Property Ownership

Question 1

forms of co-ownership

Answer 1

1. Tenancy in common
2. Joint tenancy
3. Tenancy by the entireties
4. Community Property

Question 2

ownership in severalty

Answer 2

title is held by 1 individual or corporation

severalty owner has sole rights to sell, lease, will, or transfer

Question 3

co-ownership

Answer 3

title is held by 2 or more individuals

Question 4

tenancy in common

Answer 4

. each tenant holds an undivided fractional interest in the property.
. because of separate interests, they can sell, convey, mortgage, or transfer their individual interest without consent of the other co-owners.
. when one co-owner dies, the tenant’s undivided interest passes according to the co-owner’s will, heirs, or living trust.

Question 5

joint tenancy

Answer 5

. right of survivorship
. upon death of a joint tenant, the deceased’s interest transfers directly to the surviving joint tenant(s).
. the last survivor takes title in severalty & has all the rights of sole ownership.

Question 6

tenancy by the entirety

Answer 6

. allows a husband or wife to inherit the other spouse’s ownership upon death.
. can convey title ONLY by a deed signed by both parties
. one party cannot convey a one-half interest

Question 7

tenancy by the entirety may be terminated by:

Answer 7

J's DAD
. judgement sale (court-ordered sale)
. death
. agreement
. divorce

Question 8

Trusts

Answer 8

one person transfers ownership of property to someone else to hold or manage for the benefit of a 3rd person

Question 9

trustor

Answer 9

person who creates a trust

Question 10

beneficiary

Answer 10

person who benefits from the trust

Question 11

trustee

Answer 11

person who holds legal title & carries out the trustor’s instructions.