Ownership Principles: Terms

Question 1

Adverse Possession

Answer 1

The process whereby a non-owner can gain ownership of property by occupying it in hostile, continuous, open, and notorious possession, and in Utah, paying the property taxes for the statutory period of time (7 Years in UT) It’s based on the concept that land is too valuable to be left unattended for long periods of time.

Question 2

Color of Title

Answer 2

To all outward pubic appearance, or from a document that seems to be valid, the possessor of the property would seem to have ownership

Question 3

Community Property

Answer 3

A form of ownership between husband and wife where each has an equal interest in property obtained during their marriage. The only way either can hold separate property is to obtain it before marriage, after the marriage is ended, or during the marriage by gift or inheritance

Question 4

Corporation

Answer 4

A person or persons joined for business purposes. It creates a single, legal person, rather than a natural person(real person), regardless of how many officers or agents may be in the corporation.

Question 5

Dedication/Private Grant

Answer 5

A method by which a person can give real property as a gift. It allows for the transfer of real property from a private individual to the public (government) or a special interest group (church)

Question 6

General Parner

Answer 6

A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership.

Question 7

General Partnership

Answer 7

A partnership composed only of general partners

Question 8

Joint Tenancy

Answer 8

A form of concurrent ownership where four unities need to be in place. (PITT) Possession. Interest. Time. Title.

Question 9

Joint Venture

Answer 9

A “temporary” partnership between individuals and/or companies to accomplish a particular project or business activity

Question 10

Limited Partnership

Answer 10

A partnership with at least on e general partner and one limited partner. Beyond that, there can be as many general or limited partners as desired

Question 11

Limited Partner

Answer 11

A partner who has no authority to make decisions or act for the partnership. He is financially liable only for the amount of his investment

Question 12

Natural Person

Answer 12

An individual. The opposite of a legal person

Question 13

Partition Suit

Answer 13

A court process where property owned concurrently can be divided into distinct portions so each co-owner may hold his or her portion in severalty. The court may order the property sold.

Question 14

Quiet Title Action

Answer 14

A court action to determine the actual ownership of real property. This type of proceeding would be conducted to transfer title to an adverse possessor.

Question 15

Severalty (Sever)

Answer 15

A form of ownership wherein an individual owns the property in sole ownership.

Question 16

Statutory Dedication

Answer 16

When the developer is allowed by the city, county, or state to convey the streets, sidewalks, gutters, etc. for maintenance by the government. This is involuntary.

Question 17

Survivorship

Answer 17

The surviving owner(s) automatically receives ownership of the deceased person’s share. It takes precedence over a will.

Question 18

Tacking

Answer 18

In adverse possession, the process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.

Question 19

Tenancy by the entirety

Answer 19

A form of ownership that can only be held by husband and wife, similar to joint tenancy, except that one party cannot sell or encumber the property without the approval of the spouse

Question 20

Tenancy in common

Answer 20

A form of ownership where owners have full rights of possession, but each owner can have a different percent of ownership. Upon the death of one, that interest goes to the heirs

Question 21

Title

Answer 21

An abstract term denoting ownership; not a document.

Question 22

Voluntary Dedication

Answer 22

When a private individual gives land as a gift for public use, such as land for a park, church, hospital, etc.