real estate principles tenth edition real estate: an introduction to the profession tenth edition
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Real Estate PrinciplesTenth Edition
Real Estate:
An Introduction to the ProfessionTenth Edition
Chapter 4
Forms of Ownership______________________
One or More?
Sole ownershipTenants in commonJoint tenancyCommunity propertyPartnershipCorporation
Tenants in Common
AA BB CC
AA BB C’s heirsC’s heirs
One parcel of land;Three owners with unity of possession
What happens if C dies?
AA
CC
Joint Tenancy with Right of Survivorship
AA BB CC
One parcel of land;Three owners, four unities (PITT):
Possession, Interest, Time, Title
If C dies?
BB
Married Persons
Tenancy by the EntiretyCommunity PropertySeparate Property
Holding Title
Additional Ownership Forms
S CorporationsTrusts
Inter Vivos TrustTestamentary Trust
Limited Liability Companies (LLC)
Key Terms
Concurrent ownership
Estate in severalty Joint tenancy Limited Liability
Company (LLC)
Limited partnership Right of survivorship Tenancy by the
entirety Tenants in common Undivided interest
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