Methods of ownership and taking title

Question 1

Property accumulated by legal spouses through the efforts of either spouse during their marriage. These laws provide that each spouse has an equal interest in the property so acquired. However, the spouses can own separate sole and separate from the community if one spouse execute a disclaimer deed. Arizona is one of only a few states that recognize this type of property. In Arizona, there is no right of survivorship under this. Upon the death of a spouse, half of the property passes to the deceased spouses heirs, with the surviving spouse retaining their own half share in this property

Answer 1

Community property

Question 2

Allows spouses to hold property as community property while living but at the death of either spouse the deceased spouses interest passes to the surviving spouse, automatically, without probate

Answer 2

Community property with right of survivorship (CPWRS)

Question 3

An interest held by two or more persons in property where each person holds an equal share of interest in the undivided a whole and shares equal liability for payment. If one of these people dies, that interest automatically passes to the surviving person

Answer 3

Joint tenancy with right of survivorship (JTWRS)

Question 4

An action to divide a real property interest among its co-owners

Answer 4

Partition suit

Question 5

Property owned by one person

Answer 5

Severalty ownership – also called sole and separate or separate property

Question 6

A type of concurrent ownership in a property by two or more persons without right of survivorship. This type of ownership cancel or will there interest to anyone. Upon the death of one person, the descendants interest in the property goes to any named errors, not the surviving co-tenants

Answer 6

Tenancy in common