Chapter 4

Question 1

Ownership in severalty

Answer 1

Is ownership by one person or entity

Question 2

Real Estate Investment Trust(REIT)

Answer 2

at least 100 investors and organized as a trust

Question 3

Co-ownership
Form of ownership where 2 or more people share title to real property with each person having an undivided interest in property ownership
The term”undivided” - the property has not been physically divided

Answer 3

Four types of Ownership
*Tenancy in common
*Joint tenancy
*Tenancy by the entireties
*Marital property rights

Question 4

Survivorship allows the fractional interest of one co-owner, when they die, to automatically pass their interest on to the other co-owners without going through probate

Question 5

Unities of ownership (P-I T-T)
*Possession
*Interest
*Time
*Title

Question 6

Unity of possession

Answer 6

Each co-owner is entitled to possession of the entire property because the ownership interests are undivided

Question 7

Unity of interest

Answer 7

each co-owner has an equal interest in a property(equal share of ownership)

Question 8

Unity of time

Answer 8

Each co-owner acquired the title at the same time

Question 9

Unity of title

Answer 9

each co-owner acquired title through the same instrument, whether that instrument was a deed, will, or court order

Question 10

Tenancy in common
The most basic form of co-ownership

Answer 10

DOES NOT include the right of SURVIVORSHIP
The unity of possession is always present with tenancy in common

Question 11

Joint tenancy
The unity of possession. Allows all the joint tenants to have the right of use and possession of the entire property

Answer 11

Has all 4 units
Unity of possession
Unity of interest( all parties have equal shares)
unity of time
Unity of title

INCLUDES SURVIVORSHIP

Question 12

Tenancy by the entireties
For married couples
Form of ownership between spouses in which each spouse owns an undivided one half interest in the property with right of survivorship

Question 13

Marital property rights
Community property right- property that was acquired after marriage
Separate property- property that was acquired before marriage

Answer 13

Separate property can be transferred with our consent and signature of the spouse who is not indicated within the title to the property