Check Your Understanding Answers
- What are the three main forms of ownership?
- In severalty – Held by only one owner
- In co-ownership – Held by two or more people
- In trust – Held by a third party for the benefit of someone else
- What four types of co-ownership does California recognize?
- Tenancy in common
- Joint tenancy
- Community property
- Tenancy in Partnership
- What does a living trust do?
Allows the trustor, during his or her lifetime, to convey title to a trustee for the benefit of a third party
- What are the four unities needed to create a joint tenancy?
- Unity of possession
- Unity of interest
- Unity of time
- Unity of title
