Property Ownership
New Mexico law recognizes which type of joint tenancy requirement—the 'four unities'—as necessary for a valid joint tenancy?
ATime, title, interest, and possession✓ Correct
BTime, consideration, possession, and identity
CTitle, price, occupancy, and term
DOwnership, interest, partition, and equality
Explanation
A valid joint tenancy requires the four unities: unity of Time (acquired at same time), Title (same instrument), Interest (equal shares), and Possession (equal right to possession of the whole property).
People Also Study
Related New Mexico Questions
- Two unmarried people in New Mexico take title to a property with equal shares and the right of survivorship. This is:Property Ownership
- Which mortgage type in New Mexico has payments that remain constant throughout the life of the loan, with the same amount applied to principal and interest each month?Finance
- In New Mexico, the law of 'adverse possession' requires that possession be 'under color of title' OR under the alternative standard of:Property Ownership
- Which fiduciary duty requires a New Mexico agent to act in the client's best financial interest even at the expense of the agent's own financial gain?Agency
- Adverse possession in New Mexico allows a person to acquire title to land by:Escrow & Title
- In New Mexico, a right of way is a type of easement that grants:Property Ownership
- In New Mexico, the Truth in Lending Act (TILA) right of rescission allows a borrower to cancel which type of loan within three business days?Finance
- In New Mexico, when a married couple takes title as 'community property with right of survivorship,' at the death of one spouse:Property Ownership
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Study This Topic
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →