Real Property #5

Question 1

The two basic forms of ownership are called

Answer 1

Sole ownership and Concurrent Ownership

Question 2

Ownership by one person is called

Answer 2

Estate in severalty

Question 3

In Concurrent ownership, the co owners hold a title to

Answer 3

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.

Question 4

A joint tenancy can be held by

Answer 4

2 or more people

Question 5

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

Answer 5

Survivorship

IT IS NOT INHERITABLE IT’S ABSORBED…

Question 6

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

Answer 6

Joint Tenancy

Question 7

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

Answer 7

POSSESSION

Question 8

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

Answer 8

Interest

Question 9

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

Answer 9

Time

Question 10

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

Answer 10

Title

Question 11

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

Answer 11

Joint Tenancy

Question 12

PITTS: 5 MAJOR CHARACTERISTICS OF JOINT TENANCY:

Answer 12

P: POSSESSION
I : INTEREST
T: TIME
T: TITLE
S: SURVIVORSHIP

Question 13

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

Answer 13

YES!!!

Question 14

CAN CORPORATIONS HOLD CONCURRENT INTEREST IN PROPERTY AS JOINT TENANTS?

Answer 14

NO!!!

Question 15

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

Answer 15

Joint Tenancy

Question 16

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

Answer 16

POSSESSION

Question 17

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

Answer 17

equal or unequal

Question 18

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

Answer 18

TENANCY IN COMMON

Question 19

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

Answer 19

Joint Tenancy

Question 20

In which form of concurrent ownership are interests INHERITABLE?

Answer 20

Tenancy in Common

Question 21

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

Answer 21

Joint Tenancy
AND
Tenancy in Common

Question 22

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

Answer 22

Tenancy in Common

Question 23

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

Answer 23

COMMUNITY OF MARRIAGE

Question 24

THE FORM OF CONCURRENT OWNERSHIP LIMITED TO SPOUSES IS

Answer 24

TENANCY BY THE ENTIRETY

Question 25

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

Answer 25

husband and wife only!

Question 26

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

Answer 26

unity of person

Question 27

Concurrent ownership can be separated by the process known as

Answer 27

Partition

Question 28

"Partition in Kind" refers to separating concurrent ownership by

Answer 28

subdividing the property

Question 29

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

Answer 29

Selling the property

Question 30

Partition in concurrent ownership can occur by

Answer 30

COURT ORDER AND/OR MUTUAL AGREEMENT

Question 31

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

Answer 31

Tenancy in Common

Question 32

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

Answer 32

Joint Tenancy

Question 33

Corporations may hold title to property

Answer 33

in severalty OR as tenants in Common

Question 34

Corporations may hold concurrent title to property only as

Answer 34

Tenants in Common

Question 35

A corporation may own property alone

Answer 35

In severalty

Question 36

Corporations may own property together

Answer 36

As tenants in common only

Question 37

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

Answer 37

Inheritable

Question 38

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

Answer 38

Tenancy in common AND joint tenancy

Question 39

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

Answer 39

COMMUNITY "PROPERTY"

Question 40

**PARTITION of concurrent ownership can occur by a

Answer 40

COURT ORDER OR | MUTUAL AGREEMENT

Question 41

** Corporations may hold title to property in

Answer 41

SEVERALTY OR | AS TENANTS IN COMMON

Question 42

IF corporation owns property alone its

Answer 42

IN SEVERALTY ONLY

Question 43

**Corporations may own property "Together " as

Answer 43

TENANTS IN COMMON ONLY