Under Nevada law, which form of concurrent ownership is unique to community property states and automatically transfers a deceased spouse's interest to the surviving spouse without going through probate?
Correct Answer
A) Community property with right of survivorship
Community property with right of survivorship (CPWROS) is a Nevada-specific form of title available only in community property states. Under NRS Chapter 111, when spouses hold title as community property with right of survivorship, the surviving spouse automatically inherits the deceased spouse's interest without probate, while also receiving a full step-up in basis on the entire property for federal income tax purposes. This form must be expressly stated in the deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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