Chapter Three: Ownership Flashcards
What does severalty ownership (tenant in severalty) consist of?
When an estate is owned by one person/ single entity
What is concurrent ownership?
When two or more people own rights in the same land at the same time
What are 3 types of concurrent ownership?
Tenancy in common, joint tenancy, tenancy by the entirety
What does tenancy in common consist of?
Form of concurrent ownership that implies the fewest restrictions. Separate title, no specific portions of ownerships.
What does joint tenancy consist of?
Co-tenants own a single estate with one title. Interest in the property passes to remaining tenants.
What is the ‘right of survivorship?
Upon the death of a joint tenant, interest in the property automatically ends& passes to remaining join tenants, the “survivors”.
What is required to be shared in a joint tenancy? (PITT)
Possession, interest, time, title
What consists of tenancy by the entirety?
Property ownership is indivisible with each spouse owning the entire estate. (exclusive to married couples)
What is community property?
Another form of co-ownership applies only to husband and wife as long as they’re married. Provides both 1/2 interest
What is tenancy in partnership?
Two or more people who join forces for business purposes
What are 7 different types of tenancy in partnership?
General partnership, limited partnership, limited liability company, trusts, syndicates, condominium ownership, cooperative ownership
What does a general partnership consist of?
A partnership can own property under A trade name.
What does a limited partnership consist of?
One or more general partners carry on the management of the business. Same obligations a general partnership.
What is a limited liability company?
Characteristics of corporations and also limited partnership
What are characteristics of a trust?
When a property owner (trustor) places the title to the property in the hands of someone else (trustee) for the benefit of 3 rd party (beneficiary)
