Real Property #5 Flashcards
The two basic forms of ownership are called
Sole ownership and Concurrent Ownership
Ownership by one person is called
Estate in severalty
In Concurrent ownership, the co owners hold a title to
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.
A joint tenancy can be held by
2 or more people
The feature of concurrent ownership which provides that when any owner dies, his interest automatically goes to the remaining c-oner is called
Survivorship
IT IS NOT INHERITABLE IT’S ABSORBED…
The form of concurrent ownership which requires the four unities of possession, interest,time and title is
PITT
Joint Tenancy
The ‘unity’ which requires that concurrent tenants must hold an undivided interest in the property owned is called the unity of
POSSESSION
THE “UNITY” which requires that concurrent tenants must have equal degrees of ownership is called the unity of
Interest
The “Unity” which requires that concurrent tenants must acquire their interest at the SAME TIME is called the unity of
Time
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
Title
Which form of concurrent ownership requires that the title be acquired by all tenants at the same time
Joint Tenancy
PITTS: 5 MAJOR CHARACTERISTICS OF JOINT TENANCY:
P: POSSESSION I : INTEREST T: TIME T: TITLE S: SURVIVORSHIP
CAN A JOINT TENANT SEE HIS INTEREST IN THE PROPERTY WITHOUT THE PERMISSION OF THE OTHER OWNERS?
YES!!!
CAN CORPORATIONS HOLD CONCURRENT INTEREST IN PROPERTY AS JOINT TENANTS?
NO!!!
The forms of concurrent ownership that carry the right of survivorship is
Joint Tenancy
The only ‘unity’ required by tenancy in common is the right of
POSSESSION
IN A tenancy in common, the tenants shares of ownership can be
equal or unequal
In which form of concurrent ownership do the tenants hold SEPARATE title to an undivided interest?
TENANCY IN COMMON
In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest?
Joint Tenancy
In which form of concurrent ownership are interests INHERITABLE?
Tenancy in Common
THE FORMS of concurrent ownership that allows any co owner to sell his share WITHOUT the consent of the other co owners are
Joint Tenancy
AND
Tenancy in Common
If a specific form of concurrent ownership is not specified , it is presumed to be a
Tenancy in Common
The form of concurrent ownership based on the concept that each spouse has an equal interest In “property” acquired during the marriage is called
COMMUNITY OF MARRIAGE
THE FORM OF CONCURRENT OWNERSHIP LIMITED TO SPOUSES IS
TENANCY BY THE ENTIRETY
In tenancy by the entirety, thos who may hold property together are
husband and wife only!
Tenancy by the entirety requires all 4 unities o joint tenancy Plus…
unity of person
Concurrent ownership can be separated by the process known as
Partition
“Partition in Kind” refers to separating concurrent ownership by
subdividing the property
When “partition in kind” is not possible, concurrently held property may be partitioned by
Selling the property
Partition in concurrent ownership can occur by
COURT ORDER
AND/OR
MUTUAL AGREEMENT
TWO TYPES of concurrent ownership which can be separated by partition include joint tenancy and
Tenancy in Common
Two types of concurrent ownership which can be separated by partition included tenancy in common and
Joint Tenancy
Corporations may hold title to property
in severalty OR as tenants in Common
Corporations may hold concurrent title to property only as
Tenants in Common
A corporation may own property alone
In severalty
Corporations may own property together
As tenants in common only
Survivorship means that one’s interest in property owned concurrently is not
Inheritable
**The forms of concurrent ownership that allows any co owner to sell his share without the consent of the other co owner isq
Tenancy in common
AND
joint tenancy
** The form of concurrent ownership based on the concept that each spouse has an EQUAL INTEREST IN “PROPERTY” during the marriage is called
COMMUNITY “PROPERTY”
**PARTITION of concurrent ownership can occur by a
COURT ORDER OR
MUTUAL AGREEMENT
** Corporations may hold title to property in
SEVERALTY OR
AS TENANTS IN COMMON
IF corporation owns property alone its
IN SEVERALTY ONLY
**Corporations may own property “Together “ as
TENANTS IN COMMON ONLY
