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8 Cards in this Set
- Front
- Back
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How is property held in "Tenancy in Common?"
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each tenant holds a fractional undivided interest.
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How is property conveyed with "Tenancy in Common?"
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each tenant can convey or devise his or her interest, but not entire interest.
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How is property held in "Joint Tenancy?"
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Unity of ownership. Created by intentional act; unities of possession, interest, time, title
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How is property conveyed in "Joint Tenancy?"
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Right of survivorship, cannot be conveyed to heirs.
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How is property held with "Tenants by the Entirety?"
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Husband and wife have equal undivided interest in property.
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How is property conveyed with "tenants by entirety?"
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Right of survivorship; convey by deed signed by both parties. One party can't convey one-half interest.
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How is property held in "Community Property?"
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Husband and wife are equal partners in marriage. Real or personal property acquired during marriage is community property.
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How is property conveyed in "Community Property?"
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Conveyance requires signature of both spouses. No right of survivorship; when spouse dies, survivor owns one-half of community property. Other one-half is distributed according to will or, if no will, according to state law.
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