Concurrent Ownership

Question 1

Tenancy in common (TIC)
Joint tenancy with right of survivorship (JTWRS)
Tenancy by entirety (TBE)

Answer 1

three general types of concurrent ownership

Question 2

Property is co-owned by multiple persons, each of whom holds an undivided, fractional interest

Answer 2

Key characteristic of Concurrent Ownership

Question 3

Each co-owner has the right to use and possess the entire property, not just a portion of it

Answer 3

Key characteristic of Concurrent Ownership

Question 4

Grantor conveys “to Phil and Claire” or “to Phil and Claire as tenants in common”

Answer 4

Tenancy in Common

Question 5

Has an undivided, fractional interest in the property
Has the right to use and possess the entire property
May transfer, sell or devise his interest to another person (unless prohibited by written agreement among the tenants in common)

Answer 5

Tenancy in Common

Question 6

alienable, devisable, and descendible

Answer 6

Tenancy in Common

Question 7

Default created concurrent ownership

Answer 7

Tenancy in Common

Question 8

Grantor conveys “to Phil and Claire, as joint tenants with the right of survivorship and not as tenants in common”

Answer 8

Joint Tenant Right of Survivorship

Question 9

An undivided, fractional interest in the property
The right to use and possess the entire property even though he only owns a fractional interest
A right of survivorship

Answer 9

Joint Tenant Right of Survivorship

Question 10

are NOT devisable or descendible

Answer 10

Joint Tenant Right of Survivorship

Question 11

A ________ ___ _______ is when one dies, his interest is removed and the remaining joint tenant automatically becomes the sole owner

Answer 11

right of survivorship

Question 12

Joint tenancy is only created if all _____ _____ are present

Answer 12

four unities

Question 13

Time:
Title:
Interest:
Possession:

Answer 13

Four Unities for Joint Tenant Right of Survivorship

Question 14

all joint tenants must acquire their interests at the same time

Answer 14

Time: Four Unities

Question 15

all joint tenants must acquire title by the same instrument

Answer 15

Title:Four Unities

Question 16

all joint tenants must have the same ownership share, equal in size and duration

Answer 16

Interest: Four Unities

Question 17

all joint tenants must have an equal right to possess, use, and enjoy the whole property

Answer 17

Possession: Four Unities

Question 18

If one joint tenant transfers his interest:
The joint tenancy is severed as to that interest
The right of survivorship is destroyed
The grantee becomes a tenant in common with the other owners
Joint tenancy can be severed unilaterally by any joint tenant

Answer 18

Severance of Joint Tenancy

Question 19

A lease entered into by one joint tenant ____ ____ sever the joint tenancy

Answer 19

does not

Question 20

When one joint tenant dies, the other joint tenant obtains _____ ownership of the property by her right of survivorship

Answer 20

sole

Question 21

A lease entered into by one joint tenant is ___ __________ against the other joint tenant

Answer 21

not enforceable

Question 22

Grantor conveys the house to “Phil and Claire Dunphy, as tenants by the entirety”

Answer 22

Tenancy by the Entirety

Question 23

Only married couples can hold property

Answer 23

Tenancy by the Entirety

Question 24

Each has an undivided right to use and possess the whole property and the right of survivorship

Answer 24

Tenancy by the Entirety

Question 25

can only be ended by death, divorce, or agreement of both spouses

Answer 25

Tenancy by the Entirety

Question 26

Neither spouse may sell or encumber his/her interest independently of the other

Answer 26

Tenancy by the Entirety

Question 27

Ambiguity is resolved in favor of a

Answer 27

tenancy in common

Question 28

the division of the land held in co-tenancy (i.e., tenancy in common or joint tenancy) into the co-tenants’ respective fractional shares

Answer 28

Partition

Question 29

If the land cannot be fairly divided, then the entire estate may be sold and the proceeds appropriately divided

Answer 29

Partition

Question 30

Common law expresses a preference for ______ __ ____ (unless physical partition is impractical)

Answer 30

partition in kind

Question 31

``` In kind (physically dividing the land) By sale (selling the land and distributing the proceeds) ```

Answer 31

Two types of partition:

Question 32

Tenants in common and ________ ______ may voluntarily agree to partition a property

Answer 32

joint tenants

Question 33

Courts will generally ________ written agreements against partition (if reasonable in duration and purpose)

Answer 33

enforce

Question 34

the presumption in favor of _______ _______ can be overcome by showing that: (1) “the property cannot be conveniently partitioned in kind” (2) “the interests of one or more parties will be promoted by the sale” (3) “the interests of the other parties will not be prejudiced by the sale”

Answer 34

physical partition

Question 35

An action to compel another to share the rents and profits derived from the leasing or use of the property

Answer 35

Actions of One Cotenant Against Another | Accounting

Question 36

An action in which one cotenant seeks reimbursement for payment of expenses paid for the operation or maintenance of the property

Answer 36

Actions of One Cotenant Against Another | Contribution

Question 37

An action for division of the property into the cotenants’ respective fractional shares If the property cannot be fairly divided (an “in kind” partition), the property may be sold and the proceeds appropriately divided (partition by sale)

Answer 37

Actions of One Cotenant Against Another | Partition

Question 38

An _______ occurs when a cotenant in possession of the property refuses to allow another cotenant to occupy the property _________ requires an act of exclusion exclusive possession alone does not constitute ______.

Answer 38

ouster

Question 39

Unless there has been an ouster, a cotenant in possession does not owe any rent to a cotenant not in possession

Answer 39

Rules of Contribution for Cotenants | Rent

Question 40

Each cotenant is responsible for payment of his pro-rata share of mortgage payments, real estate taxes, insurance A cotenant who pays more than her share can recover the excess: By bringing an action for contribution against the other cotenant(s), or By receiving a credit in an accounting or partition action

Answer 40

Rules of Contribution for Cotenants | Carrying Cost

Question 41

Split among jurisdictions regarding maintenance and repairs: In some jurisdictions no contribution is required whatsoever In other jurisdictions contribution is required only for necessary maintenance and repairs In an accounting or partition action, a cotenant who makes repairs or performs maintenance is entitled to receive a pro-rata credit for the amount paid

Answer 41

Rules of Contribution for Cotenants Maintenance, repairs and improvements

Question 42

No contribution is required whatsoever In an accounting or partition action, the cotenant who makes improvements is entitled to keep the added value or additional profit made as a result of the improvements

Answer 42

Rules of Contribution for Cotenants For improvements (e.g., construction of a new building):

Question 43

requires an act of exclusion

Answer 43

ouster

Question 44

(1) “the property cannot be conveniently partitioned in kind” (2) “the interests of one or more parties will be promoted by the sale” (3) “the interests of the other parties will not be prejudiced by the sale”

Answer 44

Favoring Partition in Kind

Question 45

Each cotenant is entitled to a pro-rata share of all rents and profits from the property Includes: Rent received from tenants Profit received from the harvesting or sale of natural resources (cutting of timber, mining of coal, drilling for oil, etc.)

Answer 45

Rules of Contribution for Cotenants Right to Share in Profits

Question 46

Because the tenant in common can voluntarily transfer his interest, a _________ can attach to that tenant’s interest (but not to the interests of the other tenant(s) in common)

Answer 46

Creditor Tenancy in common or Joint Tenancy