Ownership

Question 1

Tenancy in Severalty

Answer 1

Sole Ownership

Question 2

Tenancy in Common

Answer 2

Co-tenants individually own undivided interests
Any ownership share possible
No survivorship
Can convey to outside parties

Question 3

Joint Tenancy

Answer 3

Equal undivided interest jointly owned
Survivorship
requires 4 unities to create: time, title, interest, possession

Question 4

Tenancy by the Entireties

Answer 4

Husband/wife own equal undivided interest

Applies to same sex couples in some states

Question 5

Community Property

Answer 5

Joint property ownership by spouses as opposed to separate property