Ch 6-8 Flashcards
(120 cards)
1
Q
Section 443 of Real Property Law requires licensee to provide agency disclosure form to potential clients under what circumstances
A
Listing agent must provide the agency disclosure prior to entering into a listing agreement
A seller’s or landlord’s agent must provide the disclosure to a buyer, buyer’s agent, tenant or tenant’s agent at the time of first substantive contact
A buyer’s or tenant’s agent must provide the disclosure to the buyer or tenant prior to entering into a buyer’s agency agreement
A buyer’s or tenant’s agent must provide the disclosure to a seller, seller’s agent, landlord or landlord’s agent at the time of first substantive contact
2
Q
Exclusive right to sell listing agreement
A
the broker has the exlusive right to market the property for a specified period of time. If the property sells while the broker has the listing, the seller must pay the agreed upon commission, regardless of who actually procured the buyer
3
Q
Exclusive agency listing agreement
A
gives a broker the right to market and sell a property for a specified time period, while the owner retains the right to find a buyer and sell the property without owing the broker a commission. Allows owner to sell property outright w/o commission owed
4
Q
Net Listing
A
is not a type of listing agreement. In a net listing an owner sets a minimum amt that he wants to receive from the sale of the property and lets the broker have as commission any amt above the set minimum. Net listings are illegal in many states, including NY
5
Q
Multiple Listing
A
is not a listing type. It refers to a multiple listing service (MLS), which is an organization of brokers within a specified geographical area who agree to distribute and share listing info
6
Q
Exclusive right to rent
A
agreement gives the broker the exclusive right to rent a property for a specified commission, which will be paid at either the execution of the lease or at the time of occupancy even if the owner or someone else rents the property
7
Q
Exclusive right to represent
A
buyer’s agency or buyer’s broker agreement
8
Q
First substantive contact
A
buyer/seller begin to discuss needs
Licensees are required to provide an agency disclosure form
agent must give a copy of the signed agency disclosure to the sller, buyer, landlord or tenant, and the agent must keep a copy of the signed document for at least 3 years
9
Q
if buyer, seller, landlord or tenant refuses to sign the disclosure form, the licensee should
A
Note the names of the consumer buyers or tenants
Note the date, time and reason for refusal
Show the property
Upon return to the office, complete a declaration form to document the refusal, keep a copy of the form and give a copy to the broker who will keep it on file for atleast 3 years
10
Q
Someone who is selling property which has any of the following conditions must provide written notice of the conditions to the prospective purchaser or the purchaser’s agent prior to accepting a purchase offer. These conditions include
A
No utility electric service
An electric or gas utility surcharge assessed for the purpose of defraying the costs of extending service to that property
A known uncapped natural gas well
A property that is located partially or wholly within a state-mandated agricultural district
11
Q
Sellers and their agents do not have to disclose info regarding the following
A
Occupants have AIDS or any other illness that is not transmitted through the occupancy of the dwelling
Properties where a death occurred due to natural causes, accidents, suicide, or murder, or where any crime occurred that is punishable as a felony
12
Q
Property disclosure statement
A
Every seller of residential real estate property must complete and sign and see that it is delivered to a buyer or the buyer’s agent prior to accepting of a purchase offer
A copy of disclosure signed by both parties must be attached to the purchase contract. IF the seller fails to provide the form to the buyer before the buyer signs the contract, the buyer will receive a $500 credit against the purchase price of the property at closing
Basement seepage under mechanical systems and services
NYC was infested with bed bugs-bed bugs disclosure
13
Q
where do licensees get the listing forms they use in their office
A
most of these forms are provided by the local real estate board
14
Q
what must an owner do if he or she does not want the cooperating broker present when the listing broker presents an offer
A
the owner must give the listing broker a letter stating that he or she does not want cooperating brokers present. The broker can then give a copy of that letter to any cooperating broker who obtains a purchase offer
15
Q
what does the rental property paragraph of a listing agreement do
A
the paragraph gives the broker the exclusive right to rent the property and receive a commission for doing to, if the owner decides to rent it during the term of the listing agreement
16
Q
what does the non-exclusive paragraph of an open listing state
A
the owner is retaining the right to sell the property him or herself and owe the broker no commission. It also states the owner’s right to list the property with other brokers
17
Q
what is another name for the exclusive right to rep agreement
A
buyer’s agency or buyer’s broker agreement
18
Q
what does the in house sales paragraph of the exclusive right to represent agreement say
A
describes the fact that if the buyer client is interested in any property that is listed by the same broker who reps the buyer, there is conflict. It goes on the explain in detail the options the buyer would have if this situation comes up
19
Q
when does a fist substantive contact with a potential client take place
A
the first substantive contact takes place when the parties come together and share details and info about a property
20
Q
how long must an agent keep the signed copy of the agency disclosure form
A
3 yrs
21
Q
give an example of a situation in which an agent can change his or her agency designation with a client
A
with a client consent, a buyer agent can become a dual agent for a sale involving one of his or her own listings
22
Q
what does the seller’s statement paragraph of the property condition disclosure form stipulate
A
that anything contained in the statement is based on the seller’s actual knowledge at the time of signing
23
Q
When broker pays employees has to withhold
A
has to withhold fed and state taxes and social security taxes from wages
24
Q
independent contractor
A
hired to perform certain acts but the broker cannot control how the salesperson performs those acts.
EX cannot dictate working hours or require salesperson to have office duty at specific times or attend meetings
Salesperson working as contractor paid by the job commission. Usually pay own expenses and provide their own tools. pay own income tax, self employment taxes, ss tax and medicare tax. cannot receive things that employees would receive from broker such as health insurance paid sick days or pension
25
NY Regualtion 175.21
brokers are required to supervise salespeople regardless if they are independent contractors or not
26
safe harbor test
Fed law and nys require written agreement between broker and licensee
The licensee's gross income, including that which results from sales and all other output (including performance of services) must be based on production and not on hours worked
The broker and licensee must have drawn up their written independent contractor agreement within the past 15 months
The written agreement must not have been signed under duress
27
if IRS audit finds saleperson is not a contractor
broker will be liable for state and fed unemployment insurance premiums works comp and disability insurance. Broker will also have to withhold fed and state taxes including ss taxes. In addition the broker could incur stiff tax penalties as a result of incorrect classification
28
broker files what for independent contractor
has to file yearly the irs form 1099-misc for any independent contractor licensee who earns more than $600
29
DOS REgulation 175.23
requires each licensed broker to keep and maintain record of each transaction effected through his office concerning the sale or mortgage of 1-4 family dwellings for a period of 3 yrs
30
what are the three common-law categories that determine the level of control an employer has
behavioral
financial
type of relationship
31
for how long is an independent contractor agreement valid
it is valid for 15 months although it is a good idea to review and modify it yearly
32
list 4 conditions that must be part of an independent contractor agreement
The broker will not treat the licensee as an employee for federal or state tax purposes
The licensee can work whatever hours he or she chooses to work
The licensee can work from home or come to the office at his or her own discretion
The licensee may take on outside employment
33
bundle of rights
attached to the ownership of that parcel. these rights have value and can be sold. including minerals beneath the earths surface, water on or below the earths surface and air above the surface
34
real estate vs real property
REAL ESTATE is not only made up of land but also all of the man-made structures that are permanately attached to the land
REAL PROPERTY is the real estate and the bundle of rights associated with owning the real estate
35
Littoral rights
concern properties that border bodies of water that are not moving such as lakes bays seas and oceans. owners of properties bordering a navigable non moving body of water enjoy the littoral right of unrestricted use but own the land only up to the high-water mark
36
riparian rights
concerns properties that border moving water such as streams and rivers. if the property borders a non-navigable stream the owner enjoys restricted use of the water and owns the land beneath the stream to the streams midpoint. If the property borders a navigable stream the stream is considered to be a public easement and the owners property extends only to the hight water mark
37
chattels or personalty
personal property item that has been permanately attached to land or a building is called a-fixture and it becomes part of the real estate. trade fixtures are items of a tenants personal property that the tenant has temporarily attached to a landlords real property in order to conduct business
38
freehold estate
A freehold estate is an estate in which ownership is for an undefined length of time.
3 KINDS: fee simple absolute, fee simple defeasible, a life estate
39
leasehold estate
has a definite ending date. it involves landlords and tenants
40
fee simple estate
is the highest form of ownership interest one can acquire in real estate.
FEE SIMPLE ABSOLUTE is a perpetual estate that is not conditioned by stipulated or restricted uses. can be freely passed on the heirs
FEE SIMPLE DEFEASIBLE has conditions attached to them. the property must be used for a certain purpose or under certain conditions and if the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate. 2 types of DEFEASIBLE ESTATES: QUALIFIED FEE SIMPLE and FEE SIMPLE ON CONDITION
41
life estate
A life estate is an interest in real property, which is held for the duration of the life of a designated person. It may be limited by the life of the person holding it or by the life of another person.
42
in severalty
if a single party owns the fee or life estate
43
tenancy in common
allows an owner the greatest flexibility to transfer the property as he or she wants. Each co-tenant in a tenancy in common has an interest in the property and is free to transfer this interest during life or through a will. The co-tenants can have different ownership interests; for example, three owners could own 5 percent, 35 percent and 60 percent of the property, respectively, as tenants in common. Each tenant can sever their relationship with the other tenants by conveying their interest to another party. This third party then becomes a tenant in common with the other owners.
44
co-tenants
can sell encumber or transfer their interests without hindrance or consent from the other owners. Tenants in common determine among themselves what share of the estate each party will own. A deceased co-tenants estate passes by probate to the decedents heirs and devisees rather than to the other tenants in common
45
joint tenancy
must have equal ownership interests in the property. So, three owners would each have a one-third interest in the property. If one of the joint tenants dies, his or her interest immediately ceases to exist and the remaining joint tenants own the entire property. The advantage to joint tenancy is that it avoids having an owner's interest probated upon his death. A disadvantage to both joint tenancy and tenancy in common, however, is that creditors can attach the tenant's property to satisfy a debt. So, for example, if a co-tenant defaults on debts, his creditors can sue in a "partition proceeding" to have the property interests divided and the property sold, even over the other owners' objections.
46
tenancy by the entirety
is available only to married or, where applicable, civilly united couples. Tenancy by the entirety is based on the societal value of protecting the family. One tenant cannot convey her interest on her own, unlike with the other tenancies. Upon the death of one spouse, his interest automatically passes to the other spouse, as with joint tenancy, and the creditors of one spouse cannot attach the property or force its sale to recover debts unless both spouses consent. Creditors may place a lien on property held in tenancy by the entirety, but they are out of luck if the debtor dies before the other spouse, who will take ownership of the property free and clear of the debt. This is why both husband and wife are required to sign the mortgage on their property for the mortgage to be valid. Unmarried couples who buy property and subsequently marry each other should re-title the deed as tenants by the entirety to avail themselves of the greater protections this form of tenancy offers.
47
sole proprietorship
is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts
48
partnership
is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business
49
joint venture
is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets.
50
corporation
is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.
51
llc
is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation.
52
syndicate
s a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, to pursue or promote a shared interest. In most cases formed groups aim to scale up their profits.
53
real estate investment trust
a company that owns, and in most cases, operates income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands. Some REITs also engage in financing real estate. were designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.[2] REITs are strong income vehicles because REITs must pay out at least 90 percent of their taxable income in the form of dividends to shareholders
54
condominium
a hybrid form of ownership of multi-unit residential or commercia properties. it combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, as a tenant in common of the entire propertys common elements such as lobbies swimming pools and hallways. a condo unit is one airspace unit together with the associated interest in common elements
Can be owned jointly or in serveralty in trust or in any other manner allowed by state law. unit owners hold an exlusive interest in their individual apartments and co-own common elements with other unit owners as tenants in common
55
cooperative or co-op
the person shares in a non-profit corporation or cooperative assoc, which in turn acquires and owns an apartment building as its principal asset. along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units
The number or shares purchased reflects the value of the apt unit in relation to the propertys total value. the ratio of the units value to toal value also establishes what portions of the propertys expenses the owner must pay
56
what are 3 characteristics of land
immobile
indestructible
non-homogeneous or unique
57
what are the 3 characteristics of land
immobilor permanent
indestructible
non-homogeneous or unique
58
define the right to use and describe its limitations
refers to the right to use it in certain ways such as mining cultivating landscaping and building on the property. the right is subject to the limitations of local zoning and the legality of the use. one's right to use may not infringe on the rights of others to use and enjoy their property
59
what are the legal tests that determine if an item is a fixture
method of annexation
adaptability
intention
existence of agreement
60
define special purpose of real estate and give an example
property that has a unique use to the persons who own and use it, such as churches, hospitals, schools and govt buildings
61
what 5 economic characteristics affect the value of land in the marketplace
```
improvements
location
supply and demand
scarcity
permanence of investment
```
62
what is undivided interst
is an owners interest in a proeprty in which 2 or more parties share ownership. the owners interest is in a fractional part of the entire estate, not in physical portion of the real property itself
63
what are the 3 main forms of ownership
in severalty-held by only one owner
in co-ownership-held by 2 or more people
in trust-held by a third party for the benefit of someone else
64
in a limited partnership what is the liability difference between a general partner and a limited partner
limited partners are liable only to the extent of their investment. general partners have unlimited liablity
65
list 4 key things about corporations
can own property in the corporate name
shareholders of a corporation have limited liability and do not participate directly in managing the corp
shareholders elect directors, who are the ones responsible for setting corporate policy. the directors hire corporate officers, who operate the corporation
66
tenancy in common vs joint tenancy
Basically, joint tenancy pertains to a home ownership in which each party is on the home title and has equal interest in the property. An example of a joint tenancy is the ownership over a house by a married couple. In this situation, each of the spouses have equal share and interest over the house. In case of divorce, each spouse may sell his or her share in the property. Once there is a sale, the joint tenancy becomes tenancy in common.
Tenancy in common, on the other hand, refers to ownership over a certain property by two individuals without any right of survivorship. They are co-owners of the property and their shares and interest over said property are equal. However, there are also situations in tenancy in common when the parties do not have equal shares. The sharing scheme shall depend entirely on the stipulation of the parties.
67
What is the suggested length of time for a contractor's agreement?
12 months
68
Which right allows a property owner to prosecute trespassers?
Right to exclude
69
Which of the following best describes personal property?
Is readily moveable from one location to another
70
listing agreement
a legally binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction
Most are bilateral (both parties have to do something) employment contracts
Must be in writing to be enforceable...
71
open listing
non-exclusive contract which gives the seller or buyer the right to engage any number of brokers as agents. But only the one broker who brings the ready, willing and able buyer to the seller or who finds the right property for a buyer will receive the commission.
Unilateral Contract
72
What is the major difference between an exclusive right to sell listing and an exclusive agency listing?
With exclusive right to sell, the broker has the exclusive right to market the property and receive a commission regardless of who procures the buyer. With exclusive agency, the owner retains the right to find a buyer and sell the property and owe the exclusive broker no commission.
73
In an exclusive right to sell agreement, under what conditions will the seller still owe the broker a commission within a specified time period after the agreement expires?
If the owner sells the property to someone to whom the broker showed the property during the term of the listing agreement.
74
What must an owner do if he or she does not want the cooperating broker present when the listing broker presents an offer?
The owner must give the listing broker a letter stating that he or she does not want cooperating brokers present. The broker can then give a copy of that letter to any cooperating broker who obtains a purchase offer.
75
What does the Rental of Property paragraph of a listing agreement do?
This paragraph gives the broker the exclusive right to rent the property and receive a commission for doing so, if the owner decides to rent it during the term of the listing agreement.
76
What does the non-exclusive paragraph of an open listing state?
It states that the owner is retaining the right to sell the property him or herself and owe the broker no commission. It also states the owner's right to list the property with other brokers.
77
In an exclusive right to rent agreement, under what conditions will the broker receive a commission?
The owner will pay the broker a commission at either the execution of the lease or at the time of occupancy, even if the owner or someone else rents the property.
78
What is another name for the exclusive right to represent agreement?
Buyer's agency or buyer's broker agreement.
79
What does the In-House Sales paragraph of the exclusive right to represent agreement say?
This paragraph describes the fact that if the buyer client is interested in any property that is listed by the same broker who represents the buyer, there is a conflict. It goes on to explain in detail the options the buyer would have if this situation comes up.
80
When does a first substantive contact with a potential client take place?
The first substantive contact takes place when the parties come together and share details and information about a property.
81
How long must an agent keep the signed copy of the agency disclosure form?
3 years
82
What should a licensee do if a buyer, seller, landlord or tenant refuses to sign the disclosure form?
Note the names of the consumer buyers or tenants.
Note the date, time and reason for refusal.
Show the property.
Upon return to the office, complete a declaration form to document the refusal, keep a copy of the form and give a copy to the broker who will keep it on file for at least three years.
83
Give an example of a situation in which an agent can change his or her agency designation with a client.
With client consent, a buyer agent can become a dual agent for a sale involving one of his or her own listings.
84
What must a person do who is selling property that has no utility electric service?
Provide written notice of that fact to the prospective purchaser or the purchaser's agent prior to accepting a purchase offer.
85
What kinds of information are sellers NOT required to disclose about a property?
Sellers do not have to disclose information regarding the following:
Occupants who have AIDS or any other illness that is not transmitted through the occupancy of a dwelling.
Properties where a death occurred due to natural causes, accidents, suicide, or murder, or where any crime occurred that is punishable as a felony.
86
What happens if a seller fails to provide a Property Condition Disclosure form to a buyer before the buyer signs the contract?
The buyer will receive a $500 credit against the purchase price of the property at closing.
87
What does the Seller's Statement paragraph of the Property Condition Disclosure form stipulate?
That anything contained in the statement is based on the seller's actual knowledge at the time of signing.
88
Section 443 of the Real Property Law requires that licensees provide the agency disclosure form to potential clients in any transactions that involve residential real property. The disclosure must be presented under the following circumstances:
The listing agent must provide the agency disclosure to a seller or landlord prior to entering into a listing agreement.
A seller's or landlord's agent must provide the disclosure to a buyer, buyer's agent, tenant or tenant's agent at the time of first substantive contact.
A buyer's or tenant's agent must provide the disclosure to the buyer or tenant prior to entering into a buyer's agency agreement.
A buyer's or tenant's agent must provide the disclosure to a seller, seller's agent, landlord or landlord's agent at the time of first substantive contact.
89
A person or company that is selling property which has any of the following conditions must provide written notice of the condition(s) to the prospective purchaser or the purchaser's agent prior to accepting a purchase offer. These conditions include:
No utility electric service
An electric or gas utility surcharge assessed for the purpose of defraying the costs of extending service to that property
A known uncapped natural gas well
A property that is located partially or wholly within a state-mandated agricultural district
90
Sellers and their agents do not have to disclose information regarding the following:
Occupants who have AIDS or any other illness that is not transmitted through the occupancy of a dwelling.
Properties where a death occurred due to natural causes, accidents, suicide, or murder, or where any crime occurred that is punishable as a felony.
91
What does Regulation 175.21 require brokers to do?
Brokers are required to supervise any salespeople that they employ, regardless of their status as employee or independent contractor.
92
For how long is an independent contractor agreement valid?
It is valid for 15 months, although it is a good idea to review and modify it yearly.
93
How long must a broker maintain records of all sales transactions and any mortgage loan transactions he or she may be a part of?
Three years.
94
What is the difference between littoral rights and riparian rights?
Littoral rights concern properties that border bodies of water that are not moving.
Riparian rights concern properties that border moving water such as streams and rivers.
95
What is an undivided interest?
An undivided interest is an owner's interest in a property in which two or more parties share ownership. The owner's interest is in a fractional part of the entire estate, not in a physical portion of the real property itself.
96
What is the highest form of ownership interest one can acquire in real estate and why?
Fee simple estate. It includes the complete bundle of rights and the tenancy is unlimited.
97
What are the essential characteristics of fee simple defeasible estates?
The property must be used for a certain purpose or under certain conditions.
If the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate.
98
How is a life estate different from a fee simple estate?
A life estate is limited in duration to the life of the owner or other named person. When the life tenant dies, the estate passes to the original owner or another named party. The life tenant does not have the right to pass ownership to his or her heirs.
99
What are the three main forms of ownership?
In severalty - Held by only one owner.
In co-ownership - Held by two or more people.
In trust - Held by a third party for the benefit of someone else.
100
What business forms can syndication take?
Limited Partnership
General Partnership
Corporation
Real Estate Investment Trust
101
Real estate
is not only made up of land, but also all of the man-made structures that are "permanently" attached to the land.
102
Real property
is the real estate and the bundle of rights associated with owning the real estate.
103
The bundle of real property rights also applies separately to the individual components of real estate: the air, the surface, and the subsurface. Because of this, it's possible for one parcel of property to be owned by a number of persons or entities:
One person or entity could own the surface rights.
One person or entity could own subsurface mineral rights.
One person or entity could own subsurface gas and oil rights.
One person or entity could own the air rights.
104
Littoral rights
concern properties that border bodies of water that are not moving, such as lakes, bays, seas and oceans. Owners of properties bordering a navigable, non-moving body of water enjoy the littoral right of unrestricted use, but own the land only up to the high-water mark.
105
Riparian rights
concern properties that border moving water such as streams and rivers. If the property borders a non-navigable stream, the owner enjoys unrestricted use of the water and owns the land beneath the stream to the stream's midpoint. If the property borders a navigable stream, the stream is considered to be a public easement and the owner's property extends only to the high-water mark
106
chattels or personalty
Personal property
107
fixture
A personal property item that has been permanently attached to land or a building is called a fixture and it becomes part of the real estate
108
Trade fixtures
are items of a tenant's personal property that the tenant has temporarily attached to a landlord's real property in order to conduct business.
109
freehold estate
has no definite ending date. The estate lasts at least a lifetime, because the property can be willed to a person's heirs.
110
leasehold estate
has a definite ending date. It involves landlords and tenants.
111
fee simple estate
is the highest form of ownership interest one can acquire in real estate. The fee simple absolute estate is a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.
112
Fee simple defeasible
estates have conditions attached to them. The property must be used for a certain purpose or under certain conditions and if the use changes or if prohibited conditions are present, the estate reverts to the previous grantor of the estate. There are two types of defeasible estates: qualified fee simple and fee simple on condition.
113
life estate
is a freehold estate that is limited in duration to the life of the owner or other named person. Upon the death of the owner or other named individual, the estate passes to the original owner or another named party. The distinguishing characteristics of the life estate are:
The owner enjoys full ownership rights during the estate period.
Holders of the future interest own either a reversionary or a remainder interest.
The estate may be created by agreement between private parties or it may be created by law under prescribed circumstances.
114
in severalty
if a single party owns the fee or life estate, the ownership is an estate (ownership)
115
Tenancy in common
is the most common form of co-ownership when the owners are not married. Co-tenants share an indivisible interest in the estate. All tenants in common have distinct and separable ownership of their respective interests.
Co-tenants may sell, encumber, or transfer their interests without hindrance or consent from the other owners. Tenants in common determine among themselves what share of the estate each party will own. A deceased co-tenant's estate passes by probate to the decedent's heirs and devisees rather than to the other tenants in common.
116
joint tenancy
two or more persons collectively own a property as if they were a single person. Rights and interests are indivisible and equal. Each has a shared interest in the whole property which cannot be divided up
Joint tenants may only convey their interests to outside parties as tenant-in-common interests. One cannot convey a joint tenant interest. If a joint tenant dies, all interests and rights pass to the surviving joint tenants free from any claims of creditors or heirs
117
Tenancy by the entirety
is a form of ownership reserved exclusively for husband and wife. It features survivorship, equal interests, and limited exposure to foreclosure.
In New York, the transfer of property to a married couple is automatically a tenancy by entirety unless the deed says otherwise. If a couple divorces, the tenancy by entirety dissolves and the individuals become tenants in common.
118
joint tenancy vs tenancy in common
Basically, joint tenancy pertains to a home ownership in which each party is on the home title and has equal interest in the property. An example of a joint tenancy is the ownership over a house by a married couple. In this situation, each of the spouses have equal share and interest over the house. In case of divorce, each spouse may sell his or her share in the property. Once there is a sale, the joint tenancy becomes tenancy in common.
Tenancy in common, on the other hand, refers to ownership over a certain property by two individuals without any right of survivorship. They are co-owners of the property and their shares and interest over said property are equal. However, there are also situations in tenancy in common when the parties do not have equal shares. The sharing scheme shall depend entirely on the stipulation of the parties.
unlike tenants in common joint tenants cannot will their interest to a party outside the tenancy.
119
syndicate
s a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, to pursue or promote a shared interest. In most cases formed groups aim to scale up their profits.
120
surface rights include
water rights
