A Fee Simple Estate May Be Held

Question: The three basic ways in which a fee simple estate may be held are in severalty, in co-ownership, and in trust.

Answer: T

Question: The term severalty means that there is only one owner of a single property.

Answer: T

Question: In a tenancy in common, property is owned by two or more owners with the right of survivorship.

Answer: False. In a joint tenancy, property is owned by two or more owners with the right of survivorship.

Question: The ownership of an undivided fractional interest in a property is characteristic of a tenancy in common.

Answer: T

Question: When all of the other owners’ interests in a joint tenancy have passed to the one surviving owner, that owner then holds title in entirety.

Answer: False. A joint tenancy continues indefinitely, until there is only one remaining owner, who then holds title in severalty.

Question: When title to a single parcel of real estate is held by two or more individuals, the parties may be called concurrent owners.

Answer: T

Question: The four unities characteristic of a tenancy in common are possession, interest, title, and time.

Answer: False. The four unities characteristic of a joint tenancy are possession, interest, title, and time.

Question: When a joint tenant conveys interest in the jointly held property to a new owner, the new owner becomes a joint tenant.

Answer: False. A joint tenant may freely convey interest in the jointly held property to a new owner; however, doing so will destroy the unities of time and title, and the new owner cannot become a joint tenant.

Question: Co-tenants may terminate their co-ownership by asking a court to partition the property.

Answer: T

Question: In a tenancy by the entirety, neither spouse can convey a half-interest to a third party, and neither spouse may take court action to partition or divide the property.

Answer: T