Chapter Seven: Understanding Forms of Real Estate Ownership

Question 1

Definition-Tenancy

Answer 1

Having a ownership interest in a property.

Question 2

Definition- Tenancy in severity

Answer 2

Sole ownership

Question 3

Definition-Tenancy in common

Answer 3

Its a form of ownership were two or more people own property together.

Question 4

Deffiniton-Joint Tenancy

Answer 4

It’s a form of ownership with special features for two or more people.

Question 5

What are the four principal features of tenancy in common?

Answer 5

1. Undivided ownership
2. Equal or unequal shares
3. Sale without permission
4. No right of survivorship to the other owners
   only to the heirs

Question 6

What are the four principal features in a joint tenancy?

Answer 6

1. Unity of interest-same amount of shares
2. Unity of possession like undivided ownership
3. Unity of time-take ownership at the same time, sale without permission
4. Unity of title-all owners are in the deed- right of survivorship

Question 7

Tenancy by the entirety is a form of co-ownership specifically geared towards protecting the interest of married couples.

True or False

Answer 7

True

Question 8

What is the most important difference between joint tenancy and tenancy in common?

Answer 8

Right of survivorship

Question 9

What are the different ownership in trust?

Answer 9

1. The trustor
2. The trustee
3. Beneficiary

Question 10

A corporation for legal purpose, is treated the same as an individual owner when it comes to real estates ownership.

True or False

Answer 10

True (Tenancy in severity)