Concurrent Estates Flashcards Preview

MBE- Real Property > Concurrent Estates > Flashcards

Flashcards in Concurrent Estates Deck (21):
1

What is the basic rule in regards to concurrent owners occupying the land?

What's the exception?

Concurrent owners each have a right to use/possess the whole property.

Exception: concurrent owners can contract out of the basic rule

2

What are the three kinds of concurrent ownership/concurrent estate?

Tenancy in common

Joint tenancy

Tenancy by entirety

3

What is the default concurrent interest?

Tenancy in common

4

What Rights does a TIC?

• concurrent owners have separate but undivided interest in the property.

• no right of survivorship

5

How do you create a joint tenancy?

• grantor must make a clear expression of intent, plus

• must have survivorship language

6

What are the four unities of a joint tenancy?

T-TIP

•Time- joint tenants must receive their interest at the same time.

•Title- . Tenants must receive their interest in the same type of title.

•Interest- joint tenants must have an equal share of the same type of interest.

•Possession- requires every joint tenant have an equal right to possess the whole of the property

7

How is a joint tenancy severed?

If any of the unities are severed (destroyed), then the joint tenancy is terminated and it turns into a TIC

8

What are the three common situation to severe the joint tenancy?

• Inter vivos transfer: transferred during life will destroy the right of survivorship and convert the estate into a TIC

• mortgages: A joint tenancy grants the mortgage interest in a joint Tenancy to a creditor.

• Lease: A joint tenant leases her share of the property to a tenant. (Split)

9

What is the lien theory?

Majority view- The mortgage is treated as a lien is not destroy the joint tenancy.

10

What is the title theory?

Minority view – The mortgage severs title and the Tenancy between the joint tenants in creditor is converted into a tenancy in common.

11

What is a tenancy by the entirety?

Joint Tenancy between married spouses.

12

How is a tenancy by the entirety created?

Same Utilities as a JT plus marriage.

Cannot alienate or encumber this year without the consent of their spouse.

13

What are co-tenants rights to receive rent?

Rent received from a third-party's possession of the property, minus operating expenses, Are divided based on ownership interest of each cotenant.

14

How are operating expenses divided among co-tenants?

• divided based on ownership interest of each Co-tenant

• A co-tenant can collect contributions from the other co-tenant for payments in excess of her share of operating expenses.

15

How are repairs reimbursement divided amongst cotenants?

•There is no rights to reimbursements from cotenants for necessary repairs.

• however, the cotenant who makes the repairs can get credit in a partition action.

16

How are improvements reimbursed Amongst cotenants?

•There is no right to reimbursements for improvements.

•However, the cotenant who makes improvements can get credit in a partition action.

17

What is a partition cause of action?

And equitable remedy available to all holders of a TIC or a JT.

18

What are the effects of a partition action?

The court will divide the property into distinct portions.

19

What is partition in kind?

A physical division of property. (Courts preference).

20

When will Court's order a partition by sale?

1. If the physical partition is not practical

2. Not fair to all parties.

21

Can co-tenants agree not to partition?

Yes

Agreement is enforceable provided that the agreement is clear and time limitation is reasonable.