Ownership Principles

Question 1

Estate in severalty or sole ownership

Answer 1

Title is held by one person, and all others have been severed from title 

Question 2

Joint tenancy

Answer 2

Rights of survivors
Possession
Interest
Time
Title

Question 3

Tenants in common

Answer 3

Each owner has full undivided right of possession, regardless of his percentage of ownership. Owners can hold varying percentages of ownership. Ownership interest must be stated in the deed, or the law will presume that the owners hold equal interest.

Question 4

Tenancy by entirety

Answer 4

Has rights of survivorship, but only pertains to husband and wife situation. In the event of a divorce that reverts to tenancy in common requires both husband and wife to sign in order to encumber the property.

Question 5

Community property

Answer 5

Only applies to married couples, like a prenup though. Only 5 states use this

Question 6

Partition action

Answer 6

When co-owners disagree on whether or not to sell a property the court can dissolve joint tenancy or tenants in common. If the property cannot be physically divided, without prejudice to the parties, the court could order the property to be sold.

Question 7

General partner

Answer 7

Fully liable and decision making

Question 8

Limited partner

Answer 8

No decision making power, but has only limited liability 

Question 9

Joint venture

Answer 9

Two or more parties combined to carry out a single business project

Question 10

REIT

Answer 10

Is a business trust that allows investors to avoid double taxation if certain governmental requirements are met. Three requirements change from time to time. Must have among other requirements, at least 100 shareholders and 90% of the prophets must be distributed to the shareholders as dividends each year, they also must hold at least 90% real estate holdings.

Question 11

Dedication

Answer 11

A method by which a person can give real property as a gift. Required for development

Voluntary dedication gifts Property for a church defeasable fee
Statutory involves the dedication of streets and roads to the city or county when getting approval for a subdivision

Question 12

Adverse possession

Answer 12

A person can enter and possess on his property, and after meeting the requirements for statutory period of time, obtain the title, you cannot acquire government property through adverse possession

Question 13

Types of adverse possession

Answer 13

Open and notoriously
Continuous
Hostile
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