Question 1

Creditors of tenants in common:

Accepted Answer

Creditors of a tenant in common can foreclose on the debtor tenant's interest in the property, but not on the entire property, as each tenant in common owns a separate fractional interest.

Question 2

Under the Uniform Marital Property Act, which of the following is not a requirement for a valid premarital agreement?

Accepted Answer

The Uniform Marital Property Act does not require that a premarital agreement be used only by a putative spouse. The other options are requirements for a valid premarital agreement.

Question 3

A, B and C are tenants in common. A owns 2/3 interest. B and C own 1/6 each. C has died leaving his interest to his daughter, D. B has transferred his interest to H. The property is now owned as follows

Accepted Answer

A retains his 2/3 interest. C's 1/6 interest is inherited by D, and B's 1/6 interest is transferred to H.

Question 4

Which of the following is not a requirement for a valid prenuptial agreement?

Accepted Answer

Consideration is not a requirement for a prenuptial agreement to be valid, unlike other contracts. The focus is on fairness, full disclosure, and voluntary agreement.

Question 5

A joint tenancy in which there are unequal shares will fail because of violation of the unity of:

Accepted Answer

Joint tenancy requires the four unities of time, title, interest, and possession. Unequal shares violate the unity of interest, which requires equal ownership shares.

Question 6

Which of the following is required for a valid prenuptial agreement?

Accepted Answer

The answer of Which of the following is required for...

Question 7

A, B, C, D - tenants in common on a parcel of land.
D conveys to E
C conveys to F
B dies and leaves his property to his children, G, H and I
Which describes accurately who owns the parcel?

Accepted Answer

Tenants in common can convey their interest to others. D's interest goes to E, C's interest goes to F, and B's interest is inherited by G, H, and I. A retains their original interest.

Question 8

A, B, C, and D are tenants in common on a parcel of land. D conveys to E. C conveys to F. B dies and leaves his property to his children, G, H, and I. What interest does A hold?

Accepted Answer

A, B, C, and D each originally held a 1/4 interest as tenants in common. D's conveyance to E and C's conveyance to F do not affect A's interest. B's death and the transfer to G, H, and I also do not affect A's interest. Therefore, A still holds a 1/4 interest.

Question 9

A, B, C, and D are tenants in common on a parcel of land. D conveys to E. C conveys to F. B dies and leaves his property to his children, G, H, and I. Suppose that A, B, C and D were joint tenants. Who owns what?

Accepted Answer

When joint tenants convey their interest, it severs the joint tenancy. D's conveyance to E and C's conveyance to F sever the joint tenancy, leaving A, E, and F as tenants in common. B's death does not affect the shares of A, E, and F, as joint tenancy was already severed. A retains half because B's share is divided among the remaining original joint tenants.

Question 10

The presence of legal counsel for both sides to a prenuptial agreement:

Accepted Answer

Having legal counsel for both parties in a prenuptial agreement helps ensure that the agreement is entered into voluntarily and with full understanding, which is crucial for its validity.

Question 11

On December 1, 2020, Tyrone, Ned, and Arlen were deeded a piece of land as tenants in common. The deed provided that Tyrone owned 1/2 the property and Ned and Arlen owned 1/4 each. If Arlen dies, who owns what and how much?

Accepted Answer

In a tenancy in common, each tenant owns a specific share of the property, which can be transferred to heirs. Therefore, if Arlen dies, his 1/4 share goes to his heirs, while Tyrone retains 1/2 and Ned retains 1/4.

Question 12

Steve, Rob, and Charley own a building as joint tenants with the right of survivorship. Steve conveyed his interest in the building to Mary by executing and delivering a deed to Mary. Rob and Charley did not know about the transfer and did not consent to it. Rob and Charley then died. After their deaths, what would Mary's interest in the building be?

Accepted Answer

When Steve conveyed his interest to Mary, it severed the joint tenancy, making Mary a tenant in common with Rob and Charley. Therefore, Mary holds a 1/3 interest as a tenant in common.

Question 13

Roy Bean and Alvira Jones are tenants in common in a casino and hotel in Sparks, Nevada. Roy is a bit of a spendthrift and has run up over $75,000 in credit card debt, $212,000 in lines of credit, and also has a $759,000 mortgage on a house that is now worth $300,000. Roy's creditors have judgments totaling the amount of these debts, plus interest, plus collection expenses and litigation fees for a total of $1.5 million. The creditors have placed a judgment lien on the casino. Which of the following statements is correct?

Accepted Answer

The answer of Roy Bean and Alvira Jones are tenants...

Question 14

In 1951, Margaret, Julia, May, and Jennie Hasselman (collectively, the Hasselman Women) acquired by intestate succession an undivided one-half interest in the surface and mineral rights of a 160-acre tract of land in San Juan County, New Mexico (the Property). On April 26, 1951, the Hasselman Women conveyed their entire interest in the Property to May's husband. Immediately thereafter, May's husband conveyed the Property back to the Hasselman Women as joint tenants. The language of the deed from May's husband to the Hasselman Women explicitly stated: "Not in tenancy in common but in joint tenancy."
May died in November 1962. Julia died in November 1973. Margaret died in May 1974. In September 1981, Jennie executed a warranty deed conveying an undivided one-half interest in the property to herself and her daughter, June, as joint tenants. Who owns the Property now?

Accepted Answer

The answer of In 1951, Margaret, Julia, May, and Jennie...

Question 15

In 1995, Edna R. Murphy executed a quitclaim deed conveying her residence to herself and Dorothy Moore as joint tenants with a right of survivorship. This quitclaim deed was recorded. In 1998, Murphy quitclaimed her interest in the property to another party, who, in 2002, quitclaimed the property back to Murphy. Who owns the property now?

Accepted Answer

The answer of In 1995, Edna R. Murphy executed a...

Question 16

William and Cynthia agreed, through a written agreement, that in the event that they got a divorce that William would pay Cynthia $2,400 per month in alimony for the earliest of either five years had expired or Cynthia had remarried. They signed the agreement two months before they were married in 1975. In 2018, they were divorced and Cynthia wanted her $2,400 per month. William says he does not make enough money to pay that much. Which best describes what the court will do?

Accepted Answer

The court will typically honor a valid prenuptial agreement that was voluntarily entered into by both parties, as long as it is legally enforceable and does not violate public policy.

Question 17

A strawman transaction is used:

Accepted Answer

A strawman transaction is used by an owner to create a joint tenancy with another person and himself by temporarily transferring the property to a third party (the strawman) and then having it transferred back to the owner and the new joint tenant.

Question 18

Community property with right of survivorship:

Accepted Answer

Community property with right of survivorship allows married couples in community property states to hold title to property with the right of survivorship, meaning the surviving spouse automatically inherits the deceased spouse's share, avoiding probate.

Question 19

X, Y, and Z run the XYZ Partnership. The partnership owns a factory located in Yuma, Arizona. Z has passed away. Who owns the factory now?

Accepted Answer

The answer of X, Y, and Z run the XYZ...

Question 20

Patricia met Joel F. Tamraz in December 1987. At that time, Joel was in the process of purchasing a condominium in Malibu, California, for $220,000. Although Joel initially took title to the property in his name only, before escrow closed he signed a quitclaim deed in which he granted one-third of his separate property interest in the Malibu condominium to Patricia, with title to be held as tenants in common. Which of the following statements is correct?

Accepted Answer

Joel has created a valid tenancy in common by granting Patricia a one-third interest in the property through a quitclaim deed, which does not require the unities of time, title, interest, and possession that are necessary for joint tenancy.

Quiz 8: Co-Ownership of Real Estate