Chapter 5-forms of RE Ownership Flashcards
Term for property owned by one person, corporation or entirety.
Severalty
Term for real estate owned by two people?
Co-ownership
A type of co-ownership where the RE is undivided interest, half and half. Hard to sell because of multiple owners. Can be inherited
Tenancy in common
Type of co ownership with two people, right of survivorship, auto transfers to other tenants
Joint tenancy
Right of survivorship
Tenant dies, ownership auto transfers to remaining owner
How do u create Joint tenancy? PITT
Possession
Interest
Time
Title
PITT is associated with what type of ownership?
Joint tenancy
What is a legal way to dissolve co ownership when parties don’t agree? Divided profit
Partition
Ownership where spouse inherits re w death. Undivided interest, right of survivorship, one entity
Tenancy by the entirety
Ownership where spouses are equal as 2 and considered separate property. No right of survivorship. Acquired during marriage. Have to have both signatures. W out will it transfers to the remaining spouse
Community property rights
Device by which one person transfers ownership to someone else to hold or manage for benefit of a third party
A trust
Trust lasts during lifetime
Living trust
Trust at time of death
Testamentary trust
Trust for real estate for a definite amount of time
Land trust
Type of property that is one unit, share common areas, transfers by deed, will or living trust
Condominium
