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© 2010 by Cengage Learning Chapter 4 _______________ _ Forms of Ownership

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Page 1: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Chapter 4

________________ Forms of Ownership

http://www.cengage.com/cengage/instructor.do?codeid=7A12&sortby=copy&type=all_radio&courseid=RE09&product_isbn=9780324787498&disciplinenumber=417&codeFlag=true
http://www.cengage.com/cengage/instructor.do?codeid=7A12&sortby=copy&type=all_radio&courseid=RE09&product_isbn=9780324787504&disciplinenumber=417&codeFlag=true
Page 2: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

One or More?Sole ownershipTenants in commonJoint tenancyCommunity propertyPartnershipCorporation

Page 3: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Tenants in CommonOne parcel of land;

Three owners with unity of possession

What happens if C dies?

C’s heirs

AA BB CC

AA BB

Page 4: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Joint Tenancy with Right of Survivorship

One parcel of land;Three owners, four unities (PITT):

Possession, Interest, Time, Title If C dies?

C

AA BB CC

AA BB

Page 5: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Married PersonsTenancy by the EntiretyCommunity PropertySeparate Property

Page 6: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Holding Title

Page 7: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Additional Ownership FormsS CorporationsTrusts

Inter Vivos TrustTestamentary Trust

Limited Liability Companies (LLC)

Page 8: © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning

Key Terms Community property Concurrent ownership Estate in severalty Joint tenancy

Right of survivorship Tenancy by the entirety Tenants in common Undivided interest


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