Texas Crammer Practice Exam

Which form of ownership is characterized by the unities of time, title, interest, and possession?

1. Joint tenancy

2. TENANTS IN COMMON

3. Community property

4. Sole ownership

The correct answer is: Joint tenancy

The form of ownership characterized by the unities of time, title, interest, and possession is joint tenancy. In joint tenancy, two or more individuals own equal shares of the property, and they must acquire their interest in the property simultaneously (unity of time), through the same legal document (unity of title), have equal rights to the property (unity of interest), and have the right to possess the whole property (unity of possession). This legal framework ensures that if one owner passes away, their share automatically transfers to the surviving joint tenants rather than becoming part of the deceased's estate, which is known as the right of survivorship. This features a key distinction that sets joint tenancy apart from other forms of ownership, such as tenants in common, where ownership shares may be unequal, and there is no automatic transfer of ownership upon death. The other forms of ownership mentioned do not share this specific unity requirement.