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20 Cards in this Set
- Front
- Back
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WHICH OF THE FOLLOWING WOULD BE CONSIDERED COMMUNITY PROPERTY? A) PROPERTY BROUGHT BY EITHER PARTY BEFORE THE MARRIAGE B) PROPERTY ACQUIRED BY GIFT AFTER THE MARRIAGE C) PROPERTY ACQUIRED BY INHERITANCE AFTER THE MARRIAGE D) PROPERTY BOUGHT BY ONE OF THE PARTIES DURING THE MARRIAGE |
D) PROPERTY BOUGHT BY ONE OF THE PARTIES DURING THE MARRIAGE
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BOB AND BILL BOUGHT AN APARTMENT BUILDING AND TOOK TITLE TO THE PROPERTY AS JOINT TENANTS. BOB DIED AND LEFT A WILL. BILL NOW OWNS THE APARTMENT BUILDING
A) IN SEVERALTY B) AS TENANT IN COMMON WITH BOB'S HEIRS C) AS A JOINT TENANT WITH BOB'S HEIRS D) THE BUILDING WOULD HAVE TO BE SOLD UPON BOB'S DEATH |
A) IN SEVERALTY
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JOHN, TED AND ALICE OWN PROPERTY AS JOINT TENANTS. ALICE SELLS HER OWNERSHIP INTEREST TO SAM. WHAT BEST DESCRIBES THE CURRENT OWNERSHIP OF THE PROPERTY? A) JOHN AND TED REMAIN JOINT TENANTS OWNING A 2/3 INTEREST B) JOHN, TED AND SAME ARE NOW JOINT TENANTS C) JOHN, TED, AND SAM ARE TENANTS IN COMMON D) ALL HOLD THE PROPERTY IN SEVERALTY |
A) JOHN AND TED REMAIN JOINT TENANTS OWNING A 2/3 INTEREST
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UNDER A TRUST ARRANGEMENT, TITLE TO PROPERTY IS HELD FOR SOMEONE'S BENEFIT BY THE A) TRUSTOR B) TRUSTEE C) BENEFICIARY D) GRANTOR |
B) TRUSTEE |
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WHAT BEST DESCRIBES OWNERSHIP IN A MULTI-UNIT BUILDING IF A PERSON OWNS HIS OR HER UNIT PLUS A SHARE OF THE COMMON AREAS OF THE BUILDING AND GROUND? A) CONDOMINIUM B) COOPERATIVE C) TIMESHARE D) LAND TRUST |
A) CONDOMINIUM
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WHAT TYPE OF OWNERSHIP IS HELD SO THAT OWNERSHIP CAN BE PASSED WITHOUT A PROBATE? A) JOINT TENANCY B) TENANTS IN COMMON C) COMMUNITY PROPERTY D) SEVERALTY |
A) JOINT TENANCY |
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WHAT METHOD OF OWNERSHIP IS NOT LEGAL IN ARIZONA? A) JOINT TENANCY IN COMMON B) SEVERALTY C) TENANCY BY THE ENTIRETY D) TENANTS IN COMMON |
C) TENANCY BY THE ENTIRETY
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A MARRIED COUPLE PURCHASES A HOME AND TAKES TITLE AS COMMUNITY PROPERTY. FOUR YEARS LATER, THE HUSBAND DIES. WHAT IS THE STATUS OF THE OWNERSHIP OF THE PROPERTY? A) THE SPOUSE OWNS HALF B) THE SPOUSE OWNS ALL OF THE PROPERTY C) THE STATE OWNS THE HUSBAND'S HALF D) HIS CHILDREN OWN THE HUSBAND'S HALF |
A) THE SPOUSE OWNS HALF
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A NON-PROFIT ORGANIZATION, COMPRISED OF UNIT OWNERS AS A MEMBERS, OWNS THE COMMON AREAS IS A A) CONDOMINIUM B) COOPERATIVE C) APARTMENT D) TOWNHOUSE |
D) TOWNHOUSE |
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WHAT DOES THE OWNER OF A COOPERATIVE RECEIVE A) DEED B) BILL OF SALE C) SHARES OF STOCK D) CERTIFICATE OF PURCHASE |
C) SHARES OF STOCK
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A HUSBAND AND WIFE ARE BUYING A HOME TOGETHER. THIS IS THERE SECOND MARRIAGE AND THE WIFE HAS CHILDREN FROM A PRIOR MARRIAGE. WHAT METHOD OF TAKING TITLE WOULD BE BEST IF THE WIFE WANTS HER SHARE OF THE PROPERTY TO GO TO HER CHILDREN UPON HER DEATH? A) COMMUNITY PROPERTY B) COMMUNITY PROPERTY WROS C) TENANTS IN COMMON D) JOINT TENACY WROS |
A) COMMUNITY PROPERTY
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ALL OF FOLLOWING ARE REQUIRED WITH JOINT TENANCY OWNERSHIP EXCEPT A) PROBATE B) SURVIVORSHIP C) UNDIVIDED INTEREST D) EQUAL SHARES |
A) PROBATE
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TIM AND ELAINE TOOK TITLE TO THEIR HOME IN COMMUNITY PROPERTY. THEY HAVE ONE DAUGHTER, SARA. TIM DIES SUDDENLY. WHO OWNS THEIR HOME? A) ELAINE B) ELAINE OWNS HALF C) ELAINE AND SARA D) SARA |
B) ELAINE OWNS HALF
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IN ARIZONA, THE "STATE PRESUMPTION" IS UNLESS STATED OTHERWISE, UNMARRIED COUPLES WILL TAKE TITLE AS A) JOINT TENANTS B) COMMUNITY PROPERTY C) TENANTS IN COMMON D) SEVERALTY |
C) TENANTS IN COMMON
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PENNY FORMED A JOINT TENANCY WITH SAMUEL. PENNY IS MARRIED TO RALPH. PENNY DIES, THEN 1 WEEK LATER SAMUEL DIES. WHO OWNS THE PROPERTY? A) RALPH B) PENNY'S HEIRS C) SAMUEL'S HEIRS D) RALPH'S HEIRS |
C) SAMUEL'S HEIRS
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PEGGY AND PAUL OWNS A PARCEL OF LAND. PEGGY OWNS 65% INTEREST AND PAUL OWNS THE REMAINDER. HOW DO THEY HOLD TITLE? A) JOINT TENANCY B) TENANTS IN COMMON C) COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP D) TENANCY BY THE ENTIRETY |
B) TENANTS IN COMMON
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MICHELLE AND MIKE ARE HUSBAND AND WIFE. MICHELLE INHERITS A HOME FROM HER LATE UNCLE JOHN. WHEN MICHELLE DIES WHO OWNS THE HOME SHE INHERITED FROM JOHN? A) MICHELLE'S HEIRS B) MIKE C) JOHN'S WIFE D) DETERMINED IN PROBATE |
A) MICHELLE'S HEIRS
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WHAT IS THE RESCISSION PERIOD ON THE PURCHASE OF A TIME SHARE? A) 3 DAYS B) 3 BUSINESS DAYS C) 7 DAYS D) 7 BUSINESS DAYS |
C) 7 DAYS
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A TESTAMENTARY TRUST IS CREATED BY WILL AND TAKES EFFECT A) DURING THE OWNERS LIFETIME B) AFTER THE PROPERTY OWNERS DEATH C) IMMEDIATELY D) WHEN RECORDED |
B) AFTER THE PROPERTY OWNERS DEATH
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ACCORDING TO ARIZONA STATE LAWS, A CORPORATION IS A LEGAL ENTITY THAT NEVER DIES. PROPERTY OWNED BY A CORPORATION IS OWNED IN A) TENANCY BY SURVIVORSHIP B) JOINT TENANTS C) TENANCY IN SEVERALTY D) PARTNERSHIP |
D) PARTNERSHIP
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