Forms of Real Estate Ownership correctly answered to pass

Forms of Real Estate Ownership

ownership in severalty - correct answer ✔✔is ownership by one individual, who may be an artificial
person, such as a corporation



co-ownership - correct answer ✔✔by two or more individuals may take one of four forms, depending on
the state in which the property is locate



tenancy in common (TIC) - correct answer ✔✔each tenant holds an undivided fractional interest and co-
owner have unity of possession



partition - correct answer ✔✔legal action that can be brought by one or more of the tenants in common
or force division or sale of the property



joint tenancy - correct answer ✔✔there are four unities (PITT) Possession,Interest, time, title



right of survivorship - correct answer ✔✔on the death of a joint tenant, that tenant's interest passes to
the other joint tenant or tenants



partition - correct answer ✔✔legal action to force division or sale of the property



tenancy by the entirety - correct answer ✔✔which is available only to spouses and which carries a right
of survivorship



community property - correct answer ✔✔laws are based on the idea that spouses rather than merging
into one entity, are equal partners in the marriage



separate property - correct answer ✔✔generally is real or personal property that was owned solely by
either spouse before the marriage