Ownership Types

Question 1

A process designed to determine if a seller of property has salable interest, any restrictions or allowance for a property or any liens/foreclosurers.

Answer 1

Title search

Question 2

A ‘chain’ of transfers of a title to a proper. This usually involves an investigation of previous owners up to the current owner.

Answer 2

Chain of title

Question 3

An alphabetic list of purchasers of the property.

Answer 3

Grantee index

Question 4

An alphabetical list of sellers of the property.

Answer 4

Grantor index

Question 5

A form of ownership in which the tenant owns the property without being joined in interest with another party.

Answer 5

Estate in severalty

Question 6

A form of ownership in which two parties possess the property simultaneously, created by a deed, final will or court order.

Answer 6

Tenancy in common

Question 7

A form of ownership in which two parties own an undivided interest in the property.

Answer 7

Joint Tenancy

Question 8

With joint tenancy, the right of survivorship is ________. This means that a co-owner cannot designate a new owner to take over his interest when he dies. Instead, the surviving co-owner will automatically take over the decent’s interest.

Answer 8

Applicable.

Question 9

Unity of ____. Interest acquired by both tenants at the same time.

Answer 9

Unity of time

Question 10

Unity of _____. Interests held by co-owners from the same property.

Answer 10

Unity of title

Question 11

Unity of ________. Both tenants have the same interest in the same property.

Answer 11

Unity of interest

Question 12

Unity of __________. Both tenants have the same right to the property.

Answer 12

Unity of possession

Question 13

A form of ownership commonly defined as property owned by spouses.

Answer 13

Community property

Question 14

T/F
All real and personal property acquired during the marriage is considered community property, as is any separate property that is commingled with community property. Exceptions exist for property acquired through gift/inheritance.

Answer 14

True.

Question 15

Quasi-community property.

Answer 15

Property acquired out of state by persons relocating to California after remarrying out of state is considered quasi-community property.

Question 16

A property contract in which two people enter ownership equally together, each sharing profits and losses from the property.

Answer 16

Partnerships

Question 17

Similar to a partnership, usually involves a ‘project’ and is normally set for a limited amount of time.

Answer 17

A joint venture

Question 18

Basic form of partnership; an association of people or unincorporated company that creates an agreement formed by two or more people and all parties are responsible for action, debts, and liability that occurs on the property.

Answer 18

General partnership

Question 19

A partnership in which only one person is required to be a general partner, but both parties share in profits, debts and liability from the property.

Answer 19

Limited partnership

Question 20

A legal entity that has been incorporated and holds equal rights and liability for the property through a charter.

Answer 20

Corporations

Question 21

A form of common law ownership; very popular in common law countries but still has restrictions by the government, such as taxation, police power and liability.

Answer 21

Fee simple estate