Questions and Answers
What is the definition of tenancy in severalty?
When one person holds title to real estate solely
Which type of ownership allows for equal rights to enjoy the property during their lives and the right of survivorship?
Joint tenancy
What is the distinguishing feature of tenancy by the entirety?
Held by a married couple
Under which type of ownership do two or more individuals hold title to real estate jointly, with equal or unequal percentages of ownership?
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Study Notes
Types of Ownership
- Tenancy in severalty is a type of ownership where an individual holds sole ownership of a property.
Joint Ownership
- Tenancy in common is a type of ownership where two or more individuals hold title to real estate jointly, with equal or unequal percentages of ownership.
- Joint tenants with right of survivorship have equal rights to enjoy the property during their lives, and when one joint tenant dies, the remaining joint tenants inherit the deceased's share.
Tenancy by the Entirety
- Tenancy by the entirety is a type of ownership that is only available to married couples, and is characterized by the right of survivorship, where the surviving spouse inherits the entire property.
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