Community Property States vs Common Law States - Property Ownership Quiz
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Questions and Answers

What was the occupation of the wife in the married couple?

  • Airline stewardess (correct)
  • Airline pilot
  • Lawyer
  • Doctor

What did the husband achieve during the marriage?

  • High school diploma
  • Ph.D.
  • M.B.A. (correct)
  • Bachelor's degree

What was the outcome of the couple's divorce?

  • They did not acquire any marital property (correct)
  • The husband got everything
  • The wife got everything
  • They divided their marital property equally

Why is an educational degree not considered marital property?

<p>Because it's intangible and can't be transferred or inherited (C)</p> Signup and view all the answers

In what type of state is the couple's divorce case taking place?

<p>Community property state (C)</p> Signup and view all the answers

What was the wife seeking in the case of Borelli?

<p>Alimony (B)</p> Signup and view all the answers

In a CPS, how does the property acquired by one spouse before marriage or by gift affect the ownership?

<p>It remains separate property (D)</p> Signup and view all the answers

What happens to the property of a deceased spouse in a CPS for federal income tax purposes?

<p>The property receives a stepped-up basis (B)</p> Signup and view all the answers

How can a spouse take a portion of the other spouse's estate in a CPS?

<p>By electing a 50% share (A)</p> Signup and view all the answers

What type of property is A's grandma's gift to A on every birthday?

<p>Specific inter vivos gift to A (A)</p> Signup and view all the answers

What happens to joint tenancy property in the event of divorce or death of one spouse?

<p>It becomes tenancy in common (D)</p> Signup and view all the answers

What happens to the property of a spouse who engages in wrongful behavior leading to forfeiture?

<p>Their portion of the property is affected and the joint tenancy is severed (A)</p> Signup and view all the answers

What happens if B predeceases A as a result of the conveyance?

<p>A becomes subject to the interest. (A)</p> Signup and view all the answers

Under what circumstance is there a partial or temporary severance due to the conveyance?

<p>If A dies before B. (A)</p> Signup and view all the answers

When does a conveyance result in a complete severance of the joint tenancy?

<p>If A dies before B. (B)</p> Signup and view all the answers

What are the conditions that must be satisfied for partition by sale from TIC property?

<p>If part in kind is favored over a part sale. (A)</p> Signup and view all the answers

What happens when a conveyance does not result in a severance of the joint tenancy and B survives A?

<p>B takes subject to the interest. (B)</p> Signup and view all the answers

What does R and RS stand for in the text?

<p>Reasons and Rationale (A)</p> Signup and view all the answers

What is a requirement for a joint tenant to owe rent to another joint tenant?

<p>Agreeing to pay rent in a formal contract (D)</p> Signup and view all the answers

Based on the text, under what circumstance would a fellow joint tenant not be liable to other joint tenants for paying rent?

<p>If there is no agreement to pay rent or proof of ouster (C)</p> Signup and view all the answers

In the scenario described, why did M lack grounds to demand rent payment from S?

<p>Proof of ouster by S was not provided by M (D)</p> Signup and view all the answers

What is the concept described by Snape in relation to joint tenancy and possession?

<p>Possession does not block joint use unless there's proof of ouster (D)</p> Signup and view all the answers

In the case of Sampson leasing part of the walnut orchard from a joint tenant, what was the issue raised by the wife?

<p>The lack of consent from other joint tenants for the lease (C)</p> Signup and view all the answers

What was the general principle presented related to the rights of joint tenants to lease part of the property?

<p>Joint tenants can lease part of the property within their own interest (A)</p> Signup and view all the answers

What are the three forms of multi-party accounts with financial institutions mentioned in the text?

<p>Joint accounts, Joint convenience accounts, and P.O.D. accounts (A)</p> Signup and view all the answers

What distinguishes a true joint tenancy from a joint convenience account?

<p>The intention to gift a portion of the deposit (A)</p> Signup and view all the answers

What does a savings account trust commonly referred to as 'totten trust' involve?

<p>Survivorship rights (A)</p> Signup and view all the answers

What circumstance would likely render a P.O.D. account invalid according to the text?

<p>State statute authorization missing (D)</p> Signup and view all the answers

In what context can the IRS reach the interest of a debtor spouse in tenancy-by-the-entirety property?

<p>In instances of federal tax liens (A)</p> Signup and view all the answers

What was the significance of the SCOTUS ruling in Craft (2002) related to tenants by the entirety?

<p>Confirming federal tax liens on property interests (A)</p> Signup and view all the answers

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