Chapter 4 National Book Flashcards
What is tenancy in common?
each tenant holds a fraction of the property
What is joint tenancy?
each tenant holds an equal part
if someone dies, they’re part is taken over
What is severalty?
property is owned by one individual
What is PITT?
possession, interest, time, title
to create joint tenany
What is partition?
legal way of ending a joint tenancy
What is tenancy by the entirety?
typically given to married couples, given the right of survivorship
What is community property?
couples are seen as equal parts rather than grouped into one entity
What is a trust?
allows a third party to hold asset for beneficiary, think funds to pay for a child’s college
What is a corporation?
an artificial “person” that oversees property
What is a partition?
to force sale of property; joint tenancy
