4 Written Questions

1. Form of ownership that allows use of the property for a fixed or variable time frame, often used in resor
2. PITT: Possession, Interest, Time and Title. All four must exist simultaneously for joint tenancy to exist
3. Title ownership held by two or more persons who must agree on how the property is used
4. Fiduciary arrangement whereby the owner (trustor) conveys property to a third party, (trustee), to be held and administered on behalf of another person (beneficiary)

4 Multiple Choice Questions

1. Form of co-ownership in which each owner holds an undivided interest as if he or where were sole owners; individual owners have right to partition, right of inheritance
   1. Joint Tenancy
   2. Tenancy in Common
   3. Corporation
   4. Partition
2. Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship)
   1. Severalty
   2. Corporation
   3. Joint Tenancy
   4. Time Sharing
3. Ownership of real estate by one person only; although a corporation (single entity) can own in severalty
   1. Severalty
   2. Partition
   3. Corporation
   4. Trust
4. System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage
   1. Community Property
   2. Co-Ownership
   3. Joint Tenancy
   4. Corporation

4 True/False Question

1. Partnership → Title ownership held by two or more persons who must agree on how the property is used
   

   True        False

2. Partition → Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership
   

   True        False

3. Right of Survivorship → Under law, a group of individuals who carry on a continuing business for profit as co-owners; regarded as a single entity
   

   True        False

4. Corporation → Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership
   

   True        False