Ownership

Question 1

Tenancy in Severalty

Answer 1

sole ownership of a freehold estate; passes to heirs

Question 2

Tenancy in Common

Answer 2

• co-tenants individually own undivided interests
• any ownership share possible
• no survivorship
• can convey to outside parties

Question 3

Joint Tenancy

Answer 3

• equal undivided interest jointly owned
• survivorship (may require express provision)
• requires for units to create: time, title, interest, possession

Question 4

Tenancy by the Entireties

Answer 4

• husband and wife own equal undivided interest
• now applies to same-sex couples in some states

Question 5

Community Property

Answer 5

joint property ownership by spouses as opposed to seperate property

Question 6

Unity of Ownership

Answer 6

owners hold single title jointly

Question 7

Equal Ownership

Answer 7

owners always hold equal shares

Question 8

Transfer

Answer 8

may transfer to new owner as a tenancy in common interest with remaining joint tenants

Question 9

Survivorship

Answer 9

on death, interests and rights pass to other joint tenants

Question 10

Creation

Answer 10

requires “four unities”, PITT
1. Possession: acquire same possessory rights
2. Interest: acquire equal, undivided interests
3. Time: acquire interests at same time
4. Title: acquire interests with same deed

Question 11

Separate

Answer 11

• acquired before marriage
• acquired by gift or inheritance
• acquired with separate-property fund
• income derived from separate property

Question 12

Community

Answer 12

all other property earned or acquired during the marriage

Question 13

Estates in Trust

Answer 13

• trustor gives title, deed, trust agreement to trustee
• trustee renders fiduciary duties to trustor and beneficiary
• beneficiary receives ownership benefits
• living / testamentary trust - conveyance of real, personal property, during one’s lifetime
• land trust - grantor and beneficiary are same party; beneficiary uses, controls property but does not appear on public records

Question 14

Trustor gives?

Answer 14

title, deed, trust agreement to trustee

Question 15

Trustee renders?

Answer 15

fiduciary duties to trustor and beneficiary

Question 16

Beneficiary receives?

Answer 16

ownership benefits

Question 17

Living / testamentary trust - conveyance of?

Answer 17

real, personal property, during one’s lifetime

Question 18

Land trust - grantor and beneficiary are?

Answer 18

same party; beneficiary uses, controls property but does not appear on public records

Question 19

Condominiums

Answer 19

• ownership of a unit of airspace plus and undivided interest in the common elements as tenants in common with other owners
• may be sold, encumbered or foreclosured without affecting other unit owners
• creation: by developer’s declaration
• individually taxed
• managed by condo association
• owners share common area expenses

Question 20

Cooperatives

Answer 20

• ownership of
  
  • shares in owning corporations
  • proprietary leases in a unit
• corporation has sole, undivided ownership
• owners potentially liable for expenses of entire co-op; creditors may foreclosure on entire property

Question 21

Time Shares

Answer 21

• lease or ownership interest in property for periodic use on a schedule basis
• lease: tenant leases property per the lease’s schedule
• freehold: tenants in common own undivided interests, pay expenses per separate agreement