Forms of Real Estate Ownership

Question 1

Ownership in ___ occurs when property is owned by one individual or corporation

Answer 1

Severalty

Question 2

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.

Answer 2

Severalty

Question 3

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?

Answer 3

Signature of both spouses

Question 4

When title to one parcel of real estate is held by two or more individuals, those parties are called ___.

Answer 4

Co-owners

Question 5

Concurrent owners is another term for ___.

Answer 5

Co-owners

Question 6

Illinois recognizes co-ownership and most traditional forms of it except for ___ property

Answer 6

Community

Question 7

Illinois is a ___ property state

Answer 7

Marital

Question 8

A form of co-ownership by which each owner holds an undivided fractional interest in real property as if they were sole owner

Answer 8

Tenancy in Common

Question 9

___ is a form of co-ownership where each individual owner has the right to partition.

Answer 9

Tenancy in Common

Question 10

Unlike joint tenants, tenants in common have right of ___.

Answer 10

Inheritance

Question 11

In a tenancy in common, each tenant holds a(n) ___ in the property.

Answer 11

Undivided fractional interest

Question 12

Co-owners in a tenancy in common have ___ of possession.

Answer 12

Unity

Question 13

In reference to tenancy in common, ___ means that co-owners are entitled to possession of the property.

Answer 13

unity of possession

Question 14

If no fractions are stated in a deed when creating a tenancy in common, the tenants are presumed to hold ___.

Answer 14

Equal shares

Question 15

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?

Answer 15

1/5

Question 16

In addition to co-ownership, tenants in common hold their ownership interests in ___.

Answer 16

Severalty

Question 17

In order for a tenant in common to transfer their interest in a property, is consent needed from other co-owners?

Answer 17

No

Question 18

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.

Answer 18

Tenants in Common

Question 19

___ is ownership of real estate between two or more parties who have been named in one conveyance as this.

Answer 19

Joint tenancy

Question 20

Upon the death of a joint tenant, the decendent’s interest passes…

Answer 20

To the surviving joint tenant or tenants by right of survivorship

Question 21

What distinguishes a joint tenancy from a tenancy in common?

Answer 21

Unity of interest

Question 22

In joint tenancy, title is held as though all owners constitute ___.

Answer 22

One unit

Question 23

___ includes the right of survivorship

Answer 23

Joint tenant

Question 24

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.

Answer 24

Right of Survivorship

Question 25

Because of right of survivorship, a(n) ___ has no effect on the transfer of property.

Answer 25

Will

Question 26

The last survivor of a joint tenancy will take the title in ___.

Answer 26

severalty

Question 27

A joint tenancy can be created only in which 2 ways?

Answer 27

1) Conveying a deed 2) Giving the property by will

Question 28

How long does joint tenancy continue?

Answer 28

Until only one owner remains

Question 29

Joint tennancy cannot be ___ or created by ___.

Answer 29

Implied or created by operation of law

Question 30

To create a joint tenancy, the deed must specifically state that the parties are...

Answer 30

Identified as joint tenants

Question 31

The four unities required to create joint tenancy are...

Answer 31

1) Possession 2) Interest 3) Time 4) Title

Question 32

Unity of ___ means that all joint tenants hold an undivided right to hold the property

Answer 32

Possession

Question 33

Unity of ___ means that all joint tenants hold equal ownership in the property

Answer 33

Interest

Question 34

Unity of ___ means that all joint tenants acquire their interests at the same time

Answer 34

Time

Question 35

Unity of ___ means that all joint tenants acquire their interests by the same deed

Answer 35

Title

Question 36

Illinois allows a sole owner to execute a deed to herself and others "as ___ and not ___" in order to create a valid joint tenancy.

Answer 36

As joint tenants Not tenants in common

Question 37

A joint tenancy is destroyed when ___ is terminated

Answer 37

Any one of the four unities of joint tenancy

Question 38

Sarah, Bob, and Bill hold title to a ranch as joint tenants. Sarah sells her interest to Dan. Dan now owns a(n) ___ in the ranch.

Answer 38

Fractional interest

Question 39

Sarah, Bob, and Bill hold title to a ranch as joint tenants. Sarah sells her interest to Dan. Dan is a(n) ___ with Bob and Bill.

Answer 39

tenant in common

Question 40

Sarah, Bob, and Bill hold title to a ranch as joint tenants. Sarah sells her interest to Dan. Bob and bill are ___.

Answer 40

Joint tenants

Question 41

Sarah, Bob, and Bill hold title to a ranch as joint tenants. Sarah sells her interest to Dan. How much interest is Dan presumed to have?

Answer 41

1/3

Question 42

Minonk State Bank v. Gassman held that a joint tenant may unilaterally sever the tenancy by conveying interest to herself as a(n) ___, even without the consent of her co-owners.

Answer 42

Tenant in common

Question 43

In Illinois, any owner holding property in a joint tenancy may elect at any time to become a(n) ___.

Answer 43

Tenant in Common

Question 44

Any joint tenancy may be ___ by mutual agreement of all cotenants, by conveyance to third parties, or through a partition suit in court

Answer 44

Severed

Question 45

Co-owners who wish to terminate their co-ownership may file an action in court called a(n) ___ suit.

Answer 45

Partition

Question 46

___ is a legal way to dissolve the relationship when parties in co-ownership do not agree voluntarily to its termination

Answer 46

Partition

Question 47

In a partition suit, if the court determines that the land cannot be physically divided into separate parcels without destroying it's value, the court will order the real estate ___.

Answer 47

sold

Question 48

How are proceeds of a sale divided among co-owners following a partition suit?

Answer 48

According to their fractional interests

Question 49

In Illinois, partition suits are filed by one or more of the owners in the ___ court of the ___ where the parcel is located.

Answer 49

Circuit court of the county

Question 50

In Illinois, who sets the value of property in a partition suit?

Answer 50

Commissioner

Question 51

Some states including Illinpis allow spouses to use a special form of co-ownership called ___ on their personal residence

Answer 51

Tenancy by entirety

Question 52

___ is the spousal joint ownership of the principal residence acquired during marriage.

Answer 52

Tenancy by the entirety

Question 53

The term ___ refers to the fact that the owners are considered one indivisible unit, such as a married couple.

Answer 53

Entirety

Question 54

Spouses who are tenants by the entirety have rights of ___.

Answer 54

Survivorship

Question 55

If a married couple owns property by the entirety, a lawsuit against one spouse will not result in a(n) ___ against the house.

Answer 55

Lien

Question 56

A married couple owning property by the entirety would be eligible for ___ protection in the event of a judgment against either spouse.

Answer 56

Homestead

Question 57

To create a tenancy by the entirety in Illinois, the deed must indicate that the property is to be owned...

Answer 57

"Not as joint tenants or tenants in common, but as tenants by the entirety"

Question 58

In what 4 ways may a tenancy by the entirety be terminated?

Answer 58

1) Judgment sale 2) death 3) agreement 4) divorce

Question 59

If a tenancy by the entirety is terminated by the death of a spouse, the surviving spouse becomes the owner ___.

Answer 59

in severalty

Question 60

If a tenancy by the entirety is terminated by mutual agreement, both parties become ___.

Answer 60

tenants in common

Question 61

If a tenancy by the entirety is terminated by divorce, both parties become ___

Answer 61

tenants in common

Question 62

Community property laws recognize what 2 kinds of property?

Answer 62

1) Separate 2) Community

Question 63

___ property is real or personal property that was owned solely by either spouse before the marriage.

Answer 63

Separate

Question 64

___ property includes property acquired by gift or inheritance to one spouse during marriage.

Answer 64

Separate

Question 65

___ property includes any property purchased with separate funds while married

Answer 65

Separate

Question 66

___ property consists of real and personal property acquired by either spouse while married.

Answer 66

Community

Question 67

Any conveyance or encumbrance of community property requires the signatures of...

Answer 67

both spouses

Question 68

When one spouse dies, how much interest does the surviving spouse automatically own of the community property?

Answer 68

1/2

Question 69

If one spouse dies, the surviving spouse automatically owns 1/2 of the community property. What happens to the other half?

Answer 69

It is distributed according to the deceased spouse's will

Question 70

In Illinois, ___ property is all property acquired after the date of marriage for the duration of the marriage, except by gift or will.

Answer 70

Marital

Question 71

Is Illinois a community property state?

Answer 71

No

Question 72

In the event of a divorce, how is marital property divided?

Answer 72

between the two parties

Question 73

In Illinois, ___ property is property that was acquired before the marriage or by gift or inheritance at any time even during the marriage.

Answer 73

Nonmarital

Question 74

If nonmarital property is commingled with marital property, the mixed property is presumed to be ___ property.

Answer 74

Marital

Question 75

The Illinois Marriage and Dissolution of Marriage Act gives courts flexibility in determining the divison of ___.

Answer 75

marital property

Question 76

In this form of co-ownership, each tenant holds an undivided fractional interest in held property

Answer 76

Tenancy in common

Question 77

In this form of co-ownership, each tenant can convey or devise his or her interest in the property, but not the entire interest

Answer 77

Tenancy in Common

Question 78

Unity of ownership in property held refers to what form of co-ownership?

Answer 78

Joint tenancy

Question 79

___ is created by intentional act, unities of possession, interest, time, and title

Answer 79

Joint tenancy

Question 80

This form of co-ownership includes the right of survivorship and cannot be conveyed to heirs.

Answer 80

Joint tenancy

Question 81

In this form of co-ownership, a married couple has equal undivided interest in their personal residence

Answer 81

Tenancy by the Entirety

Question 82

This form of co-ownership includes right of survivorship, and is conveyed by a deed signed by both party. One party cannot convey 1/2 interest.

Answer 82

Tenancy by the entirety

Question 83

Who owns the real estate in a cooperative?

Answer 83

Cooperative corporation (tenants association)

Question 84

Condominium units are ___ property

Answer 84

real