not sell their shares or sublease their units without the approval of the other owners.

D. Individual residents may secure loans for the units they occupy.

E. Each cooperative owner leases a unit in the building from the corporation under a renewable, long-term, proprietary lease.

4. Which of the following is NOT true about a condominium?

A. Owners may sell or mortgage their units without the permission of the other owners.

B. In addition to being used for dwelling units, the condominium form of ownership is often used for office buildings, boat docks, and the like.

C. Usually, condominium owners may not sell or sublease their units without the approval of the other owners.

D. Condominiums are a common form of ownership in multiple-dwelling buildings.

E. Purchasers of a condominium (1) have title to their individual units and (2) own the common areas? (e.g., hallways, elevators, parking areas, recreational facilities) as tenants in common with the other owners.

5. Zora, Heathcliff, Manuel, and Mohammad own a large commercial building as joint tenants.

If Heathcliff executes a will that leaves all of his property to his alma mater university, who owns the property when Heathcliff dies?

A. The university owns the entire building in fee simple.

B. Zora, Manuel, and Mohammad each own a one-third interest in the building.

C. Zora, Manuel, Mohammad, and the university each own a one-quarter interest in the building.

D. Zora, Manuel, and Mohammad each own a life estate in the building that will go to the university upon their deaths.

E. It will depend on what the probate judge rules.

6. Which of the following is NOT a way ownership of real property can be transferred from one person to another?

A. will

B. tax sale

C. gift

D. sale

E. revocation

7. Which of the following is NOT true about adverse possession?

A. The adverse possessor must occupy the property so as to put the owner on notice of the possession.

B. Any break in normal occupancy terminates the adverse possession.

C. The time period varies from state to state, but is usually between 7 and 20 years.

D. The adverse possessor must physically occupy the premises.

E. The possessor must occupy the property with the express or implied permission of the owner.

8. If Kiki buys a lot from Joey that is landlocked (meaning the purchased lot has no direct access to a road), if Kiki can drive over Joey's lot to reach the nearest road, this is known as an easement by ________.

A. grant

B. necessity

C. implication

D. reservation

E. prescription

Reference no: EM132195213

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