Transfer and Ownership Interest 12 Flashcards Preview

AZ Real Estate Agent License 2020 > Transfer and Ownership Interest 12 > Flashcards

Flashcards in Transfer and Ownership Interest 12 Deck (67)
Loading flashcards...
1

At Death when the Decedents Estate is Probated is called?

Inheritance -

At Death when the Decedents Estate is Probated

Chap 12

2

Te____cy in Sev____ty -   Sole and Separate Ownership. 

Ownership By One Person

  1. N_____ or L____ Person, (Corps, Cities, etc)
  2. Probate - Used to Pass Es____ to H___s, at Decedent's Death 

Tenancy in Severalty - Sole and Separate Ownership.

Ownership By One Person

  1. Natural or Legal Person, (Corps, Cities, etc)
  2. Probate - Used to Pass Estate to Heirs, at Decedent's Death.

Severalty - means condition of being separate

Chap 12

3

Join Tenancy - Ownership Shared By (2 or More People), having "Right to Survivorship."

  1. Unities: (T____, T____, In_____ and Pos_____)
  2. Nat_____ Pe____ Only (***No Corps***)
  3. Joint Tenants Interest - Can Be Convey without Permission of Others.
  4. Automatic Right to Sur_______ - No Probate
  5. Joint Interest conveyed becomes - T_____ in C______ which passes to Heirs

Join Tenancy - Ownership Shared by (2 or More People), having "Right to Survivorship."

  1. Unities: (Time, Title, Interest and Possession)
  2. Natural Person Only (***No Corps***)
  3. Joint Tenants Interest - Can Be Conveyed wihout Permission of Others.
  4. Automatic Right to Survivorhip - No Probate
  5. Joint Interest conveyed becomes Tenants in Common whch passes to Heirs

Chap 12

4

C________ Pr_______ -

  1. Property Acquired by Spouses During Marriage.

Seperate Property

  1. Property Received by Gifted or Inherited. If Purchased with Sep_____ F____ or Acquired Prior to MarriageRemains Separate.

Community Property -

  1. Property Acquired by Spouses During Marriage.

Separate Property

  1. Property Received by Gift or Inheritance. If Purchased with Separate Funds or Acquired Prior to MarriageRemains Separate.

Chap 12

5

Community Property  -

  1. Salaries E____ by Either Spouse are Community Property
  2. Each Spouse has __% Interest.
  3. Both Spouses must Si__ to Conv___ Property
  4. At Death Spouse's Half Passes to His/Her H___.

Community Property  -

  1. Salaries Earned by Either Spouse are Community Property
  2. Each Spouse has 50% Interest.
  3. Both Spouses must Sign to Convey Property
  4. At Death Spouse's Half Passes to His/Her Heirs.

Chap 12

6

Com______ Pr_______ with R___ of S________

This Type of Title Allows Deceased Spouses Interest to Pass Directly to Surviving Spouse without Probate

Community Property with Right of Survivorship -

This Type of Title Allows Deceased Spouses Interest to Pass Directly to Surviving Spouse without Probate

Chap 12

7

Tenancy in Common -

  1. Co-Ownership by Two or M____ Persons (Leg__ or Natural) with "No Right to Survivorship."
  2. Each holds Distinct Und_____ Interest
  3. Only Unity is "Pos_____" Necessary
  4. At Decedent's Death his/her Shares Goes to H___

Tenancy in Common -

  1. Co-Ownership by Two or More Persons (Legal or Natural) with "No Right" to Survivorship."
  2. Each holds Distinct Undivided Interest
  3. Only Unity is "Possession" Necessary
  4. At Decedent's Death his/her Shares Goes to H___

Chap 12

8

T______ in C_________

Co-ownership by Two or More Persons with No Right to Survivorship.

  1. Natural or Legal Person can Hold Title
  2. Each Holds a Separate and Distinct Undivided Interest.
  3. Unity is ****Possession*****
  4. At Death Interest goes to Heirs

Tenancy in Common -

Co-ownership by Two or More Persons with No Right to Survivorship.

  1. Natural or Legal Person can Hold Title
  2. Each Holds a Separate and Distinct Undivided Interest.
  3. Unity of Possession
  4. At death Interest goes to Heirs

Chap 12

9

Un_____ Pra____

Advising a Buyer How to Take Title is Considered what?

Unlawful Practice -

Advising a Buyer How to Take Title is Considered Unlawful

Chap 12

10

S__ for P______

Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.

Suit for Partition -

Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.

Chap 12

11

R___ E____ Syn_______ -

Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT's.

Real Estate Syndications -

Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT's.

Chap 12

12

G_______ P__________

In this Partnership, each Partner has F___ L______ for D____ of Partnership. Also Actively M______ the Partnership

General Partnership -

Each Partner has Full Liability for Debts of Partnership.  Also Actively Manages the Partnership

Chap 12

13

L______ P_______ - Composed of General and Limited Partners.

  1. General Partners  - F__ L_____ for Debts and Actively Man____ Parnership
  2. Limited Partners  - Liability Limited to Or_____ Ag________ - Passive Investors (Put Money In)

Limited Partnership -  Composed of General and Limited Partners.

  1. General Partners  - Full Liability for debts - Actively Manages Partnership
  2. Limited Partners  - Liability Limited to Original Agreement - Passive Investors (Put Money In)

Chap 12

14

C________

A Bu_____ Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Sep_____ Entity.

Corporation -

A Business Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Separate Entity.

Chap 12

15

Li_____ Li_____ C______

A Business Entity with Combined Characteristics of L____ Pa______ and certain types of C_______.

Limited Liability Company (LLC) -

A Business Entity with Combined Characteristics of Limited Partnerships and certain types of Corporations.

Chap 12

16

T____ -

Legal Title to Property is Transferred to and M______ by a Tr_____, for the Benefit of B_______.

Trust -

Legal Title to Property is Transferred to and Managed by a Trustee, for the Benefit of Beneficiary.

Chap 12

17

REIT (Real Estate Investment Trust)

A Company with at Least ___ Investors that Own Income Producing Real Estate and provides T__ Favored Treatments to the Investors.

  1. Must Invest at least __% Ass___ in Real Estate
  2. Must Pay Out at least __% Taxable Income to its Shareholders.

REIT (Real Estate Investment Trust) -

A Company with at Least 100 Investors that Own Income Producing Real Estate and provides Tax Favored Treatments to the Investors.

  1. Must Invest at least 75% Assets in Real Estate 
  2. Must Pay out at least 90% Taxable Income to its Shareholders.

Chap 12

18

Securities -

Sale of Interest in Part_______, Cor______, Tr____ and Inv________ Entities would be considered Securities

Securities -

Sale of Interest in Partnerships, Corporations, Trusts and Investment Entities would be considered Securities

Chap 12

19

Securities -

  1. Securities: Partnerships, Corps, Trust, Investment Entities
  2. Regulated by: "B___ S__ L____"
  3. Enforced by: Federal "Securities and Ex_______ Commission (SEC)" and by the "Arizona C___ Commission."
  4. Real Estate Agents need Sec______ License to Sell Interests in these Entities.

Securities -

  1. Securities: Partnerships, Corps, Trust, Investment Entities
  2. Regulated by: "Blue Sky Laws"
  3. Enforced by: Federal "Securities and Exchange Commission (SEC)" and by the "Arizona Corp Commission."
  4. Real Estate Agents need "Securities License" to Sell Interests in these Entities.

Chap 12

20

Probate - Court proceeding that..

  1. Val_____ the Will
  2. Totals A_____
  3. Distributes A_____ to Heirs

Probate -  Court proceeding that...

  1. Validates the Will
  2. Totals Assets
  3. Distributes Assets to Heirs

Chap 12

21

T______ - When Decedent dies with a Will.

  1. C____ validates Will
  2. A____ pass to H___ in W__
  3. T___tor is Person who Makes W___

Testate - When Decedent dies with a Will.

  1. Court validates Will
  2. Assets pass to Heirs in Will
  3. Testator - Person who Makes Will

Chap 12

22

Person Who Makes a Will is?

Testator -

Person Who Makes a Will

Chap 12

23

G_______ P__________

In This Partnership, Each Partner has F___ L______ for D____ of Partnership.

General Partnership -

Each partner has Full Liability for Debts of Partnership.

Chap 12

24

In_______

Decedent dies "Without a Will"

  1. A____ pass to H___ according to Law by Pr____

Intestate -

Decedent dies "Without a Will"

  1. Assets pass to Heirs according to Law By Probate

Chap 12

25

Ad_________/_______trix

Person App______ by Court When No Executor is Named

Administrator/Administratrix -

Person Appointed by Court When No Executor is Named

Chap 12

26

Right of S_________ (JTWRS or CPWRS) -

When at Death of One Joint Tenant or Community Property Co-Owner and His/Her's Int_____ Passes Automatically to the Surviving Tenant(s) "Without Probate."

 

Right of Survivorship (JTWRS or CPWRS) -

When at Death of One Joint Tenant or Community Property Co-Owner, and His/Her's Interest Passes Automatically to the Surviving Tenant(s) "Without Probate."

Chap 12

27

Bl____ S__ Laws -

Regulates Securities

Blue Sky Laws -

Regulates Securities

Chap 12

28

C___________ -

Individual "Fee Simple Ownership" of Unit with "Sh____ Ownership of Common Areas" (Buildings, Land, Parking, Stairways, Pool), as Tenants In Common

Condominium -

Individual "Fee Simple Ownership" of Unit with "Shared Ownership of Common Areas" (Buildings, Land, Parking, Stairways, Pool), as Tenants in Common

Chap 12

29

Involuntary Alienation

Forced Transfer Through Any of the Following:

  1. E____ D_____ (Gov Takes Property)
  2. Ad_____ P________ (Title by Court - Notorious, Open, Continous, Hostil Use)
  3. F_________ (Trust Deed-Lender takes Property)

Involuntary Alienation -

Forced Transfer Through Any of the Following:

  1. Eminent Domain (Gov Takes Property)
  2. Adverse Possession (Title by Court-Notorious, Open, Continous, Hostile Use)
  3. Foreclosure (Trust Deed-Lender takes Property)

Chap 12

30

V_____   Al________

An Uncoerced Transfer by "Gift or Deed, or Document"

Voluntary Alienation -

An Uncoerced Transfer by "Gift or Deed, or Document"

Chap 12