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A- Property 1 > Co-Ownership > Flashcards

Co-Ownership Flashcards

1
Q

Co-ownership of property involves:
1.
2.
3.
4.
5.

A
  1. Concurrent possessory rights
  2. to be held by two or more persons,
  3. Either presently
  4. Or in the future
  5. and confers a concurrent right to the co-owners to possess the property as a whole.
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2
Q

Co-ownership of property involves:
1. ?
2.
3.
4.
5.

A
  1. Concurrent possessory rights
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3
Q

Co-ownership of property involves:
1.
2. ?
3.
4.
5.

A
  1. to be held by two or more persons
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4
Q

Co-ownership of property involves:
1.
2.
3. ?
4.
5.

A
  1. either presently
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5
Q

Co-ownership of property involves:
1.
2.
3.
4. ?
5.

A
  1. or in the future
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6
Q

Co-ownership of property involves:
1.
2.
3.
4.
5. ?

A
  1. and confers a concurrent right to the co-owners to possess the property as a whole. `
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7
Q

What does concurrent possessory rights mean?

A

Multiple people have the right to possess the property at the same time. You have to have at least 2 people, but you could have more. You have a concurrent right to possess the property as a whole.

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8
Q

Multiple people have the right to possess the property at the same time. You have to have at least 2 people, but you could have more. You have a concurrent right to possess the property as a whole. What does this refer to?

A

Concurrent Possessory Rights

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9
Q

You are co-owners of the property with Matthew and you have gone to sleep in the room and you hear drumming and you see Matthew playing drums with no clothes – if you own the property with him, he has the right to _________________________________.

There is no She Shed we are all entitled to the whole thing. There is no such thing as a Keep Out sign. Co-owners have a right to ____________________________________. That will work if you are a Tenant in common, Joint tenant Or Tenant by the entirety.

A

possess the property as a whole.

use and possess the entire property

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10
Q

A joint tenant must have the consent of their co-owners to transfer away their rights in the co-owner property.
A. True
B. False

A

B. False

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11
Q

If you are _________ ____________, you can have a fight and you can come home and live with somebody else now.

A

joint tenants

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12
Q

There are three types of concurrent interests:
1.
2.
3.

A
  • Tenancy in Common
  • Joint Tenancy
  • Tenancy by the Entirety
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13
Q

Created by either: O  A and B as tenants in common; or O  A and B

A

Tenancy in Common

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14
Q

Are there survivorship rights between or among tenants in common?

A

NO!!

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15
Q

There are no survivorship rights between or among ______________________.

A

tenants in common

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16
Q

The preferred form of Co- Ownership and the default form of co-ownership.

A

Tenancy in Common

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17
Q

If you are trying to create something and you screw it up, you now have what?

A

Tenancy in Common

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18
Q

When you create a tenancy in common you might be specific ___________________ (heir on the side of specificity) or you could just say _________________.

A

O –> A and B as tenants in common.

OR

O –> A and B.

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19
Q

The interest of each tenant in common can be conveyed by _______, ______, or _________ ____________.

A

deed, will, intestate succession

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20
Q

The interest of each tenant in common can be conveyed by deed, will, or intestate succession. If A and B are tenants in common, and A —-> C then C and B are tenants in common. If B dies intestate, then C and B’s heirs hold as ______________________.

A

Tenants in Common

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21
Q

Each tenant owns a ____________ but ________ ______________ in the whole property. (Just like joint tenancy).

A

separate
undivided interest

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22
Q

Even if you are co-owner with someone else, you can still transfer your property however you want in what type of concurrent interest?

A

Tenancy in common

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23
Q

Your co-owner does not get your share when you die because there is no right of survivorship. What type of concurrent interest?

A

Tenancy in common

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24
Q

Each co-owner has a separate but undivided interest in the whole property. You can play your bongo’s in somebody else’s room. What type of concurrent interest?

A

Tenancy in common

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25
Q

Joint tenants and tenants by the entirety both have rights of survivorship.
A. True
B. False

A

A. True

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26
Q

You have to be careful how you craft a Joint tenancy in some jurisdictions:
The two versions could include?

A

O –> A and B as joint tenants.

O –> A and B as joint tenants with right of survivorship.

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27
Q

Do joint tenants have the right of survivorship?

A

Yes!!

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28
Q

Where A and B are joint tenants, and A dies testate or intestate, ______ owns the property outright.

A

B

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29
Q

Joint Tenancy: Each Joint Tenant owns an ________ _______ of the __________.

A

undivided whole
property

30
Q

What is the best conveyance for joint tenancy?

A

O –> A and B as joint tenants with right of survivorship

31
Q

O –> A and B as joint tenants with right of survivorship.

Why is this the best way to convey a joint tenancy?

A

Because it is clear.

32
Q

O –> A and B as joint tenants or O –> A and B as joint tenants with right of survivorship these are both _________ ___________.

A

joint tenancy.

33
Q

A joint tenancy avoids _________ because no interest passes on the joint tenant’s death (it vanishes). Even though “nothing passes” at the joint tenant’s death, his/her share of the jointly held property is subject to federal estate taxation.

A

probate

34
Q

Joint Tenancy: Avoids probate because no interest passes on the joint tenant’s death (it vanishes). Even though “nothing passes” at the joint tenant’s death, his/her share of the jointly held property is subject to _________ ___________ _____________.

A

Federal Estate Taxation

35
Q

Joint tenant cannot pass her interest in a joint tenancy by _______ or by ____________ ______________.

A

will
intestate succession

only going to go to the surviving joint tent, even if I make a will.

36
Q

______________ is the judicial supervision of the administration of the decedent’s property that passes to others at the decedent’s death. It is costly and time consuming so if you can transfer outside of probate that makes life easier.

A

Probate

37
Q

What is probate?

A

Probate is the judicial supervision of the administration of the decedent’s property that passes to others at the decedent’s death. It is costly and time consuming so if you can transfer outside of probate that makes life easier.

38
Q

Right of survivorship always trumps a __________.

A

will

39
Q

_________ ______ _____________ always trumps a will.

A

Right of Survivorship

40
Q

Right of survivorship always trumps a WILL.
Even if you had died without a will and blood relatives say they claim through intestate succession that does not win in a fight with the _________ _____ ___________.

A

right of survivorship

41
Q

If you are not sure that you are happy that you are co-owners with someone you should _________ right of survivorship because if you don’t the will is not going to work.

A

sever

42
Q

If a joint tenant’s ___________ act during his/her lifetime, they can sever the joint tenancy by seizing and selling the joint tenant’s interest in property, but, if the _________ waits until death, the decedent joint tenant’s interest has disappeared and there is nothing the __________ can seize.

A

creditors

creditor

creditor

43
Q

If a joint tenant’s creditors act during his/her ___________, they can ______ the joint tenancy by seizing and selling the joint tenant’s interest in property, but, if the creditor waits until _________, the decedent joint tenant’s interest has disappeared and there is nothing the creditor can ___________.

A

lifetime
sever
death
seize

44
Q

To create a joint tenancy, at common law (this has been superseded by statue in some states), four unities were required:

A

time, title, interest, and possession.

45
Q

Foolish for a creditor to take as collateral for a loan property that is co-owned if they were only getting one of the owners to sign off. That is a bad idea. If the debtor joint tenant has put up their share of jointly owned property to get this loan and they default on the loan the creditor is going to have to act in the debtor joint tenant’s lifetime if they don’t the debt will disappear. The surviving joint tenant will own the property and they will not be ___________.

A

encumbered

46
Q

A right of survivorship is defeated by a will.
A. True
B. False

A

B. False

47
Q

What are the four unities?

A

Time, Title, Interest, and Possession

48
Q

The Four Unities:
1. Time:

A

The interest of each joint tenant must be acquired or vest at the same time.

49
Q

The Four Unities:
2. Title:

A

All joint tenants must acquire title by the same instrument or by a joint adverse possession. A joint tenancy can never arise by intestate succession or and very infrequently by other act of law.

50
Q

The Four Unities:
3. Interest:

A

All must have equal undivided shares and identical interests measured by duration.

51
Q

The Four Unities:
4. Possession:

A

Each must have a right to possession of the whole. After the Joint Tenancy is created, one joint tenant can voluntarily give exclusive possession to the other.

52
Q

The interest of each joint tenant must be acquired or vest at the same time. What does this refer to?

A

Time

53
Q

All joint tenants must acquire title by the same instrument or by a joint adverse possession. A joint tenancy can never arise by intestate succession or and very infrequently by other act of law. What does this refer to?

A

Title

54
Q

All must have equal undivided shares and identical interests measured by duration. What does this refer to?

A

Interest

55
Q

Each must have a right to possession of the whole. After the joint tenancy is created, one joint tenant can voluntarily give exclusive possession to the other.

A

Possession

56
Q

If any one of the four unities is taken away then the right of survivorship is cancelled and the joint tenancy is severed and we will have what?

A

tenancy in common

57
Q

Mutual agreement.
What does this refer to?

A

severance of joint tenancies

58
Q

By one tenant conveying his/her interest to a third party (destroying unities of time and title). What does this refer to?

A

Severance of joint tenancies

59
Q

By one tenant conveying his/her interest to a third party. What unities are destroyed?

A

Time and Title

60
Q

Death of a joint tenant. What does this refer to?

A

Severance of joint tenancies

61
Q

Partition. What does this refer to?

A

severance of joint tenancies

62
Q

Action Brought by any joint tenant or tenant in common, where the Court will either physically partition the tract of land into separately owned parts, or order the land to be sold and divide the proceeds of sale among the tenants.

A

Partition

63
Q

___________: action brought by any joint tenant or tenant in common where the court will either ___________ _____________ the tract of land into separately owned parts, or order the land to be ________ and __________ the __________ of _______ among the tenants.

A

Partition
physically partition
sold
divide
proceeds of sale

64
Q

2 joint tenants and one of them dies we just have a survivor who owns the _______ ________ ___ __________ ___ ________.

A

whole thing by themselves in FSA.

65
Q

where somebody doesn’t sell to a third party, but they transfer as joint tenant to themselves as tenant in common. What does this refer to?

A

unilateral severance

66
Q

What is unilateral severance?

A

where somebody doesn’t sell to a third party, but they transfer as joint tenant to themselves as tenant in common.

67
Q

Depending on state the act of ____________ your half of the property could sever the joint tenancy.

A

mortgaging

68
Q

Depending on state the act of mortgaging your half of the property could sever the joint tenancy.

What are the two theories?

A

Title Theory
Lien Theory

69
Q

Depending on state the act of mortgaging your half of the property could sever the joint tenancy.

Title Theory -

A

Severs the joint tenancy

70
Q

Depending on state the act of mortgaging your half of the property could sever the joint tenancy.

Lien Theory -

A

It does NOT sever the joint tenancy

71
Q
A

A- Property 1 (33 decks)

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