Community Property with Rights of Survivorship (CPWROS) is a type of joint ownership that combines the features of community property and joint tenancy with rights of survivorship. In this type of ownership, a married couple owns equal shares of the property, and upon the death of one spouse, the surviving spouse automatically inherits the deceased spouse's share.
Which of the following best describes community property with rights of survivorship (CPWROS)?
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A) This describes community property without rights of survivorship. B) This describes tenancy in common with rights of survivorship. C) This is the correct definition of community property with rights of survivorship. D) This describes tenancy by the entirety without rights of survivorship.
Which type of ownership allows the surviving owner(s) to automatically inherit the deceased owner's share without going through probate?
A) Tenancy in common does not include rights of survivorship. B) Community property does not automatically include rights of survivorship. C) Joint tenancy with rights of survivorship allows the surviving owner(s) to automatically inherit the deceased owner's share without going through probate. D) Separate property is owned by one spouse and does not include rights of survivorship.
Which of the following is NOT considered community property?
A) Property acquired during the marriage is generally considered community property. B) Property owned by one spouse before the marriage is considered separate property, not community property. C) Property acquired during the marriage using community funds is considered community property. D) Property acquired during the marriage as a gift or inheritance is generally considered community property unless specified otherwise.
In the early 1900s, many states in the United States adopted community property laws to protect the rights of married women, who were often excluded from owning property in their own names. These laws ensured that both spouses had equal ownership rights to property acquired during the marriage.
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Example Series 65 Example Practice Question
A married couple purchases a home together and decides to hold the title as community property with rights of survivorship. This means that each spouse owns an equal share of the home, and if one spouse dies, the surviving spouse will automatically inherit the deceased spouse's share without going through probate.