Chapter 4 Ownership

Question 1

Tenancy In Severally is also know as

Answer 1

Sole ownership in severally estate in severally. Are also know as

Question 2

Tenancy In Common aka estate in common each can own a specific percentage does not have to be equal. is a form of coowneeship where people are not married. What are the characteristics

Answer 2

Two or more owners Any number of people maybe co tenants in a single property

identical rights i’ll have equal rights
interest individually owned

electable ownership shares Tenants determine what percentage of the property they may all they do not have to be equal

no survivorship In a descendants Co tenants
estate passes by probate to the descendants heirs does not pass to the other co tenants

no unity of time It is not necessary for tenants in common to acquire their interest at the same time

Question 3

Joint tenancy- tenant in common

Answer 3

Unity of ownership
Equal ownership
Transfer of interest
Survivorship

Question 4

Joint tenancy (tenants in common) Definition of unity of ownership

Do joint tenants hold a single title or have separate titles

Answer 4

Joint tenants hold a single title to the property

Question 5

Joint tenancy (tenants in common) Definition of equal ownership 
Does each owner have an equal share or can it be devided

Answer 5

All owners are joint owners 4 owners 25%. Ten owners 10%

Question 6

Joint tenancy (tenants in common) Definition of transfer of interest 
Can a joint tenant transfer interest?

Answer 6

Yes it transfers at the same interest the person currently owns

Question 7

Joint tenancy (tenants in common) Definition of survivorship
Who does the joint tenant pass to?

Can it pass to heirs

Do creditors have a claim

Answer 7

Joint tenant transfers to the other joint tenants
Heirs and creditors have no claim.

If only one joint tenant remind it becomes estate in severalty

Question 8

Creation of joint tenancy requires four unities which is not one of them

A time
B title
C interest
D possession. 
E all of the above are correct

Answer 8

All of the above are correct
Time - all parties must acquire the joint interest at the same time
Title- must acquire the property in the same deed
Interest -equal undivided interest
Possession- all parties
Must receive the same rights of possession.

Question 9

Tenancy by the entireties- 
Features
Equal interests
 survivorship 
limited exposure to foreclosure

Answer 9

Survivorship
Ownership automatically passes to the other spouse
Equal interest both own the same amount
Foreclosure only for joint debt

Question 10

Proprietary lease refers to

A condo
B co op
C house

Answer 10

Co op also know as a proprietor