Property Ownership
Which of the four unities (TTIP) is required for joint tenancy but NOT required for tenancy in common?
AUnity of Possession
BUnity of Interest
CUnity of Time✓ Correct
DUnity of Possession and Interest only
Explanation
Joint tenancy requires all four unities: Time (acquired at the same time), Title (same instrument), Interest (equal shares), and Possession (equal right to possess). Tenancy in common requires only Unity of Possession — co-owners may have unequal shares acquired at different times.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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