Title to a farm is held by one person
Large corporation holds title to land on which its headquarters is built
Spouses hold title to property jointly
Title held by two or more individuals
Brother and sister each hold title for vacation property together
Title held by one individual or corporation
Co-owners can also be called concurrent owners.
Ownership by more than one person is called ownership in severalty.
What interest will the buyer of Jennifer's interest receive?
One-third undivided interest as a tenant in common with Carmen and Walt
Is it possible for Jennifer's interest to be sold?
depends on state law
Was there any other way for Carmen, Jennifer, and Walt to take title to the property that would have avoided any conflict when Jennifer needed to move?
Yes, they could have taken title as tenants in common.
Unity of title
all joint tenants acquire their interests by the same document
unity of possesion
all joint tenant can enter and use the property
unity of time
all joint tenants acquire ownership simentanously
unity of interest
all joint tenants are equal owners
A joint tenancy can be created by conveying a deed or giving the property by will or living trust.
In tenancy in common, each tenant holds a divided fractional interest in the property.
The death of an owner may not affect title if provided in the agreement.
This is a popular method of organizing investors with small investments and limited personal risk.
Limited liability company
Combines the most attractive features of limited partnerships and corporations.
Dissolved and must be reorganized if one owner dies.
All owners are fully liable for business losses and obligations.
The death of one owner never affects title to the property.
This can hold title to real estate in severalty.
A general partnership is dissolved and must be reorganized if one partner dies, withdraws, or goes bankrupt.
The death of a shareholder in a corporation results in the dissolution of the corporation.
Corporation holds title and offers stock shares
Proprietary leases give the right to occupy the units
Owner of each unit holds fee simple title to unit
Ownership includes a percentage of the building's common elements
Occupants may have either a real property estate or an occupancy use interest
Use limited to a contractural period
The individual unit owners of a condominium own the common elements as tenants in common.
Condominium laws are often called vertical property acts.
A tenancy in common differs from a joint tenancy in that
tenants in common may have unequal interests.
A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns
Which statement applies to both joint tenancy and tenancy by the entirety?
The last survivor becomes a severalty owner.
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called
The trust established by a decedent's will is
a testamentary trust.
An estate left the decedent's farm to eight grandchildren. Because no form of ownership was specified in the decedent's will, each of the grandchildren receives
a one-eighth interest in the property as a tenant in common.
Property owned by a married person
can belong to the spouses together or be the separate property of one spouse.
The real property interest that takes the form of personal property is
cooperative unit ownership.
The condominium form of property ownership can be used for
Real properties owned by public entities, such as cities, counties, states, and public agencies are generally owned in
A broker who is asked how a married couple should take title would advise them
to seek legal advice.
Which of the following is TRUE regarding community property rights?
Any property acquired during a marriage is considered to be obtained by mutual effort.
The person who creates a trust conveys real or personal property to
An ownership interest that is based on annual occupancy intervals is
A trust is a legal arrangement in which property is held for the benefit of a third party by
Title to a property is held by two or more individuals; this property is held in
A neutral individual holds title for the benefit of another when property is held in
An advantage of cooperative ownership of a dwelling is that
there are income tax advantages.
Ownership in severalty is property
that has a single owner.
Ownership of property by two people is considered
The term severalty comes from the fact that
a sole owner is severed or cut off from other owners.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary
can all be either people or legal entities.