CHAPTER 8-1 Flashcards
1
Q
POSSESSION, INTEREST, TIME, AND TITLE
A
PITT
2
Q
SURVIVOR BECOMES OWNER IN SEVERALTY
A
RIGHTS OF SURVIVORSHIP
3
Q
OWNED BEFORE THE MARRIAGE, OR WILL TO THE ONE OF THEM
A
SEPARATE PROPERTY
4
Q
OWNERSHIP OF REAL PROPERTY BY ONE PERSON ONLY
A
SEVERALTY
5
Q
CO-OWNERSHIP BY MARRIED COUPLES ONLY, EACH HAVING AN EQUAL UNDIVIDED INTEREST AND THE RIGHT OF SURVIVORSHIP
A
TENANCY BY THE ENTIRETY
6
Q
A TYPE OF CO-OWNERSHIP WHERE EACH OWNER HAS AN UNDIVIDED FRACTIONAL INTEREST
A
TENANCY IN COMMON
7
Q
A TRUST CREATED DURING THE TRUSTOR’S LIFETIME AS OPPOSED TO A TESTAMENTARY TRUST WHICH IS CREATED BY A WILL
A
LIVING TRUST
8
Q
THE PERSON WHO HOLDS TITLE UNDER THE TRUSTEE’S DIRECTION IN A TRUST
A
TRUSTEE
9
Q
WHERE THE OWNER (TRUSTOR) CONVEYS TO A THRID PARTY (TRUSTEE) FOR THE BENEFIT OF ANOTHER(BENEFICIARY)
A
TRUST
