Forms Of Ownership

Question 1

Community property

Answer 1

Spouses are treated as equal partners with each owning one-half interest

Question 2

Concurrent ownership

Answer 2

Ownership by two or more persons at the same time

Question 3

Estate in severally

Answer 3

Owned by one person; sole ownership

Question 4

Joint tendency

Answer 4

A form of property co-ownership that features the right of survivorship

Question 5

Right of survivorship

Answer 5

A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the right, title, and interest of the deceased joint tenant

Question 6

Tenancy by the entirety

Answer 6

A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other

Question 7

Tenants in common

Answer 7

Shared ownership of a single property among two or more persons; interest needs not be equal and no right of survivorship exists

Question 8

Undivided interest

Answer 8

Ownership by two or more persons that gives each the right to use the entire property