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Questions and Answers
In community property states, what constitutes community property of both spouses?
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?
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?
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?
Which business organization allows real property to be owned by a business entity?
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What can be considered profits or proceeds from separate property?
What can be considered profits or proceeds from separate property?
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Which ownership type involves a business partnership formed by a contract?
Which ownership type involves a business partnership formed by a contract?
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What is true about ownership in severalty?
What is true about ownership in severalty?
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What is a key characteristic of joint tenancy?
What is a key characteristic of joint tenancy?
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