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Property > Concurrent Ownership > Flashcards

Concurrent Ownership Flashcards

1
Q

Tenancy in common (TIC)
Joint tenancy with right of survivorship (JTWRS)
Tenancy by entirety (TBE)

A

three general types of concurrent ownership

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2
Q

Property is co-owned by multiple persons, each of whom holds an undivided, fractional interest

A

Key characteristic of Concurrent Ownership

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3
Q

Each co-owner has the right to use and possess the entire property, not just a portion of it

A

Key characteristic of Concurrent Ownership

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4
Q

Grantor conveys “to Phil and Claire” or “to Phil and Claire as tenants in common”

A

Tenancy in Common

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5
Q

Has an undivided, fractional interest in the property
Has the right to use and possess the entire property
May transfer, sell or devise his interest to another person (unless prohibited by written agreement among the tenants in common)

A

Tenancy in Common

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6
Q

alienable, devisable, and descendible

A

Tenancy in Common

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7
Q

Default created concurrent ownership

A

Tenancy in Common

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8
Q

Grantor conveys “to Phil and Claire, as joint tenants with the right of survivorship and not as tenants in common”

A

Joint Tenant Right of Survivorship

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9
Q

An undivided, fractional interest in the property
The right to use and possess the entire property even though he only owns a fractional interest
A right of survivorship

A

Joint Tenant Right of Survivorship

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10
Q

are NOT devisable or descendible

A

Joint Tenant Right of Survivorship

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11
Q

A ________ ___ _______ is when one dies, his interest is removed and the remaining joint tenant automatically becomes the sole owner

A

right of survivorship

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12
Q

Joint tenancy is only created if all _____ _____ are present

A

four unities

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13
Q

Time:
Title:
Interest:
Possession:

A

Four Unities for Joint Tenant Right of Survivorship

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14
Q

all joint tenants must acquire their interests at the same time

A

Time: Four Unities

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15
Q

all joint tenants must acquire title by the same instrument

A

Title:Four Unities

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16
Q

all joint tenants must have the same ownership share, equal in size and duration

A

Interest: Four Unities

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17
Q

all joint tenants must have an equal right to possess, use, and enjoy the whole property

A

Possession: Four Unities

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18
Q

If one joint tenant transfers his interest:
The joint tenancy is severed as to that interest
The right of survivorship is destroyed
The grantee becomes a tenant in common with the other owners
Joint tenancy can be severed unilaterally by any joint tenant

A

Severance of Joint Tenancy

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19
Q

A lease entered into by one joint tenant ____ ____ sever the joint tenancy

A

does not

20
Q

When one joint tenant dies, the other joint tenant obtains _____ ownership of the property by her right of survivorship

A

sole

21
Q

A lease entered into by one joint tenant is ___ __________ against the other joint tenant

A

not enforceable

22
Q

Grantor conveys the house to “Phil and Claire Dunphy, as tenants by the entirety”

A

Tenancy by the Entirety

23
Q

Only married couples can hold property

A

Tenancy by the Entirety

24
Q

Each has an undivided right to use and possess the whole property and the right of survivorship

A

Tenancy by the Entirety

25
Q

can only be ended by death, divorce, or agreement of both spouses

A

Tenancy by the Entirety

26
Q

Neither spouse may sell or encumber his/her interest independently of the other

A

Tenancy by the Entirety

27
Q

Ambiguity is resolved in favor of a

A

tenancy in common

28
Q

the division of the land held in co-tenancy (i.e., tenancy in common or joint tenancy) into the co-tenants’ respective fractional shares

A

Partition

29
Q

If the land cannot be fairly divided, then the entire estate may be sold and the proceeds appropriately divided

A

Partition

30
Q

Common law expresses a preference for ______ __ ____ (unless physical partition is impractical)

A

partition in kind

31
Q 
In kind (physically dividing the land) 
By sale (selling the land and distributing the proceeds)
A

Two types of partition:

32
Q

Tenants in common and ________ ______ may voluntarily agree to partition a property

A

joint tenants

33
Q

Courts will generally ________ written agreements against partition (if reasonable in duration and purpose)

A

enforce

34
Q

the presumption in favor of _______ _______ can be overcome by showing that:

(1) “the property cannot be conveniently partitioned in kind”
(2) “the interests of one or more parties will be promoted by the sale”
(3) “the interests of the other parties will not be prejudiced by the sale”

A

physical partition

35
Q

An action to compel another to share the rents and profits derived from the leasing or use of the property

A

Actions of One Cotenant Against Another

Accounting

36
Q

An action in which one cotenant seeks reimbursement for payment of expenses paid for the operation or maintenance of the property

A

Actions of One Cotenant Against Another

Contribution

37
Q

An action for division of the property into the cotenants’ respective fractional shares
If the property cannot be fairly divided (an “in kind” partition), the property may be sold and the proceeds appropriately divided (partition by sale)

A

Actions of One Cotenant Against Another

Partition

38
Q

An _______ occurs when a cotenant in possession of the property refuses to allow another cotenant to occupy the property
_________ requires an act of exclusion
exclusive possession alone does not constitute ______.

A

ouster

39
Q

Unless there has been an ouster, a cotenant in possession does not owe any rent to a cotenant not in possession

A

Rules of Contribution for Cotenants

Rent

40
Q

Each cotenant is responsible for payment of his pro-rata share of mortgage payments, real estate taxes, insurance
A cotenant who pays more than her share can recover the excess:
By bringing an action for contribution against the other cotenant(s), or
By receiving a credit in an accounting or partition action

A

Rules of Contribution for Cotenants

Carrying Cost

41
Q

Split among jurisdictions regarding maintenance and repairs:
In some jurisdictions no contribution is required whatsoever
In other jurisdictions contribution is required only for necessary maintenance and repairs
In an accounting or partition action, a cotenant who makes repairs or performs maintenance is entitled to receive a pro-rata credit for the amount paid

A

Rules of Contribution for Cotenants

Maintenance, repairs and improvements

42
Q

No contribution is required whatsoever
In an accounting or partition action, the cotenant who makes improvements is entitled to keep the added value or additional profit made as a result of the improvements

A

Rules of Contribution for Cotenants

For improvements (e.g., construction of a new building):

43
Q

requires an act of exclusion

A

ouster

44
Q

(1) “the property cannot be conveniently partitioned in kind”
(2) “the interests of one or more parties will be promoted by the sale”
(3) “the interests of the other parties will not be prejudiced by the sale”

A

Favoring Partition in Kind

45
Q

Each cotenant is entitled to a pro-rata share of all rents and profits from the property
Includes:
Rent received from tenants
Profit received from the harvesting or sale of natural resources (cutting of timber, mining of coal, drilling for oil, etc.)

A

Rules of Contribution for Cotenants

Right to Share in Profits

46
Q

Because the tenant in common can voluntarily transfer his interest, a _________ can attach to that tenant’s interest (but not to the interests of the other tenant(s) in common)

A

Creditor

Tenancy in common or Joint Tenancy

Property (10 decks)

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