MIE 305 Final Exam Questions And Answers 100% Verified

MIE 305 Final Exam Questions And Answers 100% Verified What are the "bundle of rights" associated with property ownership? - answer1) Control; 2) Possession; 3) Enjoyment; 4) Exclusion; 5) Disposition Possession - answerThe property is legally owned by whoever owns the title. Control - answerThe titled owner (freeholder) controls the use of the property. Enjoyment - answerRights-holder can enjoy the property in any legal or contractually agreed manner. Exclusion - answerOwner can exclude others from entering. Disposition - answerThe titled owner can sell, rent, or transfer ownership temporarily. Real Property - answerLand, Homes, Real Estate Chattel Property - answerProperty that is not real estate such as a car Tenancy in common - answerThe common law default for multiple owners. a. Owners may own unequal shares but if not specified, they are all equal. b. Ownership interests are in the whole property and separately owned (conveyable) c. A single unity of possession means that ownership rights may be acquired through different legal instruments at different times. Example: ABC is in TIC. A sells to X, B dies and his share is conveyed to Z. XZC are now TIC. Joint Tenancy with right of survivorship - answera. Single undivided interest - property belongs to all; not individually conveyable. b. Ownership interest must be equal among all owners (no unequal shares). c. Right of survivorship precludes conveyance by legal instruments or acts. d. JTs require four unities to be valid. 1: JTS must acquire ownership at the same time. 2: JTS must acquire ownership through the same document or grant. 3: JTS must have identical interests in the property and they must all have it for the same duration of time. 4: JTS must all have rights to possess and use the entire undivided property. "Twist on Inseparable Joint Tenancy interests" - answera. Severance occurs if a JT in a transaction breaks these unities by a JT converting their share of the property. b. If a new owner comes because someone dies, they become a tenancy in common to the other joint tenants. What is the default form of co-ownership if non is specifically state in conveyance? - answerTIC Regarding joint tenancy with right of survivorship, what happens if ABC own a property and C dies? - answerC's share goes to A & B who now equally share the property. How does severance work with right of survivorship? ABC are JTs, C dies leaving C's share to X. - answerA and B are Joint Tenants while X owns 1/3 of the property. What are the four unities of joint tenancy for it to be valid? - answer1) JTs must acquire ownership at the same time. 2) HTs must acquire their ownership through the same document or grant. 3) JTs must have identical interest in the property and they must all have it for the same duration. 4) JTs must all have rights to possess and use the entire undivided property.