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Question 1
What form of ownership exists when two or more people hold title with equal, undivided interests and the right of survivorship?
Answer: Joint tenancy. Upon the death of one joint tenant, their interest passes automatically to the surviving joint tenant(s), bypassing probate.
Question 2
What are the four unities required to create a valid joint tenancy?
Answer: Time, title, interest, and possession (TTIP). All four must exist simultaneously for a joint tenancy to be valid.
Question 3
In a tenancy in common, what happens to an owner's interest upon their death?
Answer: The deceased owner's interest passes to their heirs or as directed by their will. There is no right of survivorship in a tenancy in common.
Question 4
Which form of co-ownership is available exclusively to legally married couples in New York and includes a right of survivorship?
Answer: Tenancy by the entirety. Both spouses hold equal, undivided interest, and neither can convey their share without the other's consent.
Question 5
What is ownership in severalty?
Answer: Ownership by a single individual or entity alone, with no co-owners. The term 'severalty' refers to being severed or separate from others.