List and define the four types of concurrent property ownership described in the text.

Question

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Answer 1

The four forms of concurrent ownership described in the text are:•A tenancy in common-This is a form of co-ownership in which two or more persons own undivided interests in certain property. If a tenant in common dies, the tenant's ownership rights pass to his or her heirs.•A joint tenancy-This is a form of co-ownership in which two or more persons own undivided interests in property. The key feature of a joint tenancy is the "right of survivorship." When a joint tenant dies, the tenant's interest passes to the surviving joint tenant or tenants and not the deceased tenant's heirs (as it would with a tenancy in common). If a joint tenant transfers his or her interest in the property while he or she is living, the joint tenancy terminates. The new co-owner (the one to whom the rights were transferred) and the other tenant or tenants become tenants in common.•A tenancy by the entirety-This is a form of co-ownership by husbands and wives that is similar to a joint tenancy, except that the spouses cannot separately transfer their interests in the property during their lifetimes.•Community property-This is all property acquired during marriage; each spouse technically owns an undivided one-half interest of the property.