Anderson's Business Law and the Legal Environment, Standard Volume, 23rd Edition By David P. Twomey
Anderson's Business Law and the Legal Environment, Standard Volume, 23rd Edition By David P. Twomey
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Test Bank For Anderson's Business Law and the Legal
Environment, Standard Volume, 23rd Edition By David
P. Twomey
Concurrent Ownership means that - ANSWER: two or more people own the same
property at the same time (co tenant ownership)
What are 4 main forms of concurrent ownership? - ANSWER: 1. Tenancy in Common
(TIC)
2. Joint Tenancy (JT)
3. Tenancy by the Entirely (TE)
4. Community Property (CP)
Tenancy in Common is a form co ownership that allows for what type of interests on
a single piece of property? - ANSWER: Separate interests; equal or unequal shares
Kaitlyn owns 2/3 and Ryan owns 1/3
Parties equally share unless explicitly stated
Patrick and Donna inherit a house from their mother. The will under which they
inherited the property does not identify their respective ownership interests. Which
form of ownership defaults? - ANSWER: A tenancy in common interest is created,
with Patrick and Donna each owning a 50 percent interest.
Can interests in a Tenancy in Common (TIC) be acquired at different times? -
ANSWER: Yes. Can be conveyed INTER VIVOS- during the life of the tenant in
common, by will or by interstate succession
True or False: Under TIC, each tenant is entitled to EQUAL possession even if shares
are unequal. - ANSWER: True!! Each tenant in common is entitled to equal
possession of the entire property so long as no other co-tenant objects. The interests
owned by the tenants in common may be equal or unequal.
True or False: Kevin may own two-thirds of the property while Brian owns one-third,
and they may have obtained their interests at different times. Even though Kevin
owns two-thirds of the property, he must share the property fifty-fifty with Brian. -
ANSWER: True
If one tenant in common (TIC) dies, what happens to their shares of the property? -
ANSWER: the other remaining tenants in common do not automatically inherit the
interest of the deceased tenant in common. Each tenant may sell, or convey by deed
or will, her interest in the property.
What is an example of what happens with a TIC dies? - ANSWER: Patrick dies, and his
will conveys his one-half (1/2) tenant-in-common interest in Blackacre to Casey,
Colleen, and Cameron.
, Casey, Colleen, and Cameron will each own a one-sixth interest in Blackacre (that is,
one-third of the one-half interest that Patrick held).
If Casey was the only person Patrick wished to inherit his property, Casey would
inherit Patrick's entire one-half interest in Blackacre.
Joint tenancy is a form of concurrent ownership where... - ANSWER: two or more
persons own equal shares of property, with the right of survivorship between the
joint tenants.
Joint Tenants has 4 characteristics - ANSWER: 1. Ownership by 2 or more persons
2. a form of concurrent ownership WITH SURVIVORSHIP
3. Equal Share
4. Equal possession
Joint Tenancy is unique and the distinction between TIC because of the... - ANSWER:
Right of Survivorship
Right of Survivorship (Joint Tenancy) - ANSWER: When a joint tenant dies, this is the
automatic transfer to the other surviving joint tenant
Whom are JT's popular for? - ANSWER: Spouses
The four unities required to create a joint tenancy are ... - ANSWER: PITT
1. POSESSION
parties must have = rights to possession
2. INTEREST
JT must have = interest in the property
3. TITLE
JT must acquire title in the same deed or will
4. TIME
JT's must take title to their property at the same time
Tom conveys 50 percent of his cabin to his brother John on January 1 as a joint
tenant. A few hours later, Tom conveys the remaining 50 percent interest in his
cabin to his sister, Megan, as a joint tenant. Do they have a Joint Tenancy? -
ANSWER: No; Because John and Megan's interests were not acquired at the same
time, they do not hold title as joint tenants. Instead, they hold title as tenants in
common
If all joint tenants die at the same time, how do we treat the joint tenancy? -
ANSWER: It becomes a tenancy in common (TIC)
A has 1/3 but a TIC
B has 1/3 but a JT
C has 1/3 but a JT
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