Advertisement
Online Test Banks
Score higher
See Online Test Banks
eLearning
Learning anything is easy
Browse Online Courses
Mobile Apps
Learning on the go
Explore Mobile Apps
Dummies Store
Shop for books and more
Start Shopping

4 Kinds of Real Estate Ownership

Part of the Real Estate License Exams For Dummies Cheat Sheet

Until you started your real estate career, you might have assumed there was just one kind of property ownership — you either owned the property, or you didn't. Well, there are several types of property ownership, and you need to know about them to pass the real estate license exam.

Here are the four most common types of property ownership:

  • Tenancy in severalty: Although it may sound like more, this type of ownership is by one person or a corporation, and not being married has nothing to do with it.

  • Tenancy in common: Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. If an owner dies, the deceased person's share is conveyed to his or her heirs, not the other owners.

  • Joint tenancy:

    The four unities that must exist for this type of ownership to exist are

    • Interest: Each owner has the same interest.

    • Possession: All owners hold an undivided interest.

    • Time: All owners receive their interest at the same time.

    • Title: All owners acquire their interest with the same deed.

    If one owner of a joint tenancy dies, that owner's interest reverts to the other owners. This right of survivorship may vary by state.

  • Tenancy by the entirety: Ownership that's available only to married couples, tenancy by the entirety means that property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse.

  • Add a Comment
  • Print
  • Share
blog comments powered by Disqus
Advertisement
Advertisement

Inside Dummies.com

Dummies.com Sweepstakes

Win an iPad Mini. Enter to win now!