Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

PROPERTY 2024 > concurrent ownership > Flashcards

concurrent ownership Flashcards

1
Q

what are the types of co-ownerhsips/ co-tenancies

A

tenancy in common, joint tenancy, and tenancy by the entirety

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is a tenancy in common, and what rights to the whole does each tenant hold

A

its the one the law presumes; and its when each co tenant holds an interst in the property that is freely alienable (transferable) and descendible (can be inhereted)

each person owns a seperate, but undivited inteerst in the whole of the property and can excerise rights over the whole property, regardless of the proportional share that the tenant holds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

can a tenant in common preclude another from excersisng rights to the property

A

no

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what does it mean when we say that a TIC can own unequal shares in the property

A

in accordanc with the interest that a tenant in common holds in property, he has a right to a proportional share of the fincial beneifits that the property prodcues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

does TIC have survivorship rights

A

NO! this is what sepereaes a TIC and a joint tenancy!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what happens when one of the co tenants dies in a TIC?

A

their share goes to his will or heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

how do you create a tenancy in common

A

there must be a transfer of property rights resulting in more than one person holding title to the property AT THE SAME TIME

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what can creditors reach in a tenancy in common?

A

only the proprotional share of the that specfic tennat in common

so if bill owns 10 percent, chris 40 and abe in 50, all in a TIC. if bill owes creditors more than his 10 percent share, then the creditor can satisfy the debt by forcing the sale of bills 10 percent share ONLY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is concurrent ownerhsip

A

when more than one person holds a present interst in the same land AT THE SAME TIME

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is a joint tenancy

A

same as TIC excpet it has right of survivoship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

how is a joint tenancy created (PITT)

A

posession: each tenant must have a right to posess the whole just like TIC
interest: each tenant holds an identical interest (all interst represent the same duration and EQUAL shares) – diff from TIC that allow for unequal shares
time= each tenant’s interest must be aquired at the same time
title: each tenant must take his or her interest through the same insturment; the instrument must specfiy in clear terms that the interest is to be hled as a JT or has a right of surviorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what does it mean that JT has a right of surviorship

A

when one tenant dies, the remaining joint tenants hold title to what had formally been the decedents share of the JT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what rigths to creditors have as to JT

A

creaditors of a joint tenant can reach only the propotian share that the joint tenant holds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what happens if a creditor satisfies the debt of a joint tenant by taking the joint tenant’s share of the joint tenancy

A

the creditor becomes a tenant in common with the other co-tenants in the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

due on sale clause

A

ask about this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is the rule for severance by joint tenacy

A

any joint tenant may unilaterally sever their interst from the JT, to create a TIC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is a tenancy by the entirty

A

avaible only to married couples and only a minority of states recognizr it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

how is a tenancy by the entirty created

A

the same requirements for JT (PITT) and the couple must be married AT THE TIME of the convvyence creating the tenancy by the entirty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what are the survivorship rights in a tenancy by the entirty?

A

each spouse has a right of surviorship in property held in the tenancy

20
Q

when can a tenancy by the entirety be severed? is unilateral transfer allowed?

A

it cant be severed except via divorce and unilateral transfer is not possible

21
Q

what are creditor rights as to tenancy by the entirity

A

jurisdictions that recognize this concurrent ownership provide protections against creditors

this happens when one spouse incurrs debt independent of the other spouse

22
Q

what happens when a deed does not clearly create a JT, what is the presumption

A

TIC

23
Q

hoover v smith: Does “not as tenants in common” create survivorship rights?

issue: Under Virginia law, is there a right of survivorship between joint tenants if it does not manifestly appear from the instrument that the parties intended to establish a right of survivorship?

A

there is no right of survivorship between joint tenants, unless it manifestly appears from the instrument that the parties intended to establish a right of survivorship.

24
Q

estate of kappler: “tenants by the entireties” for unmarried couple

issue: what is the effect of a purported conveyence to two people as husband and wife when they were not yet married?

A

you must be married at the time of convyence to create a tenancy by the entirety

ansent an express delcaraion that thre is to be a JT a TIC is created

25
Q

estate of reigle: “tenants by the entireties” for mother and son

A

because they were more clear in the intent for a right to surviorhsip, a tenancy by the entireity was created even though they are mother and son

26
Q

how can a joint tenant sever the joint tenancy

A

either by conveying her interst or by entering into an agreement with the other joint tenant that specfies the interests are to be held in TIC

it can also be severed via murder

27
Q

how can a joint tenant sever the joint tenancy without the consent or knowlege of the other joint tenant

A

through a strawman; which is a person who is the recipeant of the Jt’s transfer, who then immediatly transfers the interst back

28
Q

how does a strawman work

A

a and B are JT. B conveys his interst to c (the strawman), which severs the JT, and c conveys the TIC back to B.

29
Q

what is the common law rule on strawmams

A

you cant severe a JT without use of a strawman

30
Q

riddle v Harmon

riddles take title as JTs

months before her death, wife finds out about the right of survipriship, and requests JT to be severed

she didnt use a strawman but did a unilateral transfer

issue: is this allowed?

A

the court here doesnt follow the common law requiremnt for a strawman for a severance of a Jt; the court knew what she was trying to do and allowed it

31
Q

what does it mean to have a partition with a TIC or JT

what are the three types of partions

A

a division of the land according ot the proprotional share that each co tenant holds

its when youre seeking to destroy the co-tenancy

  1. partiion in kind - the land is divifed into parcels and assinged to the co-temamts (ie physical divison)
  2. partition in sale – the land is sold and the proceeds are divided between the co tenants
32
Q

what kind of partion do courts prefer at common law

A

partition in kind because individual co tenants may attach sentimental value to the physical land which the market does not recognize in a partition by sale

33
Q

if the division is impossible, impractical or inequitable, whcih type of partition do courts employ

A

partition by sale

34
Q

delfino v vealencis: P seeking a partion by sale, they own a 99/144 interst

D occupies the dwelling and operates a garbage removal business

P wants to develo[ the property and D is opposed because they live there

what does the court grant and why

A

courg goes with partition in kind because of the Ds personal attachment to the propertu (ie lives there and runs a business)

this is an outlier case, partiiom in kind is usually given the legal presummption

35
Q

what lang makes a conveyance a life estate and not a JT

A

‘for your joint lives’ = present interst in a life estate

conveying the full estate to both at the same time with a right of surviorship= jt

36
Q

what kind of protections to a TIC an JT offer for the co-tenants as against creditors

A

usually none; a creditor can attach a lein to, or compel the transfer of the contenants interest in the co-tenancy in order to satisfy the debt

37
Q

what kind of protections to a tenancy by the entirety offer for co-tenants as against creditors

A

a general creditor of a spouse can not reach tenancy by the entirety property

38
Q

what is ouster

A

when a co-tenant in possession prevents another co -tenant from possessing or using property

39
Q

what is contribution and when it is required of a co-tenant

A

when a tenant spends money on the property and requests reimbursement from the other co-tenants

it may be required if the money asking to be reimbursed is based on if it was a carrying charge, a mortgage principal or improvements and repairs

40
Q

what is a carrying charge (in relation to contribution)

A

an expense related to a use of the premises that does not produce income ie like property taxes and mortgage interest

41
Q

what is a mortgage principal (in relation to contribuion)

A

a co-tenant who pays a mortgage principal amount that is due is entitled to contribution

42
Q

are co-tenants entitled to any contributions for unessary imrovments?

A

no, but they can be taken into account at the sale or partition of the property

43
Q

what is accounting (in relation to contribution)

A

a co-tenant can compel the other co-tenants to account for, and share in, the net profits that come from leasing or renting the property

44
Q

when does the doctrine of ouster arise

A

when an accounting for rent by a co-tenant not in possession from a co-tenant who is in possession and

adverse possession

45
Q

which ownerhisp estate requires equal shares to the whol

A

JT! TIC doesnt need this

46
Q

if the type of concurrent ownership is ambiguous, what is presumed

A

that it is a TIC

47
Q

what are the usual ways that a JT is severed

A

parttition , transfer, and sometimes mortgage

PROPERTY 2024 (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions