Concurrent Interests

Question 1

Affirmative Waste

Answer 1

(intentional act) the voluntary act by present interest holder that damages the property

Question 2

Permissive Waste

Answer 2

(negligent) the failure of the present interest holder to exercise reasonable care to protect and maintain the property. Ex: failure to pay taxes. (Limit of present interest holder’s obligation = the reasonable rental value of the premise, meaning that the holder does not have to pay out of his pocket for maintenance and taxes of the property)

Question 3

Ameliorative Waste

Answer 3

voluntary act by present interest holder that increases the value of the property.

Question 4

Tenancy in Common

Answer 4

co-tenants have an undivided share of the ownership of the whole property in which each co-tenant has right to possess and use the entire property

Question 5

Partition

Answer 5

begins when 1 or more co-tenants bring an equitable action for dividing the property in a court. (3 types)

Question 6

Partition in Kind

Answer 6

physical division of the property between the now former co-tenants

Question 7

Partition by sale

Answer 7

sale of the property at an auction where the proceeds are divided among the co-tenants