Ownership Types Flashcards Preview

Real Estate Sales Exam > Ownership Types > Flashcards

Flashcards in Ownership Types Deck (21):
1

A process designed to determine if a seller of property has salable interest, any restrictions or allowance for a property or any liens/foreclosurers.

Title search

2

A 'chain' of transfers of a title to a proper. This usually involves an investigation of previous owners up to the current owner.

Chain of title

3

An alphabetic list of purchasers of the property.

Grantee index

4

An alphabetical list of sellers of the property.

Grantor index

5

A form of ownership in which the tenant owns the property without being joined in interest with another party.

Estate in severalty

6

A form of ownership in which two parties possess the property simultaneously, created by a deed, final will or court order.

Tenancy in common

7

A form of ownership in which two parties own an undivided interest in the property.

Joint Tenancy

8

With joint tenancy, the right of survivorship is ________. This means that a co-owner cannot designate a new owner to take over his interest when he dies. Instead, the surviving co-owner will automatically take over the decent's interest.

Applicable.

9

Unity of ____. Interest acquired by both tenants at the same time.

Unity of time

10

Unity of _____. Interests held by co-owners from the same property.

Unity of title

11

Unity of ________. Both tenants have the same interest in the same property.

Unity of interest

12

Unity of __________. Both tenants have the same right to the property.

Unity of possession

13

A form of ownership commonly defined as property owned by spouses.

Community property

14

T/F
All real and personal property acquired during the marriage is considered community property, as is any separate property that is commingled with community property. Exceptions exist for property acquired through gift/inheritance.

True.

15

Quasi-community property.

Property acquired out of state by persons relocating to California after remarrying out of state is considered quasi-community property.

16

A property contract in which two people enter ownership equally together, each sharing profits and losses from the property.

Partnerships

17

Similar to a partnership, usually involves a 'project' and is normally set for a limited amount of time.

A joint venture

18

Basic form of partnership; an association of people or unincorporated company that creates an agreement formed by two or more people and all parties are responsible for action, debts, and liability that occurs on the property.

General partnership

19

A partnership in which only one person is required to be a general partner, but both parties share in profits, debts and liability from the property.

Limited partnership

20

A legal entity that has been incorporated and holds equal rights and liability for the property through a charter.

Corporations

21

A form of common law ownership; very popular in common law countries but still has restrictions by the government, such as taxation, police power and liability.

Fee simple estate