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| In a land trust, title to property is held by the |
Trustee |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| If a tenant in a joint tenancy sells or conveys her interest in the property, the new owner becomes a |
Tenant in Common |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| When a business is owned in severalty, all title to real and personal property is held by which of the following? |
The business entity as sole owner |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Which has the unity of possession? |
Tenants in Common and Joint Tenants |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Which may hold different percentages of ownership in the property? |
Tenants in Common |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| A land trust does NOT indicate the identity of the |
Beneficiary |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| In Texas, each spouse is liable for all community debts in a |
Joint Tenants and Tenants in Common |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| In Texas, each spouse is liable for all community debts in a |
Community property right of survivorship |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| A land trust is created for |
A definite time (usually 20 yrs) |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| The party on whose behalf a trust is administered is the |
Beneficiary |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| The party who holds legal title to the assets of a trust and is entrusted with carrying out the instructions regarding the purpose of the trust is the |
Trustee |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Which has no right of survivorship? |
Tenancy in common |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Which is destroyed when one of the unities is destroyed? |
Joint tenancy |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Under community property law in Texas, income from separate property is generally considered what kind of property? |
Community |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Creating a joint tenancy requires 4 unities: |
Time, Title, Interest and Possession |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Under community property law in Texas, if one spouse dies, the other spouse automatically owns what amount of the community property? |
One-Half |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| If one spouse dies, the separate property of the deceased spouse and the deceased spouse’s half of the community property are distributed according to the deceased’s |
Will |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| If a tenant in common dies, that person's ownership interest goes to |
Tenancy in common |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| If a tenant in common dies, that person's ownership interest goes to |
His or hers heirs |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| Under community property law in Texas, property separated during marriage by a written contract is considered what kind of property? |
Separate |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| The beneficial interest from a land trust is what kind of property? |
Personal |
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gettarb Thu, 04 Nov 2010 00:38:40 GMT |
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| In Texas, property separated during marriage by a written contract is considered separate property T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| In Texas, income from separate property is generally considered separate property T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| Tenancy in common is a form of co-ownership in which each tenant holds an undivided interest in the property as if he or she were sole owner and, on the death of a co-owner, the deceased person's heirs receive his or her interest T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| Creating a joint tenancy requires unity of possession, unity of title, unity of time, and unity of interest T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| Ownership in severalty designates a type of ownership in which title is held by more than one person T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| Tenancy in common is ownership by two or more people with right of survivorship T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| Community property law recognizes separate property and community property rights for married couples T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| In Texas, a fee simple estate in land may be held only by one owner T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| The beneficiary of a land trust has management control of the property through the trustee, as well as the right of possession and the right to income or proceeds from its sale T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| A community property right of survivorship involves a declaration made by a husband and wife that all community property will go to the survivor upon the death of one party, thus eliminating probate T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| In joint tenancy, as each successive joint tenant dies, the surviving joint tenants acquire the interest of the deceased joint tenant T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| A grandfather wishes to ensure the college education of his granddaughter and transfers his oil field into a trust. He instructs the grandchild's mother to use its income to pay for the grandchild's college tuition. In this case, the grandfather is the trustee, the granddaughter is the beneficiary, and the mother is the trustor T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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In community property states such as Texas, to convey or encumber homestead community property requires consent of only one spouse
T/F? |
F |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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| On death of one spouse who leaves no will, survivor inherits all community property, if surviving children and descendants are common to both spouses T/F? |
T |
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gettarb Tue, 02 Nov 2010 10:29:01 GMT |
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