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Are You Financially Literate? Chapter 16 Quiz 1. Which of the following are common ways people become co-owners of property? a. buying something with a spouse (marriage) c. inheritance b. joint investment with a friend or relative d. All of the above 2. Albie, Ben, Chris and Delilah bought a beach house together as joint tenants. Ben is sued by the IRS for unpaid income taxes. Is it possible that Albie, Chris and Delilah could lose their interests even though they owe no part of his unpaid income taxes? Explain. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 3. If you co-sign a loan, you are liable for repayment of ______ of the loan. a. 100% c. 33% b. 50% d. 0% 4. Clark and Tessa are friends who love skiing. They are pooling their money to buy a cabin in mountains near a ski resort. They want to be able to sell their share in the cabin without requiring the consent of the other. Should Clark and Tessa own their cabin as tenants in common or as be joint tenants? Explain your answer. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 5. Tenants in Common may a. own unequal shares b. leave their interest in a property to whomever they want when they die c. sell or encumber their interest d. all of the above 6. Most co-ownership is a result of _________. a. inheritance b. marriage c. co-investment d. foreclosure PRODUCT PREVIEW
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Chapter 16 | Share with Care! 324
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