Ch 3 Flashcards
(29 cards)
Tangible personal property
All property that’s not reality (cars, junk in house, equipment)
Define: real property
Land and anything attached (buildings, trees, fixtures)
Intangible personal property
Not real property, and is without physical substance (stocks, bonds, patents, copyrights)
Fee simple ownership # of owners
Only 1
Fee simple ownership: right to transfer
Freely
Fee simple ownership: automatic survivor feature?
No
Fee simple ownership: included in gross estate?
Yes 100%
Fee simple ownership: included in the probate estate?
Yes 100%
Tenancy in common # of owners
2 or more
Tenancy in common right to transfer
Freely without consent of other co-tenants
Tenancy in common automatic survivorship feature?
No, transfers at death via the will or intestacy laws
Tenancy in common partitionable?
Yes with or without consent of owner
Joint tenancy with right of survivorship (JTWROS) #of owners
2 or more
Joint tenancy with right of survivorship (JTWROS) right to transfer
Freely without consent of other co-tenants
Joint tenancy with right of survivorship (JTWROS) automatic survivorship feature?
Yes, transfers at death to other owners
Joint tenancy with right of survivorship (JTWROS) partitionable?
Yes with or without consent of joint owners
Joint tenancy with right of survivorship (JTWROS) need to be related?
No
Fee simple need to be related?
No
Tenancy in common need to be related?
No
Tenancy by the entirety (TBE) # of owners
2
Tenancy by the entirety (TBE) need to be related?
Yes must be married
Tenancy by the entirety (TBE) right to transfer?
Need consent of other spouse
Tenancy by the entirety (TBE) automatic survivorship feature?
Yes transfers to other spouse at death
Tenancy by the entirety (TBE) partitionable?
Not without consent of spouse
