Acronymn for the four kinds of tenancy:

will

years

periodic

sufferage

     (1.) holding of lands, by any kind of title

     (2.) a mode of holding an estate in property

     (3.) a form of ownership of property

     (4.) a temporary possession or occupancy of property             (lease) belonging to another

4 Government Powers

Police Powers

Eminent Domain

Taxation

Escheat

Tenancy for Years

     (1.) fee simple

     (2.) life estate

     (3.) fee tail

     (1.) Dower

     (2.) Curtesy

     (3.) Homestead Exemption

     (1.) fee simple absolute

     (2.) fee simple determinable

     (3.) fee simple subject to condition subsequent

     (4.) fee simple subject to executory limitation

(1.) to "x"

(2.) to "x and heirs"

(3.) to "x in fee simple"

Tenancy in Common, Joint Tenancy, Tenancy by the Entirety, and Community Property

Property is owned by more than one person or entity

concurrent owners own a fractional interest in the property

When division is not stated, it is considered equal: i.e., four concurrent owners would be 25% each

P - I - T - T

possession, equal rights to possession

 interest, joint tenants must be equal

time, tenants must obtain interests at the same time

title, obtain interests on the same dead

Property owned before marriage stays property of the individual 

Property acquired after the marriage is "ours" or community property

created by the trustor during their lifetime giving them control of the assests until they die at which time they pass directly to the beneficiaries 

     (1.) avoid the cost and delay associated with probate

     (2.) provide for automatic transfer of property when               the owner dies

     (3.) provide for management of trust if the                             owner/trustor/trustee becomes incapacitated 

Contains only land

Trustor benefits as long as they live

Usually termed for 20 years or more

Trustee may resign and convey title to beneficiary at any time

     (1.) minimum of 100 investors

     (2.) no fewer than 5 investors may own more than                  50%

     (3.) 95 % of gross income must be derived from                     investment income

     (4.) 75% of trust's gross income must come from real             estate

     (5.) 95% of net income must be distributed in the year             earned

Tenants own shares of stock in the corporation and have a long-term lease (proprietary lease) to occupy a unit in the building

Governed by an elected board

stock holders must give other coop members first right of refusal 

Generally cannot own real estate but Arkansas allows it

Each partner has unlimited liability

Partners have right to participate in the management

Partners have unlimited liability

Includes at least one general partner

and

one or more limited partners

General partner controls and is liable 

Limited partners are only liable to the extent of their investment

Artifical person

may hold title to real estate

Shareholds are liable to the extent of their investment

Limited to 100 stockholders

profits and losses are passed on to the stockholders

President or Secretary usually may legally transfer titles 

Have benefits of C & S

avoid double taxation

reduced liability to stockholders

avoid cumbersome administrative procedures; i.e., shareholders' meeing and publishing minutes of the corp