Forms of ownership

Lois and Clark are married and decide to buy some investment property together. Lois wants to make sure that if she dies, her daughter from a previous marriage will inherit her interest in the property. How should Lois and Clark take title to the property? A. joint tenants B. tenants by the entirety C. tenants in common D. tenants in severalty

C. tenants in common allows one co owner to transfer his or her share of the property to others by deed or devise

a judge awards deb the house as part of the divorce settlement with ron. what is her interest in the house? A. joint tenancy B. tenancy by the entirety C. tenancy in common D. tenancy in severalty

D. ownership in severalty is ownership held by one person

Lenny and Eileen just got married, she moves into the house Lenny owned in severalty prior to the wedding. Which of these unities is present with respect to the ownership of the house? A. interest B. time C. title D. person

D. person. they also have a unity of possession since they both live together.

Larry owns his house in severalty, he has a will that leaves the house to his grandson, Sean. When larry dies, Sean is ______ and his interest was created by _________. A. co-owner/deed B. co-owner/devise C. sole owner/deed D. sole owner/devise

D. sole owner/ devise

What is the only form of co ownership that permits division of property in unequal proportion? A. joint tenancy B. severalty C. tenancy by the entirety D. tenancy in common

D. tenancy in common

Pam and Jim are getting divorced and decide to sell their house. Before the house sells however the divorce is finalized and the judge awards the house to jim as part of the divorce settlement. What is his interest in the house? A. joint tenant B. tenant in common C. tenant by the entirety D. tenant in severalty

D. tenant in severalty

Unity of time

Each co-owner acquiring title at the same time.

unity of possession

Each co-owner being equally entitled to possession of the entire property, because the ownership interests are undivided. (as opposed to a designated portion of that property)

Partners may take title to property in the name of individual partners as ______________ or as ___________

tenants in common or as joint tenants

Ron and Deb get a divorce, and they have not yet sold the house. they own the house as... A. joint tenants B. tenants in common C. tenants by the entirety D. tenants in severalty

B. tenancy in common would be assumed when a married couple divorces.

unity of person

Both co-owners considered to be a single legal entity. Applies only to married couples and is necessary for tenancy by the entirety.

Which of these unities is required for there to be tenancy in common? A. possession B. interest C. time D. title

A. possession.

other states recognize _____________, which says 2 people in a marriage are equal but separate partners.

community property

Ron and Deb own their home as tenants by the entirety. in the event that ron dies, the house would go to.. A. deb in severalty B. deb and rons named heir as joint tenants C. rons named heir D. county in which the property is located if he dies intestate.

A. tenancy by the entirety includes the right of survivorship

Mary, Donna, Ralph, and Lou co own a property as joint tenants, Ralph dies. What is marys interest in the property? A. 25% B. 33 1/3% C. 50% D. whatever percentage is left after discharging Ralphs will

B. 33 1/3%. main feature of joint tenancy is that it allows co owners to take ownership shares of a deceased co owner equally and automatically.

Karen and Sues deed indicates that Karen owns a 75% interest, and sue owns a 25% interest. Which of the unities are present in this arrangement? A. possession B. interest C. time D. title

A,C, and D. They bought the house together, so they have possession, time and title in common. they are tenants in common since they have unequal interest

Which of these unities is required for there to be tenancy by the entirety. select all that apply A. possession B. interest C. time D. title E. person

A. B. C. D. E. all of the unities are required for tenancy by the entirety

Mary, donna and meg now co own a property as joint tenants. mary and meg are killed in a car accident. what is donnas interest in the property? A. donna owns the property in severalty B. donna is a joint tenant with 100% interest C. Donna still owns 33% and the rest is split between the heirs of mary and meg D. the estate ends at the death of the majority of the co owners

A. donna is now the sole owner, which means that she owns the property in severalty

Karen, Sue, and Lucy own a house as tenants in common. When Sue dies, her 25% interest A. goes to her heirs B. goes to karen and lucy, split equally C. goes to karen and lucy in proportion to their ownership interests D. its impossible to know

A. goes to her heirs. tenants in common do not have the right of survivorship. if one dies her interest in the property goes to her heirs.

Brad and George are an unmarried couple who decide to buy a vacation home together. Brad puts up 60% of the money and george puts up 40%. at closing the deed simply lists brad and george as the new owners. How did they take title and what is their ownership interest? A. as tenants in common, with 50% for brad and 50% for george B. as tenants in common, with 60% for brad and 40% for george C. as joint tenants, with 50% for Brad and 50% for george D. as joint tenants, with 60% for brad and 40% for george

A. unless other wise stated co ownership is generally assumed to be as tenants in common with equal interest

Which of these unities is required for there to be joint tenancy. A. possession B. interest C. time D. title E. person

A.B.C and D. joint tenancy requires the unites of possession interest time and title.

When Dave and Lucy get married, they decide to sell each of their homes and buy one house together. Lucys house sells for $700,000. Daves house sells for $300,000 and they are going to buy $1 million house. If lucy wants 70% interest in the new house, what form of ownership must they take? A. joint tenancy B. tenancy in common C. tenancy by the entirety D. tenancy in sevrealty

B. tenancy in common

Karen and her sister sue buy a $200,000 house together. Karen puts up $150,000 and sue puts up $50,000. The deed simply indicates that the grantees are Karen and Sue as tenants in common. Sue's interest in the house is MOST LIKELY? A. 25% B. 50% C. 100% D. whatever Karen and Sue negotiate

B. 50%. unless specifically stated in the deed, the interests are generally assumed to be divided equally among all co-owners, which means that sue would have 50% interest although she put up only 25% of the money to buy the house

Rob and Deb just got married, and Deb moves into the house Ron owned prior to the wedding. ron and deb automatically own the house as tenants by the entirety. true or false

false. not all fie unities are present so this cant be tenancy by entirety.

if Alpharetta wants a 70% interest in the new house what form of ownership must they take? A. joint tenancy B. tenancy in common C. tenancy by the entirety D. tenancy in severalty

B. tenancy in common is the only form of co ownership that does not require the unity of interest

Ron sells his old house. He and wife Deb take title to a new house. The deed does not indicate this ownership specifically as a tenancy by the entirety however. what percentage of the interest in the new house does Deb own? A. 50% B. 100% C. whatever % corresponds to the amount she contributed to the sale price. D. whatever % is indicated in the deed

B. 100% legally ton and dev are a single entity and each own 100% of the property

Bride deb moves into the house Ron owned prior to the wedding. which of these unities is NOT present with respect to the ownership of the house. select all that apply A. possession B. interest C. time D. title E. Person

B. C. D. rob and deb have the unity of possession since they both live in the house, and person, since they are married.

When a property owner bequeaths property to someone in a will, which right from the bundle of rights is he taking advantage of? A. control B. disposal C. exclusion D. possession

B. disposal. right to sell, give away, or bequeath property

Which type of estate gives its holder the greatest number of rights A. defeasible fee B. fee simple C. leasehold estate D. life estate

B. fee simple

Heather, Yvonne, Kim, and Rita co own a property as joint tenants. Rita, Kim and Yvonne are killed in a car accident, What is heathers interest in the property? A. heather is a joint tenant with 100% interest B. Heather owns the property in severalty C. Heather still owns 25% and the rest is split between rita kim and yvonnes heirs D. the estate ends at the death of the majority of the co owners

B. heather owns the property in severalty

Ann and Bob each own one third interest in a property as joint tenants. Dave owns a one third interest in the property as a tenant in common with Ann and bob. when bob dies what happens to his interest in the property? A. it is split equally, so ann and dave each have a 50% interest B. it goes to ann, who now has a two thirds interest C. it goes to his heirs, leaving ann and dave with their one third interest D. it must go to probate court for a determination

B. it goes to ann who now has a two thirds interest

Joint tenancy is severed when A. one of the owners files for bankruptcy B. one of the owners sells his interest to a third party C. one of the parties becomes disabled D. the leasehold expires

B. one of the owners sells his interest to a third party.

Mary, Donna, and Lou co own a property as joint tenants. Lou sells his share to Lisa. What form of co ownership is this? A. all are joint tenants B. all are tenants in common C. Mary and donna are joint tenants. lisa is a tenant in common D. mary and donna are joint tenants. lisa is a tenant in severalty

C. mary and donna are still joint tenants, but lisas interest does not include the unity of time or title. she is simply a tenant in common

Jack and friend Jill buy and $250,000 house together as tenants in common. Jack puts up $200,000 and jill puts up $50,000. The deed indicates that Jack owns 80% interest and jill owns 20% interest. how much of that property can jill occupy? A.25% B. 50% C. 100% D. whatever Jack and jill agreed to

C. tenancy in common. each co owner has an equal right to possession of the entire property even if their interests are unequal

Karen and her sister Sue buy a $200,000 house together. Karen puts up $150,000 and Sue puts up $50,000. The deed indicates that karen owns a 75% interest and Sue owns a 25% interest. how much of that property can sue occupy? A. 25% B. 50% C. 100% D. whatever karen and sue agreed to

C. 100%. sue can occupy 100% of the property, even though she has only 25% interest in the property, co-ownership involves an undivided interest in the property

Mary, Donna, Ralph, and Lou co-own a property as joint tenants. What is Ralphs interest in the property? A. 100% B. 50% C. 25% D. whatever percentage is indicated in the deed

C. 25%. Joint tenancy requires the unity of interest. Each of the four owners has a one fourth interest though each is entitled to possess 100% of the property

Karen sells a third of her 75% interest to lucy. Lucy now has the right to live in how much of the house? A. 25% B. 33% C. 50% D. 100%

D. 100% they are all tenants in common. as co owners, they have an undivided interest in the entire property

What can help you remember the 5 unities

PITTsburgh Pa. Possession Interest Time Title Person

Marcia, jan and cindy own a 12 acre lot as joint tenants. they agree to partition the lot into three separate lots. Now each woman owns an undivided interest in four acres. true or false.

false. once the joint tenancy is partitioned, the woman no longer have an undivided interest in the property. they are each owner in severalty of their specific lot.

joint tenancy requires what 4 unities

possession, interest, time and title

undivided interest

a co-tenant's interest, giving him the right to possession of the whole property, rather than a particular section of it.

joint tenancy

a form of co-ownership in which the co-owners have equal undivided interests and the right of survivorship.

Tenancy in common

a form of co-ownership in which two or more persons each have an undivided interest in the entire property (unity of possession) but no right of survivorship

tenancy of entirety

a form of property co-ownership by legally married spouses, in which each spouse has an undivided one half interest without the others consent.

When the judge awarded Deb the house as part of the divorce settlement with ron her tenancy in severalty was created by.. A. deed B. devise C. operation of law D. right of survivorship

c. the ownership was created by the divorce settlement, an operation of law

unity of interest

all co-owners hold equal ownership interests.

how many unities does the tenancy of entirety require

all five. possession, interest, time, title, and person since spouse and legal partners are considered one legal person

general partnership

all partners share in the financial liability both individually and as a member of the partnership

what does the right of partition mean in a joint tenancy

allows any co-owner to end the co-ownership

Co-ownership means

any form of ownership in which two or more people share title to a piece of property, holding undivided interests.

non-marital property

any property that was owned prior to the marriage or civil union or that was given or devised by will only to one spouse or legal partner during the term of the marriage or civil union.

When is a partnership terminated

at any time by agreement or upon the death or bankruptcy of a partner

limited partnership

at least one general partner and one limited one.

voluntary partition

can be implemented where both parties agree to end the joint venture and divide the property so each owns a piece in severalty if it can be done equitably.

sole proprietorship

business owned by one person (or legal spouses) in severalty.

in a sole proprietorship when is it terminated

by the owner or upon death

unity of title

co-owners acquired their interests by the same deed or will

co-ownership can also be called....

co-tenancy or concurrent ownership

ownership or title to property is most often created and conveyed one of three ways. what are the three ways

deed, devise, and descent

how can tenancy in common be conveyed

deed, devise, or operation of law (divorce)

When a joint tenant conveys his interest through a ________, the new co-owner is a _____________ in relation to the other co-owners and the right of survivorship in that specific interest ends

deed, tenant in common

limited liability partnership

each partner is a professional authorized by law to render a professional service.

if a deed is silent as to the interests of the parties, the shares will be....

equal

in order to establish a joint tenancy, joint tenant owners take ownership

equally and simultaneously

When a tenant in common dies, his interest in the property asses to.....

his heirs

When can tenancy of entirety be terminated

if a spouse or partner dies (surviving owner becomes owner in severalty without going through probate) if they agree to end it and sign a new deed. or if the couple divorces and keeps the property, becoming tenants in common

co-ownership distinctions refer to the owners ______ in the property,_______ the property itself

interest, not

Partnership is what

involves two or more owners who share in the profits and losses

What unity requires possession, interest, time, and title A. tenancy in common B. tenancy by the entirety C. joint tenancy

joint tenancy

judicial process in partition

process to dissolve the co-ownership and divide the property or sell it and divide the proceeds according to the judgment of the courts.

If property is otherwise acquired during the marriage or civil union, it is generally considered to be ___________ regardless of whether one or both individuals hold title.

marital property

Ron and Deb own their home as tenants b the entirety. Can Deb sell her interest in the house to rons brother? yes or no

no. a spouse has no right of disposal in a tenancy by the entirety

can joint tenancy be willed or inherited?

no. it can only be conveyed through deed

Mary and donna co own a property as joint tenants and with lisa as a tenant in common. each has a one third interest in the property. Lisa dies. do mary and donna automatically assume lisas share in the property? yes or no

no. lisa was a tenant in common, so theres no right of survivorship her interest will go to her heirs

If ron and deb own their home as tenants in common and deb were to die, would ron get her interest in the house? yes or no

no. tenancy in common does not include the right of survivorship. Debs interest would go to her named heir

marital property

property acquired by either a spouse or a legal partner during the course of a marriage or civil union

Right of survivorship

property passes automatically to other co-owners when one co-owner dies

ownership of severalty means

one person or legal entity holds the title to that property.

ownership can also be conveyed through an ___________, such as divorce

operation of law

what is the simplest form of ownership

ownership in severalty

Parties to a joint tenancy or a tenancy in common have the right of _______

partition

limited partners have no say in .....

partnership matters, and their liability is limited to the amount they originally invested

in tenancy in common what is the only unity that is required

possession

Joint of tenancy includes the right of_________ which allows any co-owner to end the co-ownership

right of partition. this can be voluntary partition or through a lawsuit

tenancy of entirety includes the right of...

right of survivorship

ownership can be divided into two primary forms. what are they?

severalty and co-ownership

descent

someone dies without a will and the state's statute of descent determines who owns the real property

What unity allows co owners by legal spouses or partners A. joint tenancy B. tenancy in common C. tenancy by the entirety

tenancy by the entirety

in most states, if language in a deed does not specify a different type of co-ownership, or if the co-owners are not married to each other what tenancy is assumed

tenancy in common

what unity allows ownership in unequal proportions? A. joint tenancy B. tenancy by the entirety C. tenancy in common

tenancy in common

what are the three forms of co-ownership

tenancy in common, joint tenancy, tenancy by the entirety

severalty ownership is also known as.....

tenancy in severalty or separate property.

how can ownership in severalty be conveyed

through deed or devise

Co-owners share five unities. what are they

unity of possession, unity of interest, unity of time, unity of title, unity of person

devise

when real property is transferred after the owner's death under provisions of a will

Deed

when someone sells a house to someone else

any of the partners may convey partnership property, but all members of the partnership must agree before any party can sell or assign his interest in partnership property. yes or no

yes

in a sole proprietorship the owner is responsible for any business debts. yes or no

yes

Do you think its possible for one property to be owned as a tenancy in common, joint tenancy, and tenancy by the entirety simultaneously? yes or no

yes. it is possible.

Mary and donna co own a property as joint tenants with lisas heir, meg, as a tenant in common. Each owns a one third interest in the property. The three woman decide that they all want the stability of the right of survivorship is this possible? yes or no

yes. they already have a unity of possession and interest. a new deed would give them unity of time and title, so the three woman could sign a new deed specifying joint tenancy with rights of survivorship.