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Forms of Ownership
| Question | Answer |
|---|---|
| Severalty | sole or independent ownership by a person or entity |
| Concurrent estate | describes the various ways in which property can be owned by more than one person. three types are (tenancy in common, joint tenancy, and community property) |
| Tenancy in common | a form of ownership of title to real estate by two or more people in which, they each have separate and distinct titles even though they have unity of possession. ownership is assumed to be a tenancy in common unless stated otherwise. |
| Who does the title pass to in the event one of the tenants in common dies? | to his or her estate or heirs |
| Joint tenancy | a form of ownership in which thee tenant own a property equally. If one dies, the other automatically inherits the entire property. This is known as the right of survivorship. |
| You cannot will a joint tenancy. True or false. | True |
| if a joint tenant dies owing debts, the surviving joint tenants are free of the unsecured debts. true or false | true |
| A person could not take a property as a joint tenant with a corporation. It would be taken as a tenant in common. True or false | true |
| Joint tenants cannot be created by law; therefore the parties who wish to be joint tenants must make it clear in the conveyance document. | true |
| A joint tenant has the right to sell, mortgage or transfer the interest without the consent of the other joint tenants. | true |
| to create a joint tenancy there has to be unity of time, title, interest and possession. Joint tenancy would be terminated if any one of the four unities is destroyed. | true |
| community property | is property acquired by a husband and wife during marriage. community property is owned by both regardless of whose name is on title. |
| Separate property | is sole ownership. separate property is property acquired before marriage or property received by gift or inheritance. CAN be transferred without consent of nonowning spouse |
| A partition | is a court action to divide ownership interest if the owners cannot reach an agreement. |
| partitions can be used by tenants in common or joint tenants to dissolve ownership interest | true |
| A trust | is an arrangement where legal title is transferred from a trustor to a trustee. |
| The trustee will hold title and manage the property for a benefit of another party called the | beneficiary |
| A testamentary trust | is created by will and becomes effective upon the death of the testator |
| many times parents set up a testamentary trust that will become effective should both pass simultaneously | true |
| A living trust is also known as a | inter vivos trust, or a trust that is to become effective during the life of the trustor. |
| what is the difference between a living trust and a living will? | a living will is a document that allows a person to refuse medical treatment |
| when a land trust is created... | only real estate can be transferred into the trust. the trustee holds legal and equitable title to the real estate. The beneficiary retains the power to direct the trustee, manage the property and draw income from the trust. |
Created by:
Smithhannah236
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