Ch 5 Section 2 Sole Ownership, Joint Ownerhsip, and Trust

Question 1

Ways you can hold a title

Answer 1

• Tenancy in severalty (single or sole owner)
• Joint tenancy (co-ownership, 2 or more)
• Tenancy in partnership
• Tenancy in trust (title held trustee)

Question 2

Tenancy in Severalty

Answer 2

involves individual ownership of real property

Question 3

Joint tenancy
( JTROS)

Answer 3

an estate owned by 2 or more person each with the right of survivorship

Question 4

4 unities to create a joint tenancy :

hint : T T I P

Answer 4

• Title
• Time
• Interest
• Possession Joint

Question 5

Unity of Title

Answer 5

joint tenants mus acquire title from the same instrument ( same deed or same will)

Question 6

Unity of Time

Answer 6

all joint tenants must be named at the same time

Question 7

Unity of Interest

Answer 7

all joint tenants own on single interest, together equally.

Question 8

Unit of Possession Joint

Answer 8

tenants must have undivided possession of the whole property

Question 9

Tenancy by the Entireties
(estate)

Answer 9

can exist only between a husband and wife

Question 10

Tenancy in common
(estate)

Answer 10

most common form of co- ownership and the one that is assumed unless some other form or tenancy is clearly specified

Question 11

Tenancy in Partnership

Answer 11

an association of 2 or more persons who carry on a business for profit as co- owners

Question 12

2 Types of partnership tenancies :

Answer 12

• General and limited partnerships

Question 13

General partnership:

Answer 13

does not need to be in writhing though it is always advisable to get agreements in writing when possible

Question 14

Limited partnership:

Answer 14

agreement must be in writing

Question 15

Tenancy in Trust

Answer 15

Few simple title to real estate can also be held in a trust

Question 16

Syndicate

Answer 16

an association of two or more individuals or companies who join together for a common investment purpose