Real Estate Quiz Pt 4

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SassyStarfish
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272782
Filename:
Real Estate Quiz Pt 4
Updated:
2014-05-01 22:35:22
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real estate quiz california
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Real estate quiz pt 4
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  1. Commingling is...
    the mixing of separate and community property. If a spouse or registered domestic partner commingles her/her
  2. Community property is...
    property owned jointly by a married couple or by registered domestic partners, as distinguished from separate property. As a general rule, property acquired by a spouse or registered domestic partner through his/her skills or personal efforts is community property.
  3. Community property with right of survivorship is...
    property that is community property and that has a right of survivorship. Upon the death of a spouse or registered domestic partner, community property with right of survivorship passes to the surviving spouse or domestic partner without probate.
  4. Co-ownership is...
    joint ownership.
  5. The four unities are...
    the common law rule that a joint tenancy requires unity of possession, time, interest, and title.
  6. General partnership is...
    a partnership in which each partner has equal right to manage the partnership and has personal liability for all of the partnership debts.
  7. Joint ownership is...
    ownership of property by two or more persons.
  8. Joint tenancy is...
    a form of joint ownership which has unity of possession, time, interest, and title.
  9. Limited liability partnership is...
    a partnership in which there is at least one general partner and one or more limited partners. The limited partners have no liability beyond their investment in and pledges to the partnership.
  10. Partition is
    a court-ordered or voluntary division of real property held in joint ownership into parcels owned in severalty.
  11. Right of survivorship is...
    the right to succeed to the interest of a joint tenant or, if community property with right of survivorship, to succeed to the interest of a spouse or registered domestic partner. Right of survivorship is the mot important characteristic of joint tenancy.
  12. Separate property is...
    property that is owned in severalty by a spouse or registered domestic partner. Separate property includes property acquired before marriage or the registering of domestic partnership, and property acquired as a gift or by inheritance during marriage or registered domestic partnership.
  13. Severalty is...
    ownership of property by one person.
  14. Tenancy in common is...
    a form of joint ownership that is presumed to exist if the persons who own the property are neither married nor registered domestic partners and they own undivided interests in property. Tenants in common may hold unequal interests; however, if the deed does not specify fractional interests among the tenants, the interest will be presumed equal.
  15. Tenancy in partnership is...
    a form of joint ownership in which the partners combine their assets and efforts in a business venture.
  16. Undivided interest is...
    an ownership interest in property in whish an owner has the right of possession of the entire property and may not exclude the other owners from any portion by claiming that a specific portion of the property is his or hers alone.
  17. Unity of interest is...
    in reference to joint ownership, refers to each of the owners having equal interests in the property.
  18. Unity of possession is...
    in reference to joint ownership, refers to each of the owners having an equal, undivided right to possession of the entire property.
  19. Unity of time is...
    in reference to joint ownership, refers to each of the owners having acquired his/her interest in the property at the same time.
  20. Unity of time is...
    in reference to joint ownership, refers to each of the owners having received ownership in the property from the same deed.
  21. Ownership in severalty refers to...
    ownership by one person only.
  22. When a brother and sister inherit property from their parents, they might own the property as...
    joint tenants or tenants in common.
  23. Able, Betty, and Cindy own property as tenants in common. After Able die and Betty sells her interest to Cindy, the property is owned by...
    Cindy and Able's heirs as tenants in common.
  24. The most important characteristic of joint tenancy is...
    the right of survivorship.
  25. Able, Betty, and Caine are joint tenants. Able will his interest to Delilah. Able dies. Regarding the interest of Betty, Caine, and Delilah...
    Betty and Caine inherit the property and Delilah is out of luck since Able cannot will his portion to her.
  26. While they were single, Jane and Bob each owned a condo. After they married, the two condos were held as...
    community property.
  27. Jane is a real estate agent. She saved $40,000 during her seven-year marriage to Bob, a "house-husband" who took care of the children, cooked the meals, etc. Pursuant to which rule does the divorce court award half of Janes' savings to Bob?
    community property
  28. Joint tenants do not have...
    the right to will good title to another.
  29. A corporation may hold title as...
    a tenant in common.
  30. A joint tenant may sever his/her interest...
    by selling his/her interest to another.
  31. California's community property law originated in...
    Spanish law.
  32. A tenancy in common requires the unity of...
    possession.
  33. Bob and his nephew Joe own three-quarters and one-quarter interest, respectively, in an office building. They might be holding title as...
    tenants in common.
  34. Without contrary evidence, it is presumed that married couples and registered domestic partners hold title in real estate as...
    community property.
  35. A husband may sell the couples residence for $200,000...
    if his wife joins in the conveyance in writing.
  36. All owners must have undivided rights to possession except in which form of ownership?
    *Joint tenancy
    *Tenancy in partnership
    *Tenancy in common
    *All have undivided rights to possession.
    All have undivided rights of possession
  37. Separate property consists of property acquired...
    before marriage.
  38. Jane and Bob are neither married nor registered domestic partners. If they acquire real property together, title is presumed to be held as...
    teneants in common.
  39. Which kind of property is not usually subject to disposition by a will?
    Joint tenancy
  40. Jane is married to Bob. During their marriage, Jane inherits a condo from Bob's father. The condo is acquired as...
    separate property.

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