Question

Which of the following is an INCORRECT statement regarding community property?

A.

Upon a divorce, each spouse has a right to one-half of the community property.

Which of the following is NOT true about a condominium?

A.

Condominiums are a common form of ownership in multiple-dwelling buildings.

B.

Owners may sell or mortgage their units without the permission of the other owners.

C.

Usually, condominium owners may not sell or sublease their units without the approval of the other owners.

D.

In addition to being used for dwelling units, the condominium form of ownership is often used for office buildings, boat docks, and the like.

E.

Purchasers of a condominium (1) have title to their individual units and (2) own the common areas (e.g., hallways, elevators, parking areas, recreational facilities) as tenants in common with the other owners.

B.

During the marriage, either spouse can sell, transfer, or make a gift of community property without the consent of the other spouse.

C.

Interest payments, dividends, and appreciation of separate property received or accrued during marriage are separate property.

D.

Under community property laws, each spouse owns an equal one-half share of the income both spouses earned during the marriage, regardless of who earns the income.

E.

Property that is acquired through gift or inheritance either before or during marriage remains separate property.

Which of the following is NOT true about a cooperative?

A.

A cooperative is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.

B.

Usually, cooperative owners may not sell their shares or sublease their units without the approval of the other owners.

C.

Individual residents may secure loans for the units they occupy.

D.

The corporation can borrow money on a blanket mortgage, and each shareholder is jointly and severally liable on the loan.

E.

Each cooperative owner leases a unit in the building from the corporation under a renewable, long-term, proprietary lease.

Answer 1