Tenancies

Question 1

tenancy in severalty (or estate in severalty)

Answer 1

means sole ownership by one person. That person can be a natural person (a human being) or a legal person or entity (e.g., corporation).

Question 2

concurrent ownership

Answer 2

When two or more people own the same property at the same time as co-owners

Question 3

Undivided interest

Answer 3

means each co-owner (tenant) has a right to possession of the entire property, as each is a part owner of the entire property.
Each owner has an interest in the land, but no specific interest in any one part of the land.
None of the owners would be able to determine which portion of the land is theirs, because it is all theirs.

Question 4

unity of possession

Answer 4

each co-owner has an equal right to occupy all or any part of the property.
None of the co-owners can be excluded from occupancy.
If one does occupy the property, she need not pay rent, unless there is an agreement otherwise. All co-owners must contribute to the cost of repairs, maintenance, taxes, and other costs associated with the property.
If the property is rented to someone else, all owners share in the rents and profits. If a co-owner had to pay more than his share of expenses, she could get a lien against the interests of the others and could foreclose on that lien if she was not reimbursed.

Question 5

tenancy in common

Answer 5

two or more natural or legal persons hold an undivided interest in an estate that is passable to their heirs or devisees.
The people holding the tenancy could be unrelated, related, or married, and even could be corporations, because this tenancy has no right of survivorship.

Question 6

right of survivorship

Answer 6

exists in a joint tenancy or tenancy by the entirety, means that when one co-owner dies, the remaining (surviving) owners acquire that person’s interest.

Question 7

partition suit

Answer 7

force a division of the property or a sale of the property with the proceeds being divided among the co-owners.

Question 8

joint tenancy

Answer 8

two or more natural people are joint and equal owners of an undivided interest in property and have a right of survivorship. When one co-owner dies, her interest would be divided equally among the surviving co-tenants.

Question 9

Four Unities of a Joint Tenancy

Answer 9

1. Possession
2. Interest
3. Time
4. Title

Question 10

Community property ownership

Answer 10

recognized in only eight states: Washington, Idaho, California, Arizona, New Mexico, Texas, Nevada, and Louisiana.
Any real property acquired in these states would be subject to their community property law, regardless of where owners actually lived.

Question 11

Separate property

Answer 11

is owned and may be conveyed individually by the husband or wife without the spouse’s signature on the deed. It includes:

• property owned before marriage
• rents and profits from separate property
• property acquired with the proceeds of separate property
• property acquired during marriage by devise, inheritance, or gift

Question 12

Dower

Answer 12

the right of the wife to a life estate in the deceased husband’s property

Question 13

Curtesy

Answer 13

the right of the husband to a life estate in the deceased wife’s property, provided the couple had at least one

Question 14

Uniform Probate Code

Answer 14

a surviving spouse is entitled to a certain share of the deceased spouse’s estate, and that share is not merely a life estate interest

Question 15

syndicate

Answer 15

is a group of investors who join together to make and operate a real estate investment

Question 16

general partnership

Answer 16

all partners are co-equals in ownership and management and have full authority to act on behalf of the partnership and other partners

Question 17

limited partnership

Answer 17

at least one general partner manages the partnership and has personal liability for all partnership debts. In addition, there are limited partners

Question 18

corporation

Answer 18

is a legal entity. Regardless of the number of stockholders, a corporation is one entity and will hold title in severalty if it is the sole owner.
In addition, a corporation may hold title to real estate with other corporations or individuals as a tenant in common or as a tenant in partnership.
However, because of its perpetual existence, it cannot be a joint tenant.

Question 19

joint venture

Answer 19

• is an entity created to carry out one particular transaction, rather than a series of transactions or a continuing business
• is terminated upon completion of the project and does not continue afterward.