Ch 4 - Forms Of Ownership Flashcards Preview

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Flashcards in Ch 4 - Forms Of Ownership Deck (24)
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1

The right someone has to have the first opportunity to either purchase or lease real property

Right of first refusal

2

A legal way to dissolve a co-ownership when the parties do not voluntarily agree to its termination

Right of partition

3

During the owners lives, title can be conveyed only by a deed signed by both parties. What is this principle called?

Unity or partition

4

When an estate in land is held by one person or a single legal entity; referred to as an estate in severalty or tenancy in severalty

Sole ownership

5

Allows the remaining joint tenants to receive the interest of the deceased tenant

Right of survivorship

6

A joining together of two or more people or firms in order to make and operate a real estate investment; not a legal entity

Syndicate

7

Often called horizontal property acts or strata title acts

Condominium laws

8

What is real estate ownership by a corporation?

Ownership in severalty

9

True or false:

As a legal entity, a corporation exists in perpetuity until it is formally dissolved

True

10

True or false:

The deed creating tenancy in common must state the fractional interest held by each co-owner

False - it may or may not state fractional interest

11

Under a typical cooperative arrangement, title to land and building is held by...

a corporation

12

True or false:

Joint tenancy cannot be implied or created by operation of law

True

13

True or false:

A tendency by their entirety can be created by operation of law

False - it is held by a corporation

14

Establishes the legality of the limited partnership form and also provides that realty may be held in the partnership name

Uniform partnership act

15

True or false:

Title to real estate can also be held in a trust

True

16

True or false:

Stock does not count as personal property

False

17

What are the two kinds of partnerships?

General partnership and limited partnership

18

Under a typical cooperative arrangement, who holds title to land and building?

Corporation

19

A married couple owns as tenants by entireties and gets divorced. Because they both still own interest they would automatically become tenants in common. What is this an example of?

Changing tenancy

20

What are the three types of co-ownership?

- tenancy in common
- joint tenancy
- tenancy by entirety

JEC - joint, common, entirety

21

What are the four unities required to create a joint tenancy?

Unity of...
Possession
Interest
Time
Title

Unity of PITTs

22

The purchaser of stock becomes a stockholder of the corporation and, by virtue of that stock ownership, receives a _________ To his or her apartment for the life of the corporation

Proprietary lease

23

Joint ventures are characterized by a __________ Resulting from the fact that the joint venturers do not intend to establish a permanent relationship

Time limitation

24

What do all of these have in common:

- The owners must be husband and wife
- The owners have rights of survivorship
- during the owners lives, title can be conveyed only by a deed signed by both parties
- there is generally no right to partition

All characteristics of Tenancy by the entirety