Forms Of Ownership Flashcards
Community property
Spouses are treated as equal partners with each owning one-half interest
Concurrent ownership
Ownership by two or more persons at the same time
Estate in severally
Owned by one person; sole ownership
Joint tendency
A form of property co-ownership that features the right of survivorship
Right of survivorship
A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the right, title, and interest of the deceased joint tenant
Tenancy by the entirety
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
Tenants in common
Shared ownership of a single property among two or more persons; interest needs not be equal and no right of survivorship exists
Undivided interest
Ownership by two or more persons that gives each the right to use the entire property