Chpt 2 Forms Of Ownership

Question 1

Severalty

Answer 1

Undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty of tenancy in severalty

Question 2

Joint tenancy

Answer 2

Co-ownership in which the parties have an equal & undivided interest in the property; includes the right of survivorship rather than inheritance

Question 3

Right of survivorship

Answer 3

The statutory principle of survivorship tenancy that provides that when one co-owner dies; their ownership interest reverts to the surviving co-owners

Question 4

Community Property

Answer 4

A system of property co-ownership, most commonly applies to married couples, which described what is joint property & what is individual property

Question 5

Tenancy in common

Answer 5

Co-ownership with individual, undivided interest in the property; includes rights of inheritance rather than the survivorship

Question 6

Partition suit

Answer 6

Legal action brought with the purpose of terminating the ownership interest of a co-owner to real property