CHAPTER ONE TYPES OF OWNERSHIP Flashcards
____ PROPERTY- Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.
Community Property
rIGHT OF ____- The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.
Right of Survivorship
___ tenancy- Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant. EQUAL SHARES
HAS RIGHT TO SURVIVORSHIP - DOESN’T GO TO HEIRS GOES TO OTHER TENANT
Joint Tenancy
Tenancy in ____- Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interest need not be equal. UNEQUAL SHARES
NO RIGHT TO SURVIVORSHIP - IT GOES TO THEIR HEIRS
Tenancy in Common
Tenancy by the ___- Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon death of one spouse it becomes the property of the survivor. HAS RIGHT TO SURVIVORSHIPS- GOES TO HUSBAND - NOT CHILDREN
Tenancy by the Entireties
What are the four unities to joint tenancy?
possession
interest
time
title
___ - A division of real or personal property or the proceeds therefrom among co-owners.
Partition
termination of co-ownership by partition
CONDO
____- an estate in real property wherein an owner owns interest in a single apartment/unit, and a shared interest in the common areas of the building. They pay maintenance fees.
condo
A condo is considered ___ property. Each owner receives a deed at closing.
Each owner owns their particular unit.
real
Co-ops
_____- An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of stock in the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building.
___of___- co op owners do not own their apartment unit, or the building itself, but instead own __of___ in the corporation that owns cooperative building. considered ___ ___ not real property.
has a ___ lease- coop owners are allowed to occupy their apartment unit through this type of lease.
cooperative
shares of stock
personal property
proprietary
The legal document that an owner executes is sometimes called the master deed within the county where the property is located. It divides the property into separate parcels.
Each owner owns a __ simple title- to their unit.
Declaration of condominium
fee simple title
Condos have to pay maintenance fees because they own interest in the common areas as well. The condos are managed by a group of condo owners called the __ __ association
Home owners
People who want to live in a co op either buy their shares outright, or take out a ___ loan, which is similar to a mortgage
share
Co-ops are managed by a ___ of ___.
Board of Directors
___ ___- A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.
Time-Share - pay a maintenance fee too. Can switch destinations as well.
