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8 Cards in this Set

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  • Back
How is property held in "Tenancy in Common?"
each tenant holds a fractional undivided interest.
How is property conveyed with "Tenancy in Common?"
each tenant can convey or devise his or her interest, but not entire interest.
How is property held in "Joint Tenancy?"
Unity of ownership. Created by intentional act; unities of possession, interest, time, title
How is property conveyed in "Joint Tenancy?"
Right of survivorship, cannot be conveyed to heirs.
How is property held with "Tenants by the Entirety?"
Husband and wife have equal undivided interest in property.
How is property conveyed with "tenants by entirety?"
Right of survivorship; convey by deed signed by both parties. One party can't convey one-half interest.
How is property held in "Community Property?"
Husband and wife are equal partners in marriage. Real or personal property acquired during marriage is community property.
How is property conveyed in "Community Property?"
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.