Forms Of Ownership Flashcards

1
Q

Community property

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Concurrent ownership

A

Ownership by two or more persons at the same time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Estate in severally

A

Owned by one person; sole ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Joint tendency

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Right of survivorship

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Tenancy by the entirety

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Tenants in common

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Undivided interest

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly