Property Ownership

Question 1

The Two Basic forms of ownership are called sole ownership and

Answer 1

Concurrent Ownership

Question 2

In concurrent ownership, the co-owners hold title to :

Answer 2

an Undivided interest in the property

Question 3

Unity of Possession

Answer 3

The “unity” which requires that concurrent tenants must hold an undivided interest in the property owned.

Question 4

Unity of Time

Answer 4

The Unity which requires that concurrent tenants acquire their interest at the same time.

Question 5

Unity of Interest

Answer 5

All owners must have equal degrees of ownership.

Question 6

The only unity required by Tenancy in Common is unity of

Answer 6

Possession

Question 7

An arrangement where 2 or more people share ownership rights in property. When a tenant in common dies, the property passes to that tenants estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate.

Answer 7

Tenancy in Common

Question 8

In Tenancy in common, the tenants’ shares of ownership can be

Answer 8

equal or unequal

Question 9

In which form of concurrent ownership do the tenants hold SEPARATE Title to an undivided interest?

Answer 9

Tenancy in Common IN

Question 10

In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest

Answer 10

Joint Tenancy

Question 11

In which form of Concurrent ownership are interests inheritable?

Answer 11

Tenancy in Common

Question 12

The forms of concurrent ownership that allows any co owner to sell his share with out the consent of the other co owners is

Answer 12

Tenancy in Common AND Joint Tenancy

Question 13

If a specific form of concurrent ownership is not specified, it is presumed to be a

Answer 13

tenancy in common

Question 14

The form of concurrent ownership limited to spouses is

Answer 14

Tenancy by entirety

Question 15

Tenancy by entirety, those who may hold property together are

Answer 15

Husband and wife only

Question 16

Tenancy by the entirety requires all the four unities of joint tenancy plus

Answer 16

Unity of Person

Question 17

Partitioning of Ownership

Answer 17

The interest can be separated by PARTITION

Question 18

Partition is

Answer 18

The dividing of common interests into separate interests owned in severalty.

Question 19

Which tenancy can be partionede

Answer 19

Joint Tenancy and Tenancy in common

Question 20

Which Tenancy can not be partitiond?

Answer 20

Tenancy by the Entirety

Question 21

Partition in Kind

Answer 21

The property itself can be subdivided and split among the owners.

Question 22

Partition at Law:

Answer 22

The property can be sold and th4e proceeds divided among the owners.

Question 23

Concurrent ownership can be separated be separated out by the process known as

Answer 23

Partition

Question 24

Partition in Kind refers to separating the concurrent ownership by

Answer 24

subdividing the property

Question 25

Partition of concurrent ownership can occur by

Answer 25

Mutual agreement OR court order

Question 26

Two types of concurrent ownership which can be separated by partition include joint tenancy and

Answer 26

Tenancy in Common

Question 27

Corporations may hold title to property

Answer 27

In severalty or as tenants in common

Question 28

Corporations may hold concurrent title to property only as

Answer 28

tenants in common

Question 29

a Corporation may own property alone

Answer 29

in severalty only

Question 30

Corporations may own property TOGETHER AS

Answer 30

as tenants in common only. They own property ALONE in severalty.

Question 31

In Concurrent ownership, the co owners hold title to

Answer 31

an undivided interest in the property

Question 32

The unity of interest means that all owners must have equal

Answer 32

degrees of ownership

Question 33

The "Unity" of which requires that concurrent tenants acquire their interest at the same time is called

Answer 33

Unity of Time.

Question 34

In a tenancy in common, the tenants share of ownership can be

Answer 34

equal or unequel

Question 35

In which form of concurrent ownership do the tenants hold SEPARATE title to an undivided interest

Answer 35

Tenancy in Common

Question 36

In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest?

Answer 36

Joint tenancy

Question 37

Which form of concurrent ownership are interests inheritable

Answer 37

tenancy in common

Question 38

If a specific form of concurrent ownership is not specified, it is presumed to be a

Answer 38

tenancy in common

Question 39

The form of concurrent ownership limited to spouses is

Answer 39

Tenancy by the entirety

Question 40

Concurrent ownership can be separated by the process known as

Answer 40

Partition

Question 41

"Partition in Kind" refers to separating concurrent ownership by

Answer 41

subdividing the property

Question 42

when partition in Kind is not possible, concurrently held property may be partitioned by

Answer 42

Selling the property

Question 43

Partition of concurrent ownership can occur by

Answer 43

mutual agreement or court order

Question 44

A corporation may own property alone

Answer 44

IN SEVERALTY ONLY

Question 45

IN WHICH FORM OF CONCURRENT OWNERSHIP DO THE TENANTS HOLD SEPARATE TITLE TO AN UNDIVIDED INTEREST?

Answer 45

TENANCY IN COMMON

Question 46

Tenancy in common

Answer 46

What Is Tenancy in Common – TIC? Tenancy in common is an arrangement where two or more people share ownership rights in a property or parcel of land. The property may be commercial or residential. When a tenant in common dies, the property passes to that tenant's estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate. Contract terms for tenants in common are detailed in the deed, title, or other legally binding property ownership documents.