NC's Equitable Distribution law (G.S. Chapter 50) in a divorce determines how:
Why Marital property (including real estate) is divided equitably between spouses Is Correct
Answer B: Marital property (including real estate) is divided equitably between spouses
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
In community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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