Co-Ownership Quiz Flashcards
- Joint tenant 1 and Joint tenant 2 own Red Acre as joint tenants with right of survivorship. Red Acre is located in a title theory state. Being short on cash joint tenant 1 mortgages his half of Red Acre and Joint Tenant 1 dies before paying off the mortgage. At joint tenant 1’s death his half of Red Acre:
Answer: Is owned by Joint Tenant 1’s estate and is encumbered by the mortgage.
- Owner conveys Green Acre to A and B as tenants by the entirety the day before they are married. Years after the marriage, A conveys her share to C and later B dies leaving a will that devises all of his property to devisee.
Answer: The state of the title was that C gets ½, devisee gets ½ and they are tenants in common.
Can a tenant by the entirety unilaterally transfer their interest in the property? No. Why was A able to convey her share to C here? It was not a tenancy by the entirety because the unity of marriage was missing and because they did it before they got married the default was a tenancy in common. A tenancy in common does allow you to convey your interest to a third party. It also allows you to convey your interest in a will which is why this works out the way that it does.
Tenancy in Common A conveys to C so now C and B are tenants in common. B dies leaving a will that gives it to Devisee, so C still has ½ now devisee has got the other ½ and they are still tenants in common.
- Husband and Wife own Blue Acre as joint tenants with right of survivorship. Wife is unfaithful to husband. Husband finds out but chooses to remain married to wife. Husband has a will prepared that leaves his share of Blue Acre to friend when husband dies. Who owns Blue Acre and how do they own it?
Answer: Wife is the sole owner.
The right of survivorship trumps the will and nothing was done to sever and so the right of survivorship was intact at the husband’s death.
- Brother, sister and cousin own Pink Acre as joint tenants with right of survivorship. Sister sells to aunt when brother dies with cousin and aunt surviving him. Who owns Pink Acre and how do they own it?
Answer: Cousin owns 2/3 and Aunt owns 1/3 and they are tenants in common.
3 people that were joint tenants’ brother, sister and cousin. Sister severs because she sells to aunt. So now aunt is a tenant in common with the brother and cousin. But the brother and cousin are joint tenants and retain their right of survivorship because they did not do anything to sever. When brother dies, cousin gets brothers share so that is why cousin owns 2/3 and aunt owns 1/3 and now the only choice for how they would own together is tenancy in common because we have severed the right of survivorship with regard to all parties.
- Man and Woman own Black Acre as Tenants in Common. Man rents his share of the property to Mom. Mom prohibits woman from entering Black Acre. If woman sues mom what is the most appropriate cause of action based upon the facts:
Answer: Ouster
_________ is when people are co-owners, and one person is prohibited from enjoying the whole.
Ouster
________ in ______ redistributes ownership as opposed to allow someone to reclaim possession. _________ in ______ is where we divide it up.
Partition in kind
Partition in kind
____________ you are guaranteed to get a list of all the payments made and guaranteed to get half of all of the rents received.
Accounting
