Level 2: Forms of Ownership

Question 1

Estate in Severalty

Answer 1

the property has only one owner, whether that is a person, corporation, or other legal entity

Question 2

Co-Ownership: Undivided Interest

Answer 2

type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of it

Question 3

Co-Ownership: Right of Survivorship

Answer 3

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-owners interest goes to their heirs if they die, instead of the remaining co-owner(s)

Question 4

Co-Ownership: Tenancy in Common

Answer 4

share undivided interest in the property, the right of inheritance - not survivorship, & the ability to own unequal shares of the property

Question 5

Co-Ownership: Joint Tenancy

Answer 5

Requires all four unities & usually comes with the right of survivorship (in some states, this must be spelled out in the deed) (the only way joint tenancy ownership can be transferred is by deed)

Question 6

Co-Ownership: Tenancy by the Entirety

Answer 6

legal spouses each hold an equal and undivided interest in the property which cannot be conveyed or encumbered without consent of the other

Question 7

Unities of Co-Ownership: Unity of Possession

Answer 7

each co-owner has an equal right to enjoy the possession and use of the whole of the property, not just some designated portion thereof

Question 8

Unities of Co-Ownership: Unity of Interest

Answer 8

provides that each co-owner holds an equal share in the property

Question 9

Unities of Co-Ownership: Unity of Time

Answer 9

requirement of co-owners to acquire their ownership or interests at the same time

Question 10

Unities of Co-Ownership: Unity of Title

Answer 10

requires co-owners to acquire their property from the same transaction, co-owners must also hold title under the same document (such as a deed or a will)

Question 11

Co-Ownership: Partition

Answer 11

the ability to divide certain forms of co-ownership into separate interests or to convey a partial interest in a co-owned property unilaterally

Question 12

Co-Ownership: Partition Suit

Answer 12

one co-owner can always sue the others to legally dissolve the co-ownership and either divide the property itself, or divide the gains from the sale from the property

Question 13

Co-Ownership: Community Property

Answer 13

any property that is acquired during a marriage is considered to be owned equally by both spouses, and cannot be sold without the signatures of both spouses

Question 14

Co-Ownership and Unities Visual Aid

Question 15

Co-Ownership Review