TOPIC du JOUR
Explanation for question number 1 2 3 4 5 6 7 8 9 10
- A deed requires a FORMAL property description.
- Joint tenancy has the right of survivorship,
meaning when one joint tenant dies, their share goes to the surviving
joint tenants (not their surviving family members), so when Ron dies, John
gets his share and is the sole owner of the property. Sole ownership is ownership in
severalty.
Take a quick listen to a Whiskey Flats music
clip!
- A seller or grantor that signs a special warranty
deed is warranting the title for the time they owned the property.
- A street address is an informal property
description.
- Tenants in common do not have to have an equal
interest. Valerie could possibly
own more than 50%, which would not change if Alison sold her share to
Mallory. A tenant in common can
sell off their share without permission of the other owners. Tenancy in common does not normally
have the right of survivorship, so if Mallory dies, her share would
probably go to her heirs. Tenants
in common do all have an equal right to possess the property, regardless
of the interest that each tenant has in the property.
- Again, the order that things happen is
important. Since they are joint
tenants, each would own 25%.
First, John sells his 25% to Abigail. George, Thomas and James would still be joint tenants, and
Abigail would be a tenant in common with the three of them. Nothing will change when George gets
married, and when George dies, his share will be divided evenly between
the 2 remaining joint tenants.
Therefore, Thomas and James would be joint tenants with 37.5% each,
and Abigail would be a tenant in common with 25%.
- Since Fred and Ethel bought the property BEFORE they
were married, if the deed does not specify the form of ownership, it will
be assumed that they are tenants in common. That would not change just because they got married.
- Joint tenancy has the right of survivorship,
meaning if a joint tenant dies, their share goes to the surviving OWNERS
of the property. This means that
Barney can NOT will his share of the property to someone else.
- Vincent could probably get ownership of the fenced
off area through adverse possession.
The possession of the land has to be exclusive, meaning that it
benefits the same PROPERTY, but through “tacking,” there could be more
than one owner of the property that benefits from the adverse possession.
- “All of the following are incorrect EXCEPT,” means
which one is correct. In a tenancy
in common, the owners do NOT have to have an equal interest (i.e. one
owner could own a larger percentage than the others). Also, a tenant can sell off their share
with or without permission.
Tenancy in common does not normally have the right of survivorship,
so when a tenant in common dies, their share would go to their heirs, not
the surviving owners of the property.
Finally, if a deed does not say otherwise and there is more than
one owner (except in some cases with a married couple), it will be assumed
that they are tenants in common.
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