Chap 4

Question 1

What is tenancy in severally?

Answer 1

Single party owns the fee or life estate.
Synonyms: sole ownership, ownership in severalty and estate in severalty

Question 2

Tenancy in common / estate in common

Answer 2

Most common form of co-ownership when owners are not married. Hold separate title to their individual interests.

Question 3

Joint tenancy

Answer 3

Two or more persons collectively own a property as if it was a single person. Ewually own the property and Hold one single title; enjoy the rights of survivorship, but not in all states. In the states that does not include it, ir must be expressly stated in the deed

Question 4

Creation of joint tenancy

Answer 4

Four unities: Acquire st the same time, use the same deed, unity of interest, unity/equal rights of possession

Question 5

Tenancy by entireties

Answer 5

Form of ownership reserved for spouses; foreclosure does not apply for individual debt

Question 6

Community property form of ownership

Answer 6

Defined property rights of legal spouse before, during, and after their marriage, as well as after death of either spouse - separate vs community property