Different Forms of Ownership, Including Sole Ownership, Co-Ownership, and Trusts

Question 1

What is it called if a singe party owns the fee or a life estate?

Answer 1

The ownership is an estate in severalty

Question 2

What does co-ownership mean?

Answer 2

Means that a parcel is owned by 2 or more persons or organizations

Question 3

What are co-owners called?

Answer 3

Co-tenants

Question 4

In Texas, there are 3 types of co-ownership. What are they?

Answer 4

1. Tenancy in common
2. Joint tenancy
3. Community property

Question 5

What is the most common form of co-ownership?

Answer 5

Tenancy in common, when the owners aren’t married

Question 6

Describe tenancy in common.

Answer 6

Co-tenants share an indivisible interest in the estate. All tenants in common have distinct and separable ownership of their respective interests. No co-tenant may claim to own any physical portion of the property exclusively. They share what is called undivided possession or unity of possession

Question 7

Describe a joint tenancy

Answer 7

2 or more persons collectively own a property as if they were a single person. Rights and interests are indivisible and equal. Each has a shared interest in the whole property which can’t be divided up. Defining and required characteristics are unity of ownership, equal ownership, transfer of interest, and survivorship

Question 8

How is a joint tenancy created?

Answer 8

All owners must acquire the property at the same time, use the same deed, acquire equal interests, and share in equal rights of possession

Question 9

What are the 4 unities?

Answer 9

Time, title, interest, and possession