LEB 323 Study Guide - Midterm Guide: Fee Simple, Courtesy Tenure, Life Estate
29 Nov 2017
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Interest in real property that can be owned by one person can also be owned jointly by two or more persons. Condominiums: person owns a fee simple estate in the living space but not in the particular unit, may be owned by a single person or tenants in common. Cooperatives: formed under special state statutory provisions and corporation owns the building, each occupier shares stock in the corporation and leases the unit from the corporation, cooperative is not a form of concurrent ownership. Marital property: tenancy by the entireties , same as joint tenancy with right of survivorship (spouse taking ownership if one dies, cannot be transferred without the consent of the other. Community property: community property, each spouse owns an undivided one-half interest in all community property and it passes to heirs, money and property is owned by spouses only if acquired before marriage.
