Property Ownership 4 Flashcards

1
Q

Title= Ownership

How can a title be held?

A

Severalty or Concurrent Estate

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2
Q

Severalty (Sole)

A

Sole or independent ownership. One Name on deed

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3
Q

Concurrent

A

Ownership can be held by multiple people:

  1. Joint Tenancy
  2. Tenancy in Common
  3. Community Property
  4. Tenancy by the entirety
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4
Q

Tenancy in Common ( Most common)

A

Unity of possession, separate titles.

One dies, title passes to other tenants heirs

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5
Q

Joint Tenancy

A

Tenants own property equally

One dies, the other joint tenant inherits entire property (survivorship)

Right of Survivorship
Cannot take a joint tenant in with corp
Cannot be created by law
Not inheritable b/c of survivorship

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6
Q

To Create Joint Tenancy you need:

A
Possession
Interest 
Time
Title
Survivorship

(PITTS)

Terminated if one of these is destoryed. Would turn into tenancy in common

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7
Q

Community Property

A

Spouses have equal interest for any property that is acquired during the marriage

Georgia does not recognize community property

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8
Q

Unity of Possession (Joint Tenancy)

A

Undivided interested in whole property

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9
Q

Unity of Interest

A

Equals degrees (shares) of interest

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10
Q

Unity of Time

A

Must acquire interest at the same time

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11
Q

Unity of Title

A

Tenants must acquire one single title to whole property

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12
Q

The form of concurrent ownership which requires the four unities of possession, interest, time and title is ________

A

Joint tenancy

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13
Q

Partition

A

Dividing of common interest into seperate interests owned in severalty

Applies to Joint tenancy and tenancy in common

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14
Q

Partition in Kind

A

Property itself can be subdivided and split

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15
Q

Partition in Law

A

Property can be sold and proceeds will be split

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16
Q

Concurrent Ownership can be separated by the process known as___________

A

partition

17
Q

Two Forms of concurrent ownership recognized in Ga:

A
  1. Tenancy in Common

2. Joint Tenancy

18
Q

Corporations may hold title to property_______

A

in severalty or as tenants in common