Segment 17: Forms of Real Property Ownership Flashcards

Segment 17: Forms of Real Property Ownership Flashcards

Buffy and Xander are unmarried and own property together as tenants in common. Buffy has a will so her death during Xander's lifetime will result inher interest in the property passing automatically to Xander.her interest passing to her heirs or the persons designated in her will.Xander automatically owning the property as a tenant in severalty.Xander having to file a lawsuit to claim his interest in the property.her interest passing to her heirs or the persons designated in her will.Buffy's interest passes to her heirs or devisees; there is no right of survivorship in a tenancy in common.(Devisee = one who receives real property under a will.) Before they were married, Tom and Rita each owned a house. After they got married, they bought a new house as tenants by the entirety. They each kept the houses they owned prior to their marriage, rented them out, and did not change the deeds on either property. Four years after they got married, Rita died without a will but has heirs. The house that Rita owned prior to her marriage

will:automatically be inherited by Tom.be subject to the

rules of escheat.be inherited by Rita's heirs, which includes Tom.be inherited by Rita's heirs, excluding Tom.be inherited by Rita's heirs, which includes Tom.Property bought while married, unless otherwise stated in the deed, is owned as tenants by the entirety and will pass automatically to the surviving spouse. Property owned before the marriage is owned in severalty and will transfer to Rita's heirs, including Tom.Lisa and Beth hold title to their personal residence through a deed which stated "not as tenants in common, but with the right of survivorship." If Lisa dies before Beth, her

interest will pass:to her heirs under the laws of

distribution.to her heirs under her will.to Beth automatically.to the state by escheat.to Beth automatically.A married couple moved to Oregon from California, bought a primary residence, but did not specify how title was to be held. How will this couple take title?tenants in common.tenants in partnership.tenants by the entirety.joint tenants with rights of survivorship.tenants by the entirety.Unless otherwise stated in the deed, a married couple will take title as tenants by the entirety.In a tenancy in common, there is always a unity oftime.possession.interest.title.possession.The four unities are "PITT" - Possession, Interest, Title, Time. Co-tenants must acquire the same possessory rights but do not need to acquire equal and undivided interests, or acquire their interest under the same deed or at the same time.Which statement about a tenancy in common is FALSE?Each co-owner has the right of undivided possession to the entire property.Each co-owner can sell his interest in the property without the consent of the other co-owners.The interest of a deceased co-owner is divided among the surviving co-owners.Any co-owner can file suit to partition the property.The interest of a deceased co-owner is divided among the surviving co-owners.Each co-owner can sell their interest, file suit to partition the property, and is entitled to undivided possession to the entire property. A deceased co-owner's interest passes to heirs or devisees; there is no right of survivorship between co-owners.

When owners of a tenancy by the entirety are divorced, theybecome tenants at sufferance.become tenants with the right of survivorship.become tenants in common.remain tenants by the entirety become tenants in common.Because tenancy by the entirety is for married persons, when they divorce, ex-spouses will become tenants in common.The right of survivorship is a feature oftenancy in severalty.tenancy of inheritance.tenancy by the entirety.tenancy in common.tenancy by the entirety.Tenancy by the entirety has an automatic right of survivorship. Spouses usually own property together as a tenancy by the entirety since this survivorship interest assures that when one spouse dies, the remaining spouse automatically receives the deceased spouse's interest.A California corporation makes an offer to purchase a property located in Eugene, Oregon. Which statement is FALSE?A California corporation must become an Oregon domestic corporation prior to title vesting.A California corporation must apply for authority to conduct business within Oregon as a foreign corporation.A California corporation may hold title to Oregon property in its corporate name.A California corporation must have authority granted by either the corporation's articles of incorporation, by-laws, or resolution of the board of directors to purchase real property.A California corporation must become an Oregon domestic corporation prior to title vesting.To do business in Oregon, an out-of-state corporation must be registered in Oregon as a foreign corporation. A corporation may hold title in the name of the corporation, and authority to purchase real property needs to be granted in the articles of incorporation, by-laws, or by resolution of the Board of Directors. A foreign corporation does NOT need to be a domestic corporation to take title to Oregon real estate.

All of the following are co-tenancies EXCEPT:tenancy in

common.tenancy by the entirety.tenancy in severalty.tenancy created under the Erickson doctrine of survivorship.tenancy in severalty.Tenancy in severalty means ownership is severed from all others; tenancy in severalty is NOT a co-tenancy. A co-tenancy is between two or more persons, legal or natural.Undivided interest" meanseach co-owner has the right of survivorship.each co-owner has the right to possess a specific portion of the property.when one co-owner dies, the remaining owners acquire his interest.each co-owner has the equal right to enjoy and possess the entire property.each co-owner has the equal right to enjoy and possess the entire property."Undivided interest" means the owners' possessory interests are undivided and all owners have the right of possession to the entire property.

Ownership in severalty can be :A) a married person.B) an

unmarried person.C) a corporation.D) an LLC.C and D onlyB onlyA, B, C, and DA and B only A, B, C, and D If Kevin and Kyra hold title to real property as tenants in common, they willhave the right of survivorshipconvert the tenancy to community property if they move to Oregon.have equal ownership interests.have equal rights of possession.have equal rights of possession.Tenants in common have undivided and equal rights of possession.An undivided interest without the right of survivorship best

describes:tenancy in severalty.tenancy by the entirety.joint

tenancy.tenancy in common tenancy in commonTenancy in common means the co-tenants individually own undivided interests; any ownership share is possible; there is no survivorship; owners can convey to outside parties.Brian and Mary accumulated real property as tenants in severalty while single. After they married, their

propertiesautomatically revert to a tenancy in common.automatically become tenancies by the entirety.automatically become joint tenancy properties.remain as tenancies in severalty.remain as tenancies in severalty.Properties held in severalty remain so unless the parties legally change the

ownership by deed.Richard and Bill are business partners who purchase an office building as tenants in common. Richard and Bill both have spouses, but their spouse's names are not on the deed. Bill dies one day after their purchase closes escrow.What is the result of Bill's death?Bill's interest will revert to the state.By operation of law, Richard will receive title as a tenant in severalty.Bill's heirs will inherit Bill's interest and become tenants in common with Richard.Richard's spouse will acquire Bill's interest, and Richard and his spouse become tenants by the entirety.Bill's heirs will inherit Bill's interest and become tenants in common with Richard.As tenants in common, there is no right of survivorship between co-tenants Richard and Bill; Bill's heirs will receive Bill's interest and become tenants in common with Richard.Duncan and Russ formed the Think Big Real Estate Partnership and entered into a partnership agreement.Over the years they purchased a number of properties in the name of the partnership. Duncan and Russ each have a spouse. If Duncan dies before Russ, Duncan's interest in the partnership propertieswill pass under the rules relating to tenancy in common.will be determined by the partnership agreement between Duncan and Russ.will pass to the heirs of Duncan.automatically pass to Russ under the rules of joint tenancy.will be determined by the partnership agreement between Duncan and Russ.The partnership agreement will determine how the partnership disposes of real property.Which one of the following statements about a tenancy in common is true?Each tenant's interest must be equal.The tenants may have unequal rights of possession.Each party must have acquired their interest at the same time and under the same deed.Each tenant may sell their interest without the consent of the other tenants.Each tenant may sell their interest without the consent of the other tenants.Each co-tenant's interest is freely transferable without the permission of any other co-tenant; tenants must have equal rights of possession; tenants can acquire title under different deeds and at different times.Four friends, Russ, Dianne, Sally, and Duncan bought a large parcel of developable land. Russ, Dianne, and Sally each purchased a 20% interest and Duncan purchased a 40%.Which of the following are true about this purchase?A) A tenancy in common was created.B) Each have a right of survivorship.C) Each have equal and undivided right of possession.D) Each was required to purchase their interest via different deeds.B and C onlyA, B, C, and DA, C, and D onlyA and C only A and C onlyTenancy in common is between two or more persons; each co-tenant has an undivided right of possession.Under a tenancy by the entirety1) A spouse can transfer their interest using a will2) Spouses can jointly transfer their interests using wills3) One spouse can convey both spouses' interests without permission from the other spouse4) Unmarried couples receive the automatic right of survivorship1, 2, 3, and 43 and 4 only1 and 2 onlyNone of