2. Estates in Land and Methods of Holding Title
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Questions and Answers

In community property states, what constitutes community property of both spouses?

  • Gifts acquired during marriage
  • Profits from separate property
  • Everything owned by a married couple (correct)
  • Property owned before marriage

    • What is an example of separate property according to the text?

  • Inheritance acquired during marriage (correct)
  • Property purchased with community property funds
  • Profits from community property
  • Gifts acquired during marriage

    • What type of ownership involves each spouse having an undivided 1/2 interest in community property?

  • Joint tenancy
  • Ownership in severalty
  • Community property (correct)
  • Tenancy in common

    • Which business organization allows real property to be owned by a business entity?

    <p>All of the above</p> Signup and view all the answers

    What can be considered profits or proceeds from separate property?

    <p>Profits from community property</p> Signup and view all the answers

    Which ownership type involves a business partnership formed by a contract?

    <p>Partnership</p> Signup and view all the answers

    What is true about ownership in severalty?

    <p>It is exclusive ownership by one person</p> Signup and view all the answers

    What is a key characteristic of joint tenancy?

    <p>'Each tenant has a right of survivorship</p> Signup and view all the answers

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