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Holding Title
R.E. methods of holding title for exam study california version
Question | Answer |
---|---|
Type of tenancy that means separate ownership by 1 person alone | Tenancy in Severalty |
Type of tenancy where 2 or more people holding title w/undivided interest (ea w/interest in entire prop/undivided)w/right of survivorship for remaining living tenant when other tenant dies/interest not passed to heirs | Joint Tenancy |
Time,Title,Interest and possession these are the 4 unities to create this type of tenancy | Joint |
Joint tenant cannot ________ their share of property | will |
Surving joint tenants are not liable for personal _______ of deceased joint tenant | debts |
This action is brought by joint tenant to transfer an interest/break the joint tenancy | partition action |
type of tenancy is undivided interest by 2 or more people w/out right of survivorship.when property is conveyed to 2 or more people other than husband/wife. If vesting/title not specified of tenancy this type of tenancy automatically assumed this type | Tenancy in Common |
Tenancy consisting of 2 or more co-owners of business for profit/partnership created by agrmt,but not in writing. | tenancy in partnership |
tenancy in partnership also called | general partnership |
general partners active in partnership are personally liable for debts of partnership. any partner can contractually bind other partners | Partners liability |
this type of partnership must have 1 general partner(can be corp)but other partners have limited liability/w/no liability beyone their investment/pledges | limited partnership |
this type of insurance pays insurance to the partners of deceased w/o dissolving the business | death of partner |
This is an association for single endevor. This is not intended to be continuing relationship beyone a single project | joint venture |
Artifical person created by law. since this doesn't die. |