OWNERSHIP: SECTION 6, DIFFERENT WAYS TO TAKE TITLE TO AN ESTATE

Question 0

Describe “SEVERALTY”

Answer 0

SEVERALTY = ONE ONLY

• One person taking Title
• This is how Corporations take Title

Question 1

What are the various ways people can take Title to Property?

Answer 1

1) Fee Estates

2) Life Estates

Question 2

What are the 4 different types of “CONCURRENT ESTATES”?

Answer 2

1) Tenancy In Common
2) Joint Tenancy
3) Tenancy By The Entireties
4) Community Property

Question 3

Describe “TENANCY IN COMMON”

Answer 3

Individual interests in group ownership.

• Interests can be unequal
• Undivided interest, they share possession
• Property is inheritable to their heirs but not to the other partners
• Each partner has his own deed showing his percentage of ownership

Question 4

Define “SUIT TO PARTITION”

Answer 4

One owner institutes court action to force sale of property by all parties.

Question 5

Describe “JOINT TENANCY”

Answer 5

Unity of ownership

Question 6

What does the acronym “TTIP” stand for as it relates to Joint Tenancy?

Answer 6

T=Time, Must take Title at same time

T=Title, All parties are joint tenants on one deed

I=Interest, Must be equal ownership interest

P=Possession, All parties share possession

Question 7

What is the “RIGHT OF SURVIVORSHIP” as it relates to Joint Tenancy?

Answer 7

If three men own a rental property all of them must own one third,equal shares. If one of those men die his percentage is split equally between the other two so now the first man and the second man own half each. This is called the right of survivorship. If one man dies his interest passes to the surviving owners and not to his heirs.

Question 8

How is a Joint Tenancy Terminated?

Answer 8

1) When one of the four unities are destroyed. (TTIP)

2) Suit To Partition

Question 9

Describe “TENANCY BY THE ENTIRETIES”

Answer 9

1) Similar to Joint Tenancy
2) Requires “Right Of Survivorship”
3) Requires TTIP
4) Works like Joint Tenancy, only must be married

Question 10

Describe the 2 types of “COMMUNITY PROPERTY”

Answer 10

1) Separate Property

2) Community Property

Question 11

Define “SEPARATE PROPERTY”

Answer 11

Property acquired before marriage. Individual spouses retain sole ownership interest.

Question 12

Define “COMMUNITY PROPERTY”

Answer 12

Property acquired during marriage. Spouses have equal interest in all property.