Flashcards in N12 Taking Title Deck (41)
The three ways in which property ownership is transferred are:
b. Involuntary Alienation
c. Voluntary Alienation
The court that oversees the distribution of a deceased person’s property.
When a person dies with a will, he/she is said to have died _____.
When a person dies without a will, he/she is said to have died ______.
The person named in a will to carry out the decedent’s wishes.
A person appointed by the court to oversee the distribution of a deceased person’s estate is an ___.
Administrator (Clue: APPOINTED BY COURT)
A will that is completely handwritten.
An oral will.
A gift of real property through a will.
(Clue: Not to be confused with Demise which is another name for a lease.)
Title by Descent
When an heir inherits real property from a person who died intestate.
A gift of personal property through a will.
Bequest aka Legacy
Forced Transfer of property.
Three ways in which a property may be transferred involuntarily are:
a. Eminent Domain
c. Adverse Possession
An uncoerced transfer of real estate.
Ownership of property by one person.
Severalty Ownership or Sole and Separate Ownership
When a person who owned property in severalty dies, that person’s estate is distributed through _____.
Shared ownership by two or more persons who have created the right of survivorship is ______ aka _______.
Joint Tenancy, Joint Tenancy with Rights of Survivorship (JTWRS)
Creating the automatic right of survivorship in a property ownership means that upon the death of one person, that person’s interest goes to _______ without _______.
Surviving Tenants, Probate
The four unities of joint tenancy can be abbreviated TTIP which stands for:
Corporations, LLCs and other legal entities cannot take title as JTWRS because they _______.
Do not die
A joint tenant ___ convey his/her interest without the permission of the other joint tenants.
If two people own as joint tenants and one transfers his/her interest to another party, the joint tenancy is _________, and the third party is a ____________ with the other owner.
Broken, Tenant in Common
In Arizona, real property acquired by a married couple is considered to be ____________.
In order to sell community real property, __________ must sign the deed.
If property was held as community property, at the death of one spouse his/her interest passes to _______________.
The Deceased Spouse’s Heirs
The type of community property ownership that allows a deceased spouses interest to pass automatically to the surviving spouse without probate is _________________________.
Community Property with Rights of Survivorship (CPWRS)
Ownership of property by two or more legal or natural persons, which does not have the right of survivorship is ___________.
Tenancy in Common
Although the four unities required for joint tenancy may be present, the only unity of ownership required for tenancy in common is ___________.
Advising buyers on how they should take title to property could be considered to be the___________________.
Illegal Practice of Law