Forms of Ownership
What type of ownership has only one owner?
Sole ownership
In a general partnership, do partners have unlimited personal liability? Y/N
Yes
Which deed gives the buyer the most protection?
General warranty deed
What is it called when someone dies without a valid will?
Intestate
What type of ownership involves two or more people owning property together?
Co-ownership
Which partners in a limited partnership primarily provide capital?
Limited partners
Which deed transfers whatever rights the grantor has without warranties?
Quitclaim deed
What is it called when someone dies with a valid will?
Testate
What type of business structure stands for Limited Liability Company?
LLC
Which type of corporation uses pass-through taxation?
S Corporation
Which deed only protects against defects that occurred during the grantor's ownership?
Special warranty deed
What type of will is entirely handwritten?
Holographic will
What type of partnership is created for one specific business project?
Joint venture
What is the major tax disadvantage of a C Corporation?
Double taxation
Which deed contains no covenants and only implies ownership?
Bargain and sale deed
What is a written amendment to an existing will called?
Codicil
What type of ownership includes an automatic right of survivorship?
Joint tenancy
What can courts do when a corporation is improperly created or used for dishonest activities?
Pierce the corporate veil
What type of deed is commonly used to remove a cloud on a property's title?
Quitclaim deed
What court verifies whether a will is valid and oversees the distribution of the estate?
Probate court