1. © 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

2. © 2010 by Cengage Learning One or More? Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation

3. © 2010 by Cengage Learning Tenants in Common One parcel of land; Three owners with unity of possession What happens if C dies? C’s heirs A A B B C C A A B B

4. © 2010 by Cengage Learning Joint Tenancy with Right of Survivorship One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title If C dies? C A A B B C C A A B B

5. © 2010 by Cengage Learning Married Persons Tenancy by the Entirety Community Property Separate Property

6. © 2010 by Cengage Learning Holding Title

7. © 2010 by Cengage Learning Additional Ownership Forms S Corporations Trusts Inter Vivos Trust Testamentary Trust Limited Liability Companies (LLC)

8. © 2010 by Cengage Learning Key Terms Community property Concurrent ownership Estate in severalty Joint tenancy Right of survivorship Tenancy by the entirety Tenants in common Undivided interest