Property Ownership
Under Virginia law, a general partnership that acquires real property holds it in which form of ownership?
ATenancy in common among the partners
BPartnership property held in the name of the partnership✓ Correct
CJoint tenancy with survivorship among partners
DTenancy by the entirety
Explanation
General partnerships hold real property in the name of the partnership entity, not as individual co-owners. Partnership agreements and state law govern how property is managed and transferred.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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