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11. An organization made up entirely of general partners is considered to be a O (a) limited partnership O (b) corporation O (c) general partnership O (d) joint venture 12. Which of the following terms is used for someone with sole ownership of a property? O(a) tenant in common O (b) tenant in severalty O (c) tenant by the entirety O (d) joint tenant 13. Select the statement that is true of a corporation? O (a) Each member has full liability. O (b) Personal assets are protected from lawsuits brought against the corporation. O (c) Each owner has full right to make binding decisions on the corporation. O (d) All partners are limited partners. 14. Scott and Jara bought a home. The deed did not specify the nature of their shared ownership. Later, Scott was killed in an accident. His will read that all of his real and personal property was to be divided equally among his children. Jara claimed that she and Scott were joint tenants and, therefore, she should get all of the property. The case ended up in court. How will the court most likely rule in this case? O (a) Since Scott and Jara were husband and wife in Utah, community property rules will take precedence and Jara will get the property. O (b) The court will always rule in favor of the wife and name her a joint tenant, thus giving Harriet the property. O (c) The court will hold that they must duel it out. So the children must appoint a representative, and that person will meet Harriet at dawn of the designated date. Then, with pistols of their choice, they will each take 10 paces, turn, fire, and settle this matter in a civilized manner. O (d) By Utah law, if the deed is ambiguous, the court will declare it to be joint tenancy between husband and wife. The kids have no claim. 15. Lamar and Gary own property as joint tenants. When Gary dies, Lamar has Gary's name removed from the ownership. Lamar now_______ O (a) Bob's interest in the property will be part of his estate and must go through probate before anyone can own it. O (b) has no ownership since his interest was dependent on the life of Bob O (c) owns the property as a tenant in common with Bob's heirs O (d) owns the property as a tenant in severalty 11. An organization made up entirely of general partners is considered to be a O (a) limited partnership O (b) corporation O (c) general partnership O (d) joint venture 12. Which of the following terms is used for someone with sole ownership of a property? O(a) tenant in common O (b) tenant in severalty O (c) tenant by the entirety O (d) joint tenant 13. Select the statement that is true of a corporation? O (a) Each member has full liability. O (b) Personal assets are protected from lawsuits brought against the corporation. O (c) Each owner has full right to make binding decisions on the corporation. O (d) All partners are limited partners. 14. Scott and Jara bought a home. The deed did not specify the nature of their shared ownership. Later, Scott was killed in an accident. His will read that all of his real and personal property was to be divided equally among his children. Jara claimed that she and Scott were joint tenants and, therefore, she should get all of the property. The case ended up in court. How will the court most likely rule in this case? O (a) Since Scott and Jara were husband and wife in Utah, community property rules will take precedence and Jara will get the property. O (b) The court will always rule in favor of the wife and name her a joint tenant, thus giving Harriet the property. O (c) The court will hold that they must duel it out. So the children must appoint a representative, and that person will meet Harriet at dawn of the designated date. Then, with pistols of their choice, they will each take 10 paces, turn, fire, and settle this matter in a civilized manner. O (d) By Utah law, if the deed is ambiguous, the court will declare it to be joint tenancy between husband and wife. The kids have no claim. 15. Lamar and Gary own property as joint tenants. When Gary dies, Lamar has Gary's name removed from the ownership. Lamar now_______ O (a) Bob's interest in the property will be part of his estate and must go through probate before anyone can own it. O (b) has no ownership since his interest was dependent on the life of Bob O (c) owns the property as a tenant in common with Bob's heirs O (d) owns the property as a tenant in severalty