Methods of Ownership and Taking Title

Question 1

In tenancy in common, there is always a unity of:

a. time
b. title
c. interest
d. possession

Answer 1

D.

Question 2

An individual will take sole title to a home as an:

a. joint tenancy
b. tenancy in common
c. estate in severalty
d. estate for years

Answer 2

c. estate in severalty

Question 3

A corporation cannot hold title to real property as a joint tenant because:

a. it is a violation of the securities laws
b. a corporation has perpetual existence
c. it is difficult to list all the stockholders in the deed
d. a corp cannot convey title to real property

Answer 3

B.

Question 4

Under the law of community property if one spouse dies, the surviving spouse:

a. holds possession to the property in severalty
b. has half interest in the property
c. auto inherits half the property
d. and heirs both receive equal shares of the estate through probate

Answer 4

B.

Question 5

Owner “A” owns 75% of a property, and owner B owns 25%. Upon death, owner B’s portion goes to B’s heirs. This type of ownership is:

a. JTRS
b. tenants in common
c. community property
d. life estate

Answer 5

C.

Question 6

Key Terms & Fill in the Blank Q&A

• Community Property
• (CPWRS) Community Property with Right of Survivorship
• Joint Tenancy with Right of Survivorship
• Partition Suit
• Severalty Ownership
• Tenancy in Common
• Concurrent Ownership

1. Ownership of property by one person is defined as ?
2. When a person who owned property in severalty dies, that person’s estate is distributed through ?
3. Shared ownership by two or more persons is ?
4. In AZ, real property acquired by a married couple is considered ?
5. In order to sell community real property, ? must sign the deed.
6. If property was held as community property, at the death of one spouse his/her interest passes to ?
7. The type of community property ownership that allows a deceased spouse’s interest to pass automatically to the surviving spouse without probate is ?

Answer 6

1. severalty
2. probate
3. concurrent ownership
4. community property
5. both spouses
6. the deceased spouse’s heirs
7. community property w/ right of survivorship (CPWRS)

Question 7

JTWRS REMEMBER TTIP

Four unities of Joint Tenancy (Joint Tenancy w/Right of Survivorship) MUST be present:
Time
Title
Interest
Possession

Answer 7

*
a) Joint tenancy is shared ownership by two or more people having the right of survivorship.
b) May not will their ownership to heirs
c) no probate
d) spouses may own as JTWRS
e) No Corps, LLC, or other legal entities
f) Joint tenants may convey their interest to other parties=that person becomes a tenant in common