Oregon 30-Hour Real Estate Law Practice Test

Which type of ownership in Oregon requires unities of time, title, interest, and possession?

1. Condominium ownership

2. Joint tenancy

3. Tenancy in common

4. Community property

The correct answer is: Joint tenancy

The type of ownership that requires unities of time, title, interest, and possession is joint tenancy. In joint tenancy, all co-owners hold equal shares of the property and have the right of survivorship, meaning that upon the death of one tenant, their share automatically transfers to the remaining joint tenants. The four unities are essential for establishing this form of ownership. Unity of time means that all owners must acquire their interest at the same time. Unity of title indicates that all owners must hold their interest through the same legal document. Unity of interest requires that all owners have an equal interest in the property. Lastly, unity of possession means that all owners must have the right to possess the entire property, not just a specific part of it. These requirements ensure that joint tenancy has a specific legal and financial structure that differentiates it from other types of ownership, which do not necessarily impose all four unities. For instance, in tenancy in common, each owner can hold different percentages of the property and can acquire their interests at different times, which breaks the unity of time and unity of interest. Community property is a form of ownership typically between spouses and has its own specific legal framework, not requiring the same unities as joint tenancy.