Ownership Flashcards
1
Q
Tenancy in Severalty
A
Sole Ownership
2
Q
Tenancy in Common
A
Co-tenants individually own undivided interests
Any ownership share possible
No survivorship
Can convey to outside parties
3
Q
Joint Tenancy
A
Equal undivided interest jointly owned
Survivorship
requires 4 unities to create: time, title, interest, possession
4
Q
Tenancy by the Entireties
A
Husband/wife own equal undivided interest
Applies to same sex couples in some states
5
Q
Community Property
A
Joint property ownership by spouses as opposed to separate property
