A marital property system in some states where most property acquired during marriage is owned equally by both spouses.
Why Community Property matters on the exam
This term belongs to Property Ownership. The questions below are real items from Freehold's bank that use it - each one cites its source.
Exam questions using Community Property
Every Freehold question shows why the right answer is right — and cites its source.
In a community property state, property acquired by either spouse during the marriage (other than by gift or inheritance) is generally:
Owned entirely by the spouse who personally earned it
Held in trust automatically for any children of the marriage
Classified as separate property belonging to one spouse
Owned equally by both spouses regardless of whose income acquired it
Show answer & explanation
Owned equally by both spouses regardless of whose income acquired it — Community property law treats most income and assets acquired during marriage as jointly and equally owned by both spouses, regardless of which spouse's earnings paid for it.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
Under community property law, property owned by a spouse before the marriage, or received individually by gift or inheritance during the marriage, is classified as:
Separate property
Community property
Marital property subject to equal division
Homestead property
Show answer & explanation
Separate property — Separate property includes assets owned before marriage and gifts or inheritances received individually during the marriage, and it remains outside the community estate unless later commingled.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
When a single individual or a single legal entity owns property with no co-owners, the ownership is described as:
Tenancy in common
Ownership in severalty
Joint tenancy
Community property
Show answer & explanation
Ownership in severalty — Ownership in severalty means title is held solely by one owner, whether an individual or an entity such as a corporation, with no other party sharing title.
Source: PSI National Real Estate Exam Content Outline §1 Property Ownership
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