Glossary

FORMS OF OWNERSHIP

Community Property- spouses are treated as equal partners with each owning a one-half interest

Concurrent Ownership- ownership by two or more persons at the same time

Estate in Severalty- owned by one person; sole ownership

Joint Tenancy- a form of property co-ownership that features the right of survivorship

Limited Partnership- composed of general partners who mainly organize and operate the partnership and limited partners who provide the capital

Right of Survivorship- a feature of joint tenancy whereby the surviving joint tenants automatically acquire all the right, title and interest of the decreased joint tenant

Tenancy by the Entirety- a form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other

Tenants in Common- shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists

Undivided Interest- ownership by two or more persons that gives each the right to use the entire property

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