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Question 1
What form of co-ownership includes the right of survivorship, meaning a deceased owner's interest automatically passes to the surviving co-owners?
Answer: Joint tenancy includes the right of survivorship. When one joint tenant dies, their interest passes automatically to the surviving joint tenants, bypassing probate.
Question 2
What are the four required unities that must exist to create a valid joint tenancy?
Answer: The four unities are Time, Title, Interest, and Possession (TTIP). All joint tenants must acquire their interests at the same time, through the same deed, in equal shares, with equal rights to possession.
Question 3
In Texas, what form of co-ownership do married couples have by default for property acquired during marriage, where each spouse owns an undivided half interest?
Answer: Community property is the default ownership form for married couples in Texas. Both spouses own an equal, undivided interest in property acquired during the marriage.
Question 4
What form of co-ownership allows each owner to hold an unequal share with no right of survivorship, and each owner's interest passes to their heirs upon death?
Answer: Tenancy in common allows co-owners to hold unequal shares without right of survivorship. Each tenant's interest is inheritable and can be sold or transferred independently.
Question 5
What term describes ownership of property by a single individual or entity, with no other co-owners?
Answer: Ownership in severalty means one person or legal entity holds title alone, without any co-owners. The term 'severed' refers to the owner being separate from all others.