Ownership

Question 1

Paramount title

Answer 1

right to real property that prevails over any other person’s claim of title.

Question 2

ownership in severalty

Answer 2

Separate ownership means ownership by one person or one entity, such as a city or corporation. Property owned by one person or entity is known as sole and separate

Question 3

Four Types of Concurrent Ownership

Answer 3

Tenancy in common Joint tenancy Community property Tenancy in partnership

Question 4

Joint Tenancy

Answer 4

Haas The right of survivorship means that if one of the joint tenants dies, the surviving joint tenant automatically becomes sole owner of the property.

Question 5

intestate succession

Answer 5

When title is taken simply as community property, either party may will one-half of the community property. When vesting is community property, if there is no will, the surviving spouse inherits all community property by intestate succession. This is important to know, particularly with multiple marriages, for estate planning. Property may be owned with the intention that it go to one’s children, only to learn after the parent’s death that children of the first marriage are no longer natural heirs. If there is a subsequent husband or wife and no will has been made, the new spouse will become the natural heir to any property owned or community property.