Unit 2: Property Ownership (Sole & Multiple) Flashcards

1
Q

What are the 3 types of estates in Minnesota?

A

1) Severalty
2) Tenancy in Common
3) Joint Tenancy

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2
Q

If married, how can an estate in severalty be sold?

A

With the signature of the spouse.

“One to buy. Two to sell.”

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3
Q

T/F If the owner of an estate in severalty is married, no conveyance of the homestead is valid without the signature of both spouses.

A

True

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4
Q

What are the 2 kinds of multiple ownership in Minnesota?

A

1) Tenants in Common

2) Joint Tenancy

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5
Q

What is the biggest difference between tenants in common and joint tenancy?

A

Survivorship. In tenants in common, the deceased party’s share goes to their heirs. In joint tenancy, the deceased party’s share goes to the other party on the deed.

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6
Q

T/F Tenants in common have equal shares in the property.

A

False

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7
Q

What may a court issue in a divorce proceeding for a joint tenancy property?

A

A decree of disolution

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8
Q

What is a decree of dissolution?

A

It severs all joint tenancy interests in real estate between the parties to the marriage unless otherwise specified.

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9
Q

Per the decree of dissolution, what else can be used to release the spousal interest in other properties?

A

Quit-claim deed

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