Chapter 8: Forms Of Real Estate Ownership Flashcards Preview

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Flashcards in Chapter 8: Forms Of Real Estate Ownership Deck (64):
0

Where title is held by one individual

Severalty

1

Title is held by two or more individuals

Co-ownership

2

Where a third party individual holds title for the benefit of another

Trust

3

Each tenant hold an undivided fractional interest in the property

Tenancy in common

4

Owned by two or more people. Title is held through all the owners, collectively, constitute one unit.

Joint tenancy. Includes right of survivorship

5

How do you create joint tenancy

Created only by the intentional act of conveying a deed or giving the property by will

6

The four unities necessary to create a joint tenancy

Possession
Interest
Time
Title

7

A legal way to dissolve the relationship when the parties do not voluntarily agreed to its termination

Partition

8

Each spouse has an equal, undivided interest in the property

Tenancy by the entirety

9

Based on the idea that a husband-and-wife, rather than merging into one entity, are equal partners in the marriage

Community property

10

A real or personal property that was owned solely by either spouse before the marriage

Separate property

11

A device by which one person transfers ownership of property to someone else to hold our manage for the benefit of a third-party

Trust

12

An association of two or more persons who carry on a business for profit as co-owners

Partnership

13

All the partners participate in the operation and management of the business and share full liability for business losses and obligation

General partnership

14

Consist of one or more general partners as well as the limited partners

Limited partnership

15

A legal entity created under the authority of the laws of the state from which it receives its charter

Corporation

16

Two or more people are ferns join together to make and operate a real estate investment

Syndicate

17

Formal partnership in which two or more people are firms carry out a single business project

Joint venture

18

Combines the most attractive features of the limited partnerships and corporations

Limited liability company

19

The unit owners own a specified share of the undivided interest in the remainder of the building and land

Common elements

20

The owner of each unit holds a fee simple title to the unit

Condominium

21

A corporation holds title to the land and building. The corporation offer shares of stocks to prospective tenant's

Cooperative

22

The purchaser becomes a shareholder in the corporation by virtue of the stock ownership to the apartment for the life of the corporation

Property lease

23

The four unities of possession, interest, time, and title are associated with what?

Joint tenancy

24

What is the difference between tenancy in common and joint tenancy?

Tenancy in common is an inheritable estate; joint tenancy is characterized by the right of survivorship

25

Three women were concurrent owners of a parcel of real estate. When one woman died, her interest, according to her will, became part of her estate. The deceased was?

Tenant in common

26

A legal arrangement under which the title to real property is held to protect the interest of a beneficiary is a what?

Trust

27

A man purchases an interest in the house. He is entitled to the right of possession only between July 10 and August 4 of each year. What type of ownership did the man purchase?

Timeshare estate

28

Because the corporation is a legal entity real estate owned by it is owned in?

Severalty

29

What is the form of coownership?

Joint tenancy

30

A married couple owns a mansion with the right of survivorship there's is most likely?

And estate by the entirety

31

Two people are co-owners of a small office building with the right of survivorship. One of the co-owner dies intestate and leaves nothing to be distributed to his heirs. What would explain why the second co-owner acquired the deceased interest

Joint tenancy

32

What best prove someone's right to live in a cooperative

Shareholder stock certificate

33

What applies to both joint tenancy and tenancy by the entirety?

The survivor becomes a Severalty owner

34

If property is held by two or more owners as tenants with survivorship rights, the interest of a deceased cotenant will be passed to the?

Surviving owners

35

How does the cooperative obtain the funds necessary to cover ongoing operating expenses and mortgage payments?

Assesses shareholders

36

The owner of a condominium did not pay the monthly maintenance fee what would most likely occur?

Homeowners association will place a lien against the unit

37

What is true about condominium ownership?

Limited common element cannot be sold separately

38

Person purchases a fee simple estate and has an undivided interest in common elements. What does this person own?

Condominium

39

Acquisition of real estate by a group that includes one or more sponsors and several investors is called?

Syndication

40

Tenancy with survivorship means?

The tendency interest may be held by the remaining tenants upon death

41

Two men and a woman are joint tenants. The woman sells her interest to her sister. What is the relationship of the sister and the two men?

Tenants in common

42

Under the condominium form of ownership, the owners interest in the unit would normally be?

A fee simple estate

43

The Severalty owner of a parcel of land sells it to a buyer. The buyer insist that the owners wife join and signing the deed. The purpose of obtaining the wife's signature is too?

Terminate any rights the wife may have in the property

44

Woman no longer needs a large house, and she decides to sell her house and move into cooperative apartment building. In a cooperative if she will?

Become a stockholder in the corporation

45

In a limited partnership?

The General partners run the business

46

What do the terms general partnership, limited partnership, and corporation have in common?

They represent possible forms of ownership by real estate by business organizations

47

Property held as tenancy by the entirety requires?

Must be husband-and-wife

48

The owner of the condominium unit learned that a neighbor has failed to pay his real estate taxes. If the neighbor does not pay the taxes?

A lien can be filed against the neighbors unit and his percentage of the common elements

49

Joint tenancy with right of survivorship maybe created?

By deed

50

A person owns one unit in a multiunit structure together with the specified undivided interest in the common elements. The ownership interest is best described as?

Condominium

51

To create a joint tenancy relationship in the ownership of real estate, there must be unities of?

Possession

Time

Interest

Title

52

Under the community property laws of the state in which they live, a husband and wife may do all of the following?

Each also own separate property

Not convey community property without the other's consent

Not encumbered community property without the other's consent

53

A community property state, separate property is owned?

Solely by either spouse before the marriage or acquired by gift or inheritance by either spouse during the marriage

54

In a gift of parcel of real estate, one of the two owners was given an undivided 60% interest and the other received an undivided 40% interest. The two owners hold their interest as?

Tenants in common

55

Equal rights of possession or characteristic of what?

Tenancy in common

Tenancy by the entirety

Joint tenancy

56

A man and woman owned a combination apartment building with a smaller bar and Grill on the premises. They share their profits and losses on their venture equally, but they did not own the business under any written partnership agreement. One day, the woman died of a heart attack. If, after her death, the man continue to own the same undivided interest in the real estate as he did before her death and no more, then?

They were tenants in common

57

Three people are joint tenants who own a parcel of land. The first person conveys his interest to a longtime friend. After the conveyance, the remaining two people?

Remain joint tenants owning a two thirds interest

58

An ownership interest that is based on annual occupancy intervals is?

Timeshare

59

A man and woman are co-owners of a fee simple interest in a small office building. The man dies intestate and leaves no estate to be distributed to his heirs. The woman is neither related to the man nor a creditor of him. What would explain why the woman acquired his interest in the property?

Joint tenancy

60

A woman lives in a multiunit building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, the woman owns stock in the corporation and has a lease to her apartment. This type of ownership is called?

Cooperative

61

Trust is a legal arrangement in which the title to property is held for the benefit of a third-party it by?

trustee

62

The owner of a fee simple estate who conveys the real estate but reserve the life estate in the entire property for himself has a?

Reversionary interest

63

Two people bought a store building and took title as joint tenants. One died testate. The other now owns the store?

In servality