Level 2 Chapter 2: Forms of Ownership

Question 1

Estate in Severalty

Answer 1

This kind of ownership is also sometimes called tenancy in severalty, sole ownership, or ownership in severalty, owned by only one entity. Property has only one owner, whether that is a person, corporation, or other legal entity. That person/entity can sell the property, hold it, rent it, will it to someone else upon their death, or do what they please with it, without the permission of anyone else.

Question 2

Co-Ownership

Answer 2

Legal arrangement in which two or more individuals hold ownership rights in the same property. 3 types: Tenancy in common, Joint tenancy, Tenancy by the entirety

Question 3

Undivided Interest

Answer 3

Gives each co-owner the right of possession of the whole property, not simply a portion of it.

Question 4

Right of Survivorship

Answer 4

The statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-owner(s) Without the right of survivorship, a co-owner’s interest goes to their heirs if they die, instead of the remaining co-owner(s).