Chpt. 6 Concurrent Ownership & Marital Rights

Question 1

3 types of concurrent ownership

Answer 1

tenancy in common
joint tenancy
tenancy by entirety

Question 2

tenancy in common

Answer 2

• undivided fractional interest in the property
• alienable, devisable, descendible
• can use and possess whole property

Question 3

joint tenancy

Answer 3

-alienable, not devisable or descendible
(alientation turns it into TIC)
-right of survivorship
-surviving cotenant inherits fee simple absolute

Question 4

4 elements of joint tenancy

Answer 4

PITT
possess–equal right to possess and share
interests–must be identical
title–must be given to JTs in the same
time–all tenants must acquire at same time

Question 5

tenancy by the entirety

Answer 5

married couples only
severed by divorce, death or agreement 
shields from creditors
neither spouse may transfer interest
undivided right to use and right of survivorship

Question 6

partition

Answer 6

forces sale or split of property

ends TiC

Question 7

partition in kind

Answer 7

splitting the property

Question 8

Separate property system

Answer 8

Majority jx

property owned by spouse who acquired it

Question 9

Community Property

Answer 9

CA (not GA or IN)

• all assets earned/ acquired during marriage are owned by both spouses equally
• property before marriage, inheritance, & gifts are separate
• equally divided shares
• death: can devise their 1/2 to others