tenancies

Which of the following statements concerning limited partnerships is FALSE?

A limited partner may perform limited management functions

Which of the following statements regarding tenancy in common is true?

Any co-owner can file suit to partition the property.

Which of the following is correct regarding tenancy in common?

Each party may sell his interest without the consent of the other:

In a limited partnership, the limited partners provide

Investment capital: In a limited partnership, one or more persons organize and operate the partnership. These persons are personally liable for the debts of the partnership. They are called "general partners." They raise money for the partnership by selling interests in it to other investors. These investors are called "limited partners". They do not have any say in the management of the partnership. They invest their money and receive a share of the profits. But they are not personally liable for the partnership debts. This remains the liability of the general partners. The most the limited partners can lose is the amount the have invested.

Which of the following is NOT a type of leasehold estate?

Tenancy by the entirety.

Joint tenancy provides for which of the following upon the death of one of the tenants?

The surviving tenant acquires the property though the right of survivorship

If three people hold title to real estate as joint tenants, they have a unity of

all of these

If title to real property is held by tenants in common, all tenants have

an interest in the land, but no specific interest in any one part of the land: A "tenancy in common" is a form of concurrent ownership between 2 or more persons, in which each has an undivided interest in the whole property. An "undivided interest" means all co-owners have interests in the whole property, not in just parts of it. Each tenant has an equal right of possession of the property according to his proportionate share of the estate.

A syndicate can take the form of

any of these choices

One of the features of taking title to real property as tenants in common is that

each co-owner's interest may be conveyed separately: The co-tenants may each have equal interests or unequal interests (e.g., 50%-50%, 25%-75%, etc.), and may acquire title at different times and different ways (will, deed). Each co-tenant may sell, encumber, or will his interest separately without the consent of the other co-tenants, as there is no right of survivorship. When a co-tenant dies, his interest will pass to his heirs (by descent) or his devisees (by will) and they will become co-tenants with the remaining co-tenants.

An ownership in severalty of real property exists when

only one entity owns a parcel of real estate.

Clara Wade and Lester Hall own a ranch as tenants in common. Each has an undivided 1/2 interest. Hall is in sole possession of the land and is operating the ranch. Hall is NOT liable to Wade for

payments of rent to Wade for his own use of the land.

In a tenancy in common, the co-owners share only one ownership right, the right of

possession.: Each tenant has an equal right of possession of the property according to his proportionate share of the estate. This means no co-tenant can exclude another co-tenant or claim ownership of a specific portion of the property.

Severalty ownership of real estate means

sole ownership by one person.: Severalty means sole ownership of real property. The title to the property is held by one real or artificial person (e.g., corporation) and is severed from anyone else. Property owned in severalty is probated when the owner dies and passes to his heirs or devisees (if a will was left). It does not pass to survivors, as there are no surviving owners. There is only one owner.

Which of the following tenancies do NOT involve a landlord and tenant relationship?

tenancy in common

Where two cousins hold title to property, one having 1/3 interest and the other having 2/3 interest, title would be held in

tenancy in common: A tenancy in common is a form of concurrent ownership between two or more persons, in which each has an undivided interest in the whole property. It may be between related or unrelated persons. The co-tenants may each have equal interests or unequal interests (e.g., 50%-50%, 25%-75%, etc.), and may acquire title at different times and different ways (will, deed).

Four unrelated persons wish to purchase a parcel of land together and each wants to be able to will his interest to his heirs. They need to take title as which of the following?

tenants in common: A tenancy in common is a form of concurrent ownership between two or more persons, in which each has an undivided interest in the whole property. It may be between related or unrelated persons. Each co-tenant may sell, encumber, or will his interest separately without the consent of the other co-tenants, as there is no right of survivorship. When a co-tenant dies, his interest will pass to his heirs (by descent) or his devisees (by will) and they will become co-tenants with the remaining co-tenants. Note, in a tenancy in partnership the rights in the partnership real estate held by a decedent partner pass to the surviving partners (they have the right of survivorship).

If two or more owners have concurrent unequal interests in the same property they can only hold title as

tenants in common: Tenants in common can have equal interests or unequal interests. Joint tenants and tenants by the entirety must have equal interests.

A tenancy in common requires

undivided interest.: In the tenancy in common, each co-tenant has an undivided interest in the property. This means each owns a share in the whole property rather than sole ownership of a portion of the property. No specific arrangement for possession is necessary.

If four persons hold title to real property as tenants in common, they

would be unable to determine which portion of the land is theirs. : A tenancy in common is a form of concurrent ownership between two or more persons, in which each has an undivided interest in the whole property. An undivided interest means all co-owners have interests in the whole property, not in just parts of it. Each tenant has an equal right of possession of the property according to his proportionate share of the estate. This means no co-tenant can exclude another co-tenant or claim ownership of a specific portion of the property. The co-tenants may each have equal interests or unequal interests (e.g., 50%-50%, 25%-75%, etc.), and may acquire title at different times and different ways (will, deed). Each co-tenant may sell, encumber, or will his interest separately without the consent of the other co-tenants, as there is no right of survivorship.