knowledge topics

Personal Property Ownership

Define types of property.
- Real
- Personal
- Intellectual
Define fee simple.
Define types of personal property.
- Tangible
- Intangible
Define types of intellectual property.
- Patents
- Trademarks
- Copyrights
Define ownership types.
- Legal
- Beneficial
Define categories of property ownership.
- Sole ownership
- Joint ownership
- Beneficial ownership
Identify rights that accompany ownership of property, such as:
- The right to possession, management and control of the property
- The right to income and capital from the property
- The right to dispose of property during the owner’s lifetime
- The right to dispose of property at the time of the owner’s death
- The right to protection of property under law
Explain how each right is impacted by the form of ownership.
Define joint tenancy.
Define tenants in common.
Explain the unities that are required for a joint tenancy to exist.
- Unity of interest
- Unity of title
- Unity of possession
- Unity of time
Explain benefits and risks of holding property with joint ownership.^1,†
Explain the potential impact of transferring property from sole ownership into joint ownership.

Explain the impact on property ownership when an individual transfers their undivided interest in property held in joint tenancy.
- On the new owner
- On the remaining owners, if applicable
Explain the impact on property ownership when an individual transfers a share of property held as tenants in common.
- On the new owner
- On the remaining owners, if applicable
Define the presumption of resulting trust.
Explain the importance of a person’s intention at the time of transfer when transferring property into joint ownership.
Explain evidence that the court will consider in establishing the intention of a person when transferring property into joint ownership.²
Explain the impact on property ownership upon death.
- For property owned as joint tenants between a parent and a minor child²
- For property owned as joint tenants other than between a parent and a minor child²
- For property owned as tenants in common

Define

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Identify

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Explain

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Compare

To note the similarities and differences between two or more things
Estimate

To determine an approximate value for
Calculate

To find the value using mathematics
Convert

To change from one form or purpose to another
Evaluate

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Interpret

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