1. South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western Publishing©2002

2. Chapter 4 Forms of Ownership _______________________________________

3. South-Western Publishing©2002 One or More? Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation

4. South-Western Publishing©2002 Tenants in Common A A B B C C A A B B C’s heirs One parcel of land; Three owners with unity of possession What happens if C dies?

5. South-Western Publishing©2002 A A C C Joint Tenancy with Right of Survivorship A A B B C C One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title If C dies? B B

6. South-Western Publishing©2002 Married Persons Tenancy by the Entirety Community Property Separate Property

7. South-Western Publishing©2002 Holding Title

8. South-Western Publishing©2002 Additional Ownership Forms S Corporations Trusts –Inter Vivos Trust –Testamentary Trust Limited Liability Companies (LLC)

9. South-Western Publishing©2002 Key Terms Concurrent ownership Estate in severalty Joint tenancy Limited Liability Company (LLC) Limited partnership Right of survivorship Tenancy by the entirety Tenants in common Undivided interest