Unit 2: Property Ownership (Sole & Multiple)

Question 1

What are the 3 types of estates in Minnesota?

Answer 1

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

Question 2

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

Answer 2

With the signature of the spouse.

“One to buy. Two to sell.”

Question 3

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.

Answer 3

True

Question 4

What are the 2 kinds of multiple ownership in Minnesota?

Answer 4

1) Tenants in Common

2) Joint Tenancy

Question 5

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

Answer 5

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.

Question 6

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

Answer 6

False

Question 7

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

Answer 7

A decree of disolution

Question 8

What is a decree of dissolution?

Answer 8

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

Question 9

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

Answer 9

Quit-claim deed