[Family Dispute] When Leona and Oscar Married, They Both Had

question 51

Multiple Choice

[Family Dispute] When Leona and Oscar married, they both had children from previous marriages. After their marriage, Leona and Oscar purchased a home together as tenants by the entirety and lived there for many years. Oscar died when he was 93 and Leona was 95. Oscar's will left any property he owned to his son, David, who promptly told Leona that she needed to get out of the house. Leona told him to forget it. Leona died a week later. Her will left everything she owned to her daughter, Mina, who moved in the home and refuses to leave. Michelle, who had loaned Oscar $10,000, has filed a claim against any heir of Oscar or Leona, including David and Mina, claiming an interest in the home to satisfy the debt Oscar owed her.
-Which of the following is true regarding a tenancy by the entirety?

• A) It describes a form of co-ownership by married couples.
• B) It describes a form of co-ownership by relatives, including married couples as well as brothers and sisters.
• C) It is another name for tenants in common.
• D) It is another name for joint tenancy.
• E) It is a form of co-ownership still in existence in some states by which the husband has absolute control regarding any decisions made regarding improvement of the property.

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Definitions:

Fair Value Hedge

A hedging strategy aimed at protecting against the risk of changes in the fair value of an asset, liability, or an identified portion of such, that is attributable to a particular risk.

Foreign Exchange Risk

The potential for loss due to fluctuations in currency exchange rates affecting the value of foreign-denominated transactions and investments.

Mexican Pesos

The currency of Mexico, represented symbolically as MXN and used in financial transactions within the country.

Forward Contract

An individualized agreement allowing two parties to trade an asset at an agreed-upon price on a specified future date.