Forms of Real Estate Ownership

Question 1

severalty

Answer 1

title is held by one individual

Question 2

co-ownership

Answer 2

title ownership held by two or more individuals

Question 3

trust

Answer 3

where a third individual hold title for the benefit of another

Question 4

joint tenancy

Answer 4

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.

Question 5

tenancy by the entirety

Answer 5

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property.

Question 6

community property

Answer 6

Any property acquired during a marriage is considered to be obtained by mutual effort. Separate property is real or personal property that was owned solely by either spouse before the marriage. It also includes property acquired by gift or inheritance during the marriage, as well as any property purchased with separate funds during the marriage

Question 7

living trust

Answer 7

created by agreement during the property owner’s lifetime

Question 8

testamentary trust

Answer 8

established by will after the owner’s death

Question 9

proprietary lease

Answer 9

The purchaser of a cooperative becomes a shareholder in the corporation by virtue of stock ownership and receives a proprietary lease to the apartment for the life of the corporation.