Forms of Co-ownership

Question 1

Tenants in Common

Answer 1

each person is entitled to possession of the whole. If one dies, that person’s ownership is inheritable and doesn’t necessarily pass to the other ownership. No rights of survivorship

Question 2

Joint Tenancy

Answer 2

equal ownership with undivided rights of possession, includes the right of survivorship, when a joint tenant dies, interest passes to other joint tenants

Question 3

Tenancy by the entirety

Answer 3

Concurrent ownership between two married people; when one spouse dies, interest passes to the other spouse

Question 4

Estate in Severalty

Answer 4

the root word “sever” means one person owns the property, and all other interests are severed

Question 5

Co-ownership

Answer 5

property with ownership by more than one person, also called concurrent ownership

Question 6

Joint Tenancy 4 conditions

Answer 6

all must receive their title at the same time from the same source, all must have the same percentage of ownership, and all must have the right of undivided possession in the property

Question 7

Termination of Joint Tenancy

Answer 7

Joint tenants may sell their personal share of ownership; however the buyer of that share does not become a joint tenant, because the required four unities do not exist

Question 8

Termination of Co-ownership by partition

Answer 8

having the property partitioned would allow each tenant to have a specific divided portion of the property exclusively

Question 9

general partnership

Answer 9

conveys personal liability to partnership debts that exceed the partnership assets. general partners are jointly and separately liable for these debts

Question 10

Limited Partnership

Answer 10

always has one or more general partners who assume liability. The other partners are limited in their liability related to the amount of money they have contributed. also limited in authority

Question 11

Corporations

Answer 11

are an intangible, taxable, recognized legal entity. can receive, hold and transfer title to real property and may give, or hold a mortgage to secure a debt owned to the corporation. Owned in severalty

Question 12

LLC

Answer 12

Owners are not personally liable for the LLC obligations, are taxed as partnerships and do not require a general partner

Question 13

Syndicates

Answer 13

Groups of investors pooling their money in pursuit of a single investment goal, such as buying an office building