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Ch. 5 Forms of Real Estate Ownership well answered to pass
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Ch. 5 Forms of Real Estate Ownership well answered to pass
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Ch. 5 Forms of Real Estate OwnershipReal Estate can be held in 3 different ways: - correct answer ✔✔1. Ownership in severalty (one owner)
2. Co-ownership (with more than one owner)
3. Ownership by trust (property held for the benefit of another)
Severalty - correct answer ✔✔When property is owned by one individual, corporation, or other entity.
Owner has sole rights to the property and sole discretion to sell, will, lease or otherwise transfer part or
all of the ownership rights to another person.
Co-Ownership - correct answer ✔✔When title to parcel of real estate is held by two or more individuals,
those parties are called co-owners or concurrent owners. Several different types of ownership.
Forms of Co-Ownership (4) - correct answer ✔✔1. Tenancy in Common (TIC)
2. Joint tenancy
3. Tenancy by the entirety
4. Community property
Tenancy in Common (TIC) - correct answer ✔✔Each tenant holds an undivided interest in the property.
The co-owners have unity of possession, meaning hat teach owner is entitled to possession and use of
the entire property, even though each holds only a fractional ownership interest. Ownership interest
divided, not the property.
May state fractional interest held by each co-owner. If no fractions stated, presumed to hold equal
shares.
Because they own separate interests, they can sell, convey, mortgage, or transfer their individual interest
in the TIC without consent of the other co-owners. Transferred only with the agreement of both parties
when a couple.
Joint Tenancy - correct answer ✔✔Property owned by two or more people whether married or
unmarried.
The distinguishing feature of joint tenancy is the right of survivorship.
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