How property can be held

Question 1

Community Property

Answer 1

Property co-ownership wherein husband and wife are treated as equal partners with each owning one-half interest

Question 2

Community Property with Rights of Survivorship (CPWROS)

Answer 2

Allow a married couple to receive benefits under the federal tax code for community property while avoiding probate

Question 3

Concurrent Ownership/Co-ownership

Answer 3

Ownership by two or more persons at the same time

Question 4

Intestate

Answer 4

Dying without a will

Question 5

Joint Tenancy with the Right of Survivorship (JTWRS)

Answer 5

A type of ownership in which, in the case of death, the survivor automatically acquires ownership of the property

Question 6

Partition Action

Answer 6

Legal action which co-owners seek to sever joint-ownership; the physical division of property between co-owners, usually through court action

Question 7

Probate

Answer 7

A legal process by which a court determines the assets of the state and who will inherit the property of the deceased person

Question 8

Severalty

Answer 8

Taking title as sole owner, either as a natural person or a legal person

Question 9

Straw Person

Answer 9

An individual or entity that briefly holds title to the real estate and then transfers the interest at one time to the group of owners that now includes the new owner

Question 10

Tenancy by the Entirety

Answer 10

A type of ownership existing only between spouses; not used in Arizona

Question 11

Tenants in Common

Answer 11

Ownership by two or more persons who hold an undivided interest in real property, without right of survivorship; the interests need not be equal

Question 12

Severalty

Answer 12

Taking title as sole owner