Podcast
Questions and Answers
Who holds a leasehold interest in a property?
Who holds a leasehold interest in a property?
- Remainderman
- Lessor
- Lessee (correct)
- Life tenant
What type of ownership involves undivided interests without the right of survivorship?
What type of ownership involves undivided interests without the right of survivorship?
- Tenancy in common (correct)
- Periodic estate
- Severalty
- Joint tenancy
If a joint tenant transfers their share to themselves and another person, what is the outcome?
If a joint tenant transfers their share to themselves and another person, what is the outcome?
- All parties become joint tenants
- The original joint tenants continue with the new tenant as a tenant in common (correct)
- The transferred share remains a joint tenancy
- All ownership rights are nullified
What condition does joint tenancy ownership require?
What condition does joint tenancy ownership require?
What does a proprietary lease on an apartment typically involve?
What does a proprietary lease on an apartment typically involve?
What type of ownership does a person have if they hold fee simple title to real property in severalty?
What type of ownership does a person have if they hold fee simple title to real property in severalty?
Which of the following would be considered an interest in personal property?
Which of the following would be considered an interest in personal property?
What type of ownership guarantees the right of survivorship for a married couple?
What type of ownership guarantees the right of survivorship for a married couple?
If joint tenants hold property and one dies leaving their share to someone else, how is the property owned?
If joint tenants hold property and one dies leaving their share to someone else, how is the property owned?
If two siblings in a joint tenancy die, what will happen to the title held by the remaining siblings?
If two siblings in a joint tenancy die, what will happen to the title held by the remaining siblings?
What kind of property interest does Joel acquire when he purchases a separate interest in a space with an undivided interest in common?
What kind of property interest does Joel acquire when he purchases a separate interest in a space with an undivided interest in common?
Which of the following options allows a joint tenant to dispose of their interest in real property?
Which of the following options allows a joint tenant to dispose of their interest in real property?
What can be said about a life estate in relation to its validity?
What can be said about a life estate in relation to its validity?
In the scenario where Casey has a life estate, how long is the lease valid after his death?
In the scenario where Casey has a life estate, how long is the lease valid after his death?
What is the legal term for the ownership structure where each owner has an equal share and right of survivorship?
What is the legal term for the ownership structure where each owner has an equal share and right of survivorship?
Flashcards
Joint Tenancy
Joint Tenancy
A type of ownership where two or more individuals hold title to real property as a single unit, with the right of survivorship. This means that if one owner dies, their interest automatically passes to the surviving owner(s).
Tenancy in Common
Tenancy in Common
A type of ownership where two or more individuals hold title to real property, but each has a separate, undivided interest. If one owner dies, their interest passes to their heirs, not the other owners.
Leasehold Interest
Leasehold Interest
A leasehold interest is the right to possess and use real property for a specified period of time, as defined by a lease agreement. This interest is held by the lessee (tenant).
Proprietary Lease
Proprietary Lease
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Severalty
Severalty
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Fee Simple Title in Severalty
Fee Simple Title in Severalty
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Life Estate
Life Estate
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Community Property
Community Property
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Joint Tenant Selling Interest
Joint Tenant Selling Interest
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Right of Survivorship
Right of Survivorship
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Study Notes
Chapter 2 Quiz - Key Concepts
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Leasehold Interest: Owned by the lessee (tenant).
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Tenancy in Common: Undivided interests in a property, without rights of survivorship. Earl and Merle owned a property this way.
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Joint Tenancy: Undivided interests with rights of survivorship. Guarantees that if one owner dies, the other owner(s) automatically inherit the deceased owner's share.
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Severalty: Sole ownership of a property.
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Periodic Estate: A leasehold estate that automatically renews for a set period (e.g., month-to-month).
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Proprietary Lease: A lease in a cooperative, where the tenant pays a part of the property's overall expenses. Sam had this type of lease.
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Joint Tenancy Ownership: Requires a "right of survivorship" clause in the deed, and equal shares for all parties. Husband and wife relationships do not automatically create a joint tenancy.
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Community Property: A form of ownership where property acquired during marriage is owned equally by both spouses.
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Right of Survivorship: A key feature of joint tenancy. When one owner dies, their interest automatically transfers to the surviving owner(s).
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Life Estate: A property interest that lasts only for the lifetime of a specific person (the "life tenant").
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Lease: A contract granting temporary possession and use of property.
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Condominium Ownership: Joel had a condominium. It's a way of ownership that gives a person ownership of a unit and a share of common areas.
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Fee Simple Title: Complete ownership of property.
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Ownership in Severalty: A single person or entity owns the rights to a property.
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Estates: The different kinds of interests a person has in a piece of real property (e.g., life estate or fee simple).
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Interests in Personal Property: A personal interest in something like improvements on land, leaseholds or mineral rights.
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