Forms of Real Estate Ownership Flashcards
Ownership in ___ occurs when property is owned by one individual or corporation
Severalty
The ___ owner has sole rights to ownership, and sole discretion to sell, will lease, or otherwise transfer part or all of the ownership rights to another person or entity.
Severalty
In Illinois, when either a husband or a wife owns a property in severalty, what is required by lenders, grantees, and title insurers in order to release any potential homestead rights?
Signature of both spouses
When title to one parcel of real estate is held by two or more individuals, those parties are called ___.
Co-owners
Concurrent owners is another term for ___.
Co-owners
Illinois recognizes co-ownership and most traditional forms of it except for ___ property
Community
Illinois is a ___ property state
Marital
A form of co-ownership by which each owner holds an undivided fractional interest in real property as if they were sole owner
Tenancy in Common
___ is a form of co-ownership where each individual owner has the right to partition.
Tenancy in Common
Unlike joint tenants, tenants in common have right of ___.
Inheritance
In a tenancy in common, each tenant holds a(n) ___ in the property.
Undivided fractional interest
Co-owners in a tenancy in common have ___ of possession.
Unity
In reference to tenancy in common, ___ means that co-owners are entitled to possession of the property.
unity of possession
If no fractions are stated in a deed when creating a tenancy in common, the tenants are presumed to hold ___.
Equal shares
If five people hold title to a tenancy in common, but no fractions have been specified on the deed, how much interest does each individual own?
1/5
In addition to co-ownership, tenants in common hold their ownership interests in ___.
Severalty
In order for a tenant in common to transfer their interest in a property, is consent needed from other co-owners?
No
In Illinois, the law presumes that two or more owners hold title as ___ if the deed does not state specifically how title is to be held.
Tenants in Common
___ is ownership of real estate between two or more parties who have been named in one conveyance as this.
Joint tenancy
Upon the death of a joint tenant, the decendent’s interest passes…
To the surviving joint tenant or tenants by right of survivorship
What distinguishes a joint tenancy from a tenancy in common?
Unity of interest
In joint tenancy, title is held as though all owners constitute ___.
One unit
___ includes the right of survivorship
Joint tenant
The right by which upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by this right.
Right of Survivorship
Because of right of survivorship, a(n) ___ has no effect on the transfer of property.
Will
The last survivor of a joint tenancy will take the title in ___.
severalty
A joint tenancy can be created only in which 2 ways?
1) Conveying a deed
2) Giving the property by will
How long does joint tenancy continue?
Until only one owner remains
Joint tennancy cannot be ___ or created by ___.
Implied or created by operation of law
To create a joint tenancy, the deed must specifically state that the parties are…
Identified as joint tenants
The four unities required to create joint tenancy are…
1) Possession
2) Interest
3) Time
4) Title
Unity of ___ means that all joint tenants hold an undivided right to hold the property
Possession
Unity of ___ means that all joint tenants hold equal ownership in the property
Interest
