Beatriz and James Are Married and Own Real Property Under

question 45

Multiple Choice

Beatriz and James are married and own real property under a tenancy by the entirety. This means that _____.

• A) upon the death of either, the property passes automatically to the surviving spouse
• B) they are tenants in common with the added requirement of marriage
• C) either spouse can transfer property by will if the other is still living
• D) the tenancy cannot be severed even in case of a divorce

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Definitions:

Page Number

A number assigned to a specific page in a document or book to facilitate organization and reference.

Journalizing

Journalizing is the process of recording transactions in the company's journal, marking the first step in the accounting cycle by documenting all financial transactions.

Ledger

The principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Journalizing

The act of recording financial transactions in a company's journal, detailing debits and credits, part of the first step in the accounting cycle.