Real Property #5 Flashcards

1
Q

The two basic forms of ownership are called

A

Sole ownership and Concurrent Ownership

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2
Q

Ownership by one person is called

A

Estate in severalty

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3
Q

In Concurrent ownership, the co owners hold a title to

A

an undivided interest in the property.
undivided interest refers to the interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.

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4
Q

A joint tenancy can be held by

A

2 or more people

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5
Q

The feature of concurrent ownership which provides that when any owner dies, his interest automatically goes to the remaining c-oner is called

A

Survivorship

IT IS NOT INHERITABLE IT’S ABSORBED…

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6
Q

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

A

Joint Tenancy

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7
Q

The ‘unity’ which requires that concurrent tenants must hold an undivided interest in the property owned is called the unity of

A

POSSESSION

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8
Q

THE “UNITY” which requires that concurrent tenants must have equal degrees of ownership is called the unity of

A

Interest

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9
Q

The “Unity” which requires that concurrent tenants must acquire their interest at the SAME TIME is called the unity of

A

Time

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10
Q

The “Unity” which requires that concurrent tenants must acquire their interest in the ‘same way” in the form of a single title is called the unity of

A

Title

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11
Q

Which form of concurrent ownership requires that the title be acquired by all tenants at the same time

A

Joint Tenancy

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12
Q

PITTS: 5 MAJOR CHARACTERISTICS OF JOINT TENANCY:

A
P: POSSESSION
I : INTEREST
T: TIME
T: TITLE
S: SURVIVORSHIP
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13
Q

CAN A JOINT TENANT SEE HIS INTEREST IN THE PROPERTY WITHOUT THE PERMISSION OF THE OTHER OWNERS?

A

YES!!!

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14
Q

CAN CORPORATIONS HOLD CONCURRENT INTEREST IN PROPERTY AS JOINT TENANTS?

A

NO!!!

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15
Q

The forms of concurrent ownership that carry the right of survivorship is

A

Joint Tenancy

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16
Q

The only ‘unity’ required by tenancy in common is the right of

A

POSSESSION

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17
Q

IN A tenancy in common, the tenants shares of ownership can be

A

equal or unequal

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18
Q

In which form of concurrent ownership do the tenants hold SEPARATE title to an undivided interest?

A

TENANCY IN COMMON

19
Q

In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest?

A

Joint Tenancy

20
Q

In which form of concurrent ownership are interests INHERITABLE?

A

Tenancy in Common

21
Q

THE FORMS of concurrent ownership that allows any co owner to sell his share WITHOUT the consent of the other co owners are

A

Joint Tenancy
AND
Tenancy in Common

22
Q

If a specific form of concurrent ownership is not specified , it is presumed to be a

A

Tenancy in Common

23
Q

The form of concurrent ownership based on the concept that each spouse has an equal interest In “property” acquired during the marriage is called

A

COMMUNITY OF MARRIAGE

24
Q

THE FORM OF CONCURRENT OWNERSHIP LIMITED TO SPOUSES IS

A

TENANCY BY THE ENTIRETY

25
Q

In tenancy by the entirety, thos who may hold property together are

A

husband and wife only!

26
Q

Tenancy by the entirety requires all 4 unities o joint tenancy Plus…

A

unity of person

27
Q

Concurrent ownership can be separated by the process known as

A

Partition

28
Q

“Partition in Kind” refers to separating concurrent ownership by

A

subdividing the property

29
Q

When “partition in kind” is not possible, concurrently held property may be partitioned by

A

Selling the property

30
Q

Partition in concurrent ownership can occur by

A

COURT ORDER
AND/OR
MUTUAL AGREEMENT

31
Q

TWO TYPES of concurrent ownership which can be separated by partition include joint tenancy and

A

Tenancy in Common

32
Q

Two types of concurrent ownership which can be separated by partition included tenancy in common and

A

Joint Tenancy

33
Q

Corporations may hold title to property

A

in severalty OR as tenants in Common

34
Q

Corporations may hold concurrent title to property only as

A

Tenants in Common

35
Q

A corporation may own property alone

A

In severalty

36
Q

Corporations may own property together

A

As tenants in common only

37
Q

Survivorship means that one’s interest in property owned concurrently is not

A

Inheritable

38
Q

**The forms of concurrent ownership that allows any co owner to sell his share without the consent of the other co owner isq

A

Tenancy in common
AND
joint tenancy

39
Q

** The form of concurrent ownership based on the concept that each spouse has an EQUAL INTEREST IN “PROPERTY” during the marriage is called

A

COMMUNITY “PROPERTY”

40
Q

**PARTITION of concurrent ownership can occur by a

A

COURT ORDER OR

MUTUAL AGREEMENT

41
Q

** Corporations may hold title to property in

A

SEVERALTY OR

AS TENANTS IN COMMON

42
Q

IF corporation owns property alone its

A

IN SEVERALTY ONLY

43
Q

**Corporations may own property “Together “ as

A

TENANTS IN COMMON ONLY