Chapter 3 Ownership

Al, Bill, and Rob own property as joint tenants. Upon Rob's death his interest passes to:

Al and Bill.

Al and Sue own property as joint tenants. Under which of the following circumstances will severalty ownership NOT result?

Al sells his interest to Barry

Which of the following types of ownership cannot be created by operation of law, but must be created by the parties expressed intent?

Joint Tenancy

Which of the following characeristics does NOT apply to tenants in common?

Must own equal share of interest

In the event of death, which form of ownership permits the deceased to name an heir?

Tenants in Common.

Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. Under these circumstances which of the following is INCORRECT?

They own the property with the Right of Survivorship.

Carlos would like to liquidate his one-third interest in a business property. His cousin, who has a two-thirds interest, does not agree to selling. Can Carlos file a partition suit

Yes, because any concurrent owners, except for a tenant by the entireties, can file.

The Georgia Timeshare Act requires all of the following EXCEPT:

a 10 day right-of-recission from receipt of the Public Offering Statement.

The Georgia Condominium Act requires:

a 7-day right-of-recission for the purchase of new condominium units only

A tenancy in common form ownership entitles each co-tenant to:

an undivided interest in the property.

Joint tenancy will most likely be chosen as a form of ownership by husband and wife to:

assure the surviving spouse of sole ownership without probate.

The owners of a limited liability company are called:

members

Husband and wife who own property as tenants by the entirety:

must both consent to sell AND must both sign for any debt secured by the property

Ownership of real estate for such things as schools, roads, parks, and military installations is:

public ownership

Corporation are not allowed to own real estate in joint tenancy because of the:

right of survivorship.

In order to obtain a proprietary lease on a co-op unit, an individual must buy a:

share of stock

. If there is no indication in the deed as to how co-owners are taking title, the law presumes the parties intended to own the property as:

tenants in common