Property OwnershipIntermediateCalifornia Exam

What are the four unities required for joint tenancy? (TTIP)

ATime, Title, Interest, PossessionCorrect

BTrust, Transfer, Income, Property

CTitle, Transfer, Interest, Partnership

DTime, Tenancy, Income, Possession

Why Time, Title, Interest, Possession Is Correct

Answer A: Time, Title, Interest, Possession

Joint tenancy requires four unities: Time (acquired at the same time), Title (same deed), Interest (equal shares), and Possession (equal right to possess the whole property) — TTIP.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

Key Property Ownership Terms in This Question

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

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.

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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.

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Title Insurance

Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.

Tenancy in Common

Co-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.