Transfer and Ownership Interest 12 Flashcards
1
Q
At Death when the Decedents Estate is Probated is called?
A
Inheritance -
At Death when the Decedents Estate is Probated
Chap 12
2
Q
Te____cy in Sev____ty - Sole and Separate Ownership.
Ownership By One Person
- N_____ or L____ Person, (Corps, Cities, etc)
- Probate - Used to Pass Es____ to H___s, at Decedent’s Death
A
Tenancy in Severalty - Sole and Separate Ownership.
Ownership By One Person
- Natural or Legal Person, (Corps, Cities, etc)
- Probate - Used to Pass Estate to Heirs, at Decedent’s Death.
Severalty - means condition of being separate
Chap 12
3
Q
Join Tenancy - Ownership Shared By (2 or More People), having “Right to Survivorship.”
- Unities: (T____, T____, In_____ and Pos_____)
- Nat_____ Pe____ Only (***No Corps***)
- Joint Tenants Interest - Can Be Convey without Permission of Others.
- Automatic Right to Sur_______ - No Probate
- Joint Interest conveyed becomes - T_____ in C______ which passes to Heirs
A
Join Tenancy - Ownership Shared by (2 or More People), having “Right to Survivorship.”
- Unities: (Time, Title, Interest and Possession)
- Natural Person Only (***No Corps***)
- Joint Tenants Interest - Can Be Conveyed wihout Permission of Others.
- Automatic Right to Survivorhip - No Probate
- Joint Interest conveyed becomes Tenants in Common whch passes to Heirs
Chap 12
4
Q
C________ Pr_______ -
- Property Acquired by Spouses During Marriage.
Seperate Property
- Property Received by Gifted or Inherited. If Purchased with Sep_____ F____ or Acquired Prior to Marriage - Remains Separate.
A
Community Property -
- Property Acquired by Spouses During Marriage.
Separate Property
- Property Received by Gift or Inheritance. If Purchased with Separate Funds or Acquired Prior to Marriage - Remains Separate.
Chap 12
5
Q
Community Property -
- Salaries E____ by Either Spouse are Community Property
- Each Spouse has __% Interest.
- Both Spouses must Si__ to Conv___ Property
- At Death Spouse’s Half Passes to His/Her H___.
A
Community Property -
- Salaries Earned by Either Spouse are Community Property
- Each Spouse has 50% Interest.
- Both Spouses must Sign to Convey Property
- At Death Spouse’s Half Passes to His/Her Heirs.
Chap 12
6
Q
Com______ Pr_______ with R___ of S________
This Type of Title Allows Deceased Spouses Interest to Pass Directly to Surviving Spouse without Probate
A
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
Q
Tenancy in Common -
- Co-Ownership by Two or M____ Persons (Leg__ or Natural) with “No Right to Survivorship.”
- Each holds Distinct Und_____ Interest
- Only Unity is “Pos_____” Necessary
- At Decedent’s Death his/her Shares Goes to H___
A
Tenancy in Common -
- Co-Ownership by Two or More Persons (Legal or Natural) with “No Right” to Survivorship.”
- Each holds Distinct Undivided Interest
- Only Unity is “Possession” Necessary
- At Decedent’s Death his/her Shares Goes to H___
Chap 12
8
Q
T______ in C_________
Co-ownership** by **Two or More Persons with No Right to Survivorship.
- Natural or Legal Person can Hold Title
- Each Holds a Separate and Distinct Undivided Interest.
- Unity is ****Possession*****
- At Death Interest goes to Heirs
A
Tenancy in Common -
Co-ownership** by **Two or More Persons with No Right to Survivorship.
- Natural or Legal Person can Hold Title
- Each Holds a Separate and Distinct Undivided Interest.
- Unity of Possession
- At death Interest goes to Heirs
Chap 12
9
Q
Un_____ Pra____
Advising a Buyer How to Take Title is Considered what?
A
Unlawful Practice -
Advising a Buyer How to Take Title is Considered Unlawful
Chap 12
10
Q
S__ for P______
Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.
A
Suit for Partition -
Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.
Chap 12
11
Q
R___ E____ Syn_______ -
Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT’s.
A
Real Estate Syndications -
Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT’s.
Chap 12
12
Q
G_______ P__________
In this Partnership, each Partner has F___ L______ for D____ of Partnership. Also Actively M______ the Partnership
A
General Partnership -
Each Partner has Full Liability for Debts of Partnership. Also Actively Manages the Partnership
Chap 12
13
Q
L______ P_______ - Composed of General and Limited Partners.
- General Partners - F__ L_____ for Debts and Actively Man____ Parnership
- Limited Partners - Liability Limited to Or_____ Ag________ - Passive Investors (Put Money In)
A
Limited Partnership - Composed of General and Limited Partners.
- General Partners - Full Liability for debts - Actively Manages Partnership
- Limited Partners - Liability Limited to Original Agreement - Passive Investors (Put Money In)
Chap 12
14
Q
C________
A Bu_____ Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Sep_____ Entity.
A
Corporation -
A Business Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Separate Entity.
Chap 12
15
Q
Li_____ Li_____ C______
A Business Entity with Combined Characteristics of L____ Pa______ and certain types of C_______.
A
Limited Liability Company (LLC) -
A Business Entity with Combined Characteristics of Limited Partnerships and certain types of Corporations.
Chap 12
16
Q
T____ -
Legal Title to Property is Transferred to and M______ by a Tr_____, for the Benefit of B_______.
A
Trust -
Legal Title to Property is Transferred to and Managed by a Trustee, for the Benefit of Beneficiary.
Chap 12
17
Q
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.
- Must Invest at least __% Ass___ in Real Estate
- Must Pay Out at least __% Taxable Income to its Shareholders.
A
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.
- Must Invest at least 75% Assets in Real Estate
- Must Pay out at least 90% Taxable Income to its Shareholders.
Chap 12
18
Q
Securities -
Sale of Interest in Part_______, Cor______, Tr____ and Inv________ Entities would be considered Securities
A
Securities -
Sale of Interest in Partnerships, Corporations, Trusts** and **Investment Entities would be considered Securities
Chap 12
19
Q
Securities -
- Securities: Partnerships, Corps, Trust, Investment Entities
- Regulated by: “B___ S__ L____“
- Enforced by: Federal “Securities and Ex_______ Commission (SEC)” and by the “Arizona C___ Commission.”
- Real Estate Agents need Sec______ License to Sell Interests in these Entities.
A
Securities -
- Securities: Partnerships, Corps, Trust, Investment Entities
- Regulated by: “Blue Sky Laws”
- Enforced by: Federal “Securities and Exchange Commission (SEC)” and by the “Arizona Corp Commission.”
- Real Estate Agents need “Securities License” to Sell Interests in these Entities.
Chap 12
20
Q
Probate - Court proceeding that..
- Val_____ the Will
- Totals A_____
- Distributes A_____ to Heirs
A
Probate - Court proceeding that…
- Validates the Will
- Totals Assets
- Distributes Assets to Heirs
Chap 12
21
Q
T______ - When Decedent dies with a Will.
- C____ validates Will
- A____ pass to H___ in W__
- T___tor is Person who Makes W___
A
Testate - When Decedent dies with a Will.
- Court validates Will
- Assets pass to Heirs in Will
- Testator - Person who Makes Will
Chap 12
22
Q
Person Who Makes a Will is?
A
Testator -
Person Who Makes a Will
Chap 12
23
Q
G_______ P__________
In This Partnership, Each Partner has F___ L______ for D____ of Partnership.
A
General Partnership -
Each partner has Full Liability for Debts of Partnership.
Chap 12
24
Q
In_______
Decedent dies “Without a Will”
- A____ pass to H___ according to Law by Pr____
A
Intestate -
Decedent dies “Without a Will”
- 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**
31
**E\_\_\_\_\_\_\_/E\_\_\_\_\_\_trix -**
**Person Named in Will** to carry out its provisions
**Executor/Executrix -**
**Person named in will** to carry out its provisions
**Chap 12**
32
**Severalty Ownership -**
1. **T\_\_\_\_\_\_ in Sev\_\_\_\_\_\_\_ - Sole and Separate Ownership**
2. **Ownership - by One Person**
3. **Pr\_\_\_\_\_ - Used to Pass Estate to Heirs**
**Severalty Ownership -**
1. **_Tenancy in Severalty_ - Sole and Separate Ownership**
2. **_Ownership_ - by One Person**
3. **_Probate_ - used to pass Estate to Heirs**
**Severalty - Condition of Being Separate**
**Chap 12**
33
**_Joint Tenancy with Right to Survivorship_** - **(Hint TTIP)**
1. **T-T\_\_\_\_ -** All Joint Tenants Acquire Interest at **Same T\_\_\_\_\_**
2. **T-T\_\_\_ -** All Joint Tenants Acquire Interest in **Same D\_\_\_**
3. **I-I\_\_\_\_\_\_\_ -** All Joint Tenants Must Hold **Equal, Un\_\_\_\_\_ I\_\_\_\_\_.**
4. **P-P\_\_\_\_\_\_\_ -** All Joint Tenants have **Eq\_\_\_\_ R\_\_\_\_ to Possess** Property Fully.
**Joint Tenancy with Right to Survivorship -**
1. **_T-Time_ -** All Joint Tenants Acquire Interest at **_Same Time_**
2. **_T-Title_ -** All Joint Tenants Acquire Interest in **_Same Deed_**
3. **_I-Interest_ -** All Joint Tenants must Hold **_Equal, Undivided Interest._**
4. **_P-Possession_ -** All Joint Tenants have **_Equal Rights to Possess_** Property Fully
**Chap 12**
34
**JTWRS - Joint Tenants with Rights to Survivorship** -
**_Cannot take this Title Type_**
**C\_\_\_\_\_\_\_\_ "cannot" take this type of title** due to **Perpetual Existence**.
**JTWRS - Joint Tenants with Rights to Survivorship** -
**Corporations "cannot" take this type of title** due to **Perpetual Existence**.
**Perpetual - Never Ending and Changing**
**Chap 12**
35
**Under "Community Property"** **what is Earned Income**?
**Under Community Property -**
**Earned Income is Community Property**
**Chap 12**
36
**Tenancy in Common** -
What Type of Persons Can Take Title?
**Tenancy in Common** -
**Both _Natural or Legal Persons_** **may Take Title in this Form.**
**Chap 12**
37
**Tenancy in Severalty what Process is Used for Decedent's Estate?**
**Tenancy in Severalty -**
**At Decedent's Death - Estate is Processed through _Probate to Pass to Heirs._**
38
**Under Community Property Title -**
**At Death of Spouse His Share goes to Heirs, so there is ___ Right to Survivorship.**
**Under Community Property Title -**
**At Death of Spouse His Share goes to Heirs, so there is No Right to Survivorship.**
**Chap 12**
39
**SEC - S\_\_\_\_\_\_\_\_ and Exch\_\_\_\_\_\_\_ Commission -**
1. **_Enforces_ "Securites**" **on a Federal Level; with Arizona Corp Commission at State Level;**
2. **Securities Regulated By "_Blue Sky Laws_"**
**SEC - Securities and Exchange Commission -**
1. **Enforces "Securites"** **on a Federal Level**; **with Arizona Corp Commission at State Level;**
2. **Securities** **Regulated By "_Blue Sky Laws_"**
**Chap 12**
40
**Joint Tenancy**
**Ownership Shared by 2 or More People, having Right to Survivorship.**
1. **Created by: (T\_\_\_\_, T\_\_\_\_, In\_\_\_\_\_ and Pos\_\_\_\_\_)**
2. **Natural Persons Only (\*\*\*\*No Corps\*\*\*\*)**
3. **Joint Tenants can Convey Interest.**
4. **Automatic Survivorship - No Probate**
5. **Joint Interest Conveyed: Become _Tenants in Common_, where Interest Pass to Heirs**
**Joint Tenancy** -
**Ownership Shared by 2 or More People, having Right to Survivorship.**
1. **_Created by_**: **(Time, Title, Interest and Possession)**
2. **Natural Persons Only (\*\*\*\*No Corps\*\*\*\*)**
3. **Joint Tenants can Convey Interest.**
4. **Automatic Survivorship - No Probate**
5. **Joint Interest Conveyed: Become _Tenants in Common_, where Interest Passes to Heirs**
**Chap 12**
41
**_Tenancy in Common_** - has what type of Unity?
**Tenancy in Common** -
**_Unity_** - **Possession Only**
**Chap 12**
42
**What _Two Types_ of _Title_ pass without Probate?**
**_Pass Automatically without Probate_** -
1. **_Joint Tenancy**_ wtih _**Right to Survivorship_**
2. **_Community Property**_ with _**Right to Survivorship_** (1944)
**Chap 12**
43
**Condominium Rules -**
The Rules that Govern the Condo are Found in the **B\_\_\_\_\_\_\_.**
**Condominium Rules -**
The Rules that Govern the Condo are Found in the **Bylaws.**
**Chap 12**
44
**Does Tenancy in Common have a Right to Survivorship?**
**Tenancy in Common -**
**Has _NO_ Right to Survivorship. It passes to Heirs**
**Chap 12**
45
**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**
46
V
**Uncoerced Transfer by _Gift_, _Deed_ or _Document_.**
**_Example:_**
**_Attorney-In Fact_** - Is When Someone _Voluntarily gives Power to Another_ to Handle Any Decisions Made in an Isolated Transaction.
**Voluntary Alienation -**
Uncoerced Transfer by _Gift_, _Deed_ or _Document_
**_Example:_**
**_Attorney-In Fact_** - **Is _When Someone Voluntarily gives Power to Another_ to Handle Any Decisions Made in an Isolated Transaction.**
**Chap 12**
47
**Can anyone use Tenancy In Severalty to take title?**
**Tenancy In Severalty -**
**Yes** - **Natural or Legal person (Corps, Cities, Etc)** can take title in this form.
**Chap 12**
48
**AZ Co\_\_\_\_\_\_ Commission -**
**_Enforces_ "Securites"** on a **State Level**.
**AZ Corporation Commission -**
**_Enforces_ Securites** on a **State Level**.
**Chap 12**
49
**Condo Owners -**
1. **Owner - Receives D\_\_\_\_**
2. **Owner - Responsible for Property T\_\_\_\_ and HOA Dues**
**Condo Owners -**
1. **Owner - Receives Deed**
2. **Owner - Responsible for Property Taxes and HOA Dues**
**Chap 12**
50
**_Condo Board of Directors_ meet how often?**
**Condo Board of Directors -**
**Meet Annually**
**Chap 12**
51
**In a Cooperative, Who Holds the Deed to Property?**
**Cooperative (Title/Deed) -**
**Held by Corporation - Deed to Property**
**Chap 1 2**
52
**Cooperative (Buyer Holds) -**
**Buyer holds a Sto\_\_\_ Sh\_\_\_\_ in the Corporation. If Buyer (Owner) sells, he sells his Sto\_\_\_ Sh\_\_\_\_.**
**Cooperative (Buyer Holds) -**
**Buyer holds a Stock Share in the Corporation. If Buyer (Owner) sells; he sells his Stock Share**
**Chap 12**
53
**Cooperative Taxes -**
**Corporation holds Title to Building and Buyers Purchase a _Unit as a Stock Share_.**
**For Taxes:**
**There is Only One T\_\_ St\_\_\_\_\_ for Entire Cooperative.**
**Cooperative Taxes -**
**Corporation holds Title to Building and Buyers Purchase a _Unit as a_ _Stock Share_.**
**There is _Only One Tax Statement_ for Entire Cooporative.**
**Chap 12**
54
**Securities "Sale of Interest" -**
**With any Business Entity it is Necessary to Determine which P\_\_\_\_\_ has Au\_\_\_\_\_\_ to Si\_\_ on the Entitie's behalf.**
**Securities "Sale of Interest" -**
**With any Business Entity it is Necessary to Determine which Person has Authority to Sign on the Entitie's behalf.**
**Chap 12**
55
**Joint Tenancy -**
**What can and cannot take title under Joint Tenancy?**
**Joint Tenancy -**
1. **_Natural Persons_ - _Can_ take title**
2. **_Corps, Cities, etc_ - _Cannot_ take title.**
**Chap 12**
56
**Real Estate Syndications** -
## Footnote
**Pooling Together Resources for Investment. (Such as: Gen\_\_\_\_\_ or Lim\_\_\_\_\_ Partnerships; Cor\_\_\_\_\_\_, Limited L\_\_\_\_\_\_\_ Co; Tr\_\_\_; and REIT's.**
**Real Estate Syndications** -
## Footnote
**Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; and REIT's.**
**Chap 12**
57
**A Man and his Brother Purchase a Condo as Joint Tenants. Their Interest in the Common Areas would be held as:**
1. Community Property
2. Joint Tenants
3. Tenants In Common
4. Severalty
**A Man and his Brother Purchase a Condo as Joint Tenants. Their Interest in the Common Areas would be held as:**
1. Community Property
2. Joint Tenants
3. **Tenants In Common**
4. Severalty
**Chap 12**
58
**If a Person Owns a Condominium They Own:**
1. Undivided Interest in Common Areas and a Separate Interest in the Unit
2. Undivided Interest in Whole, and Separate Interest in the Unit and Ownership of Land.
3. Separate Interest in the Whole
4. Divided Interest in Common Areas and Undivided Interest in the Unit
**If a Person Owns a Condominium They Own:**
1. **Undivided Interest in Common Areas and a Separate Interest in the Unit**
2. Undivided Interest in Whole, and Separate Interest in the Unit and Ownership of Land.
3. Separate Interest in the Whole
4. Divided Interest in Common Areas and Undivided Interest in the Unit
**Chap 12**
59
**The Condominium Rules are found in the**:
1. Master Deed
2. Bylaws and Corporate Chapter
3. Covenants, Conditions and Restrictions
4. Unit Owner's Deed
**The Condominium Rules are found in the**:
1. Master Deed
2. **Bylaws and Corporate Chapter**
3. Covenants, Conditions and Restrictions
4. Unit Owner's Deed
**Chap 12**
60
**An example of "Voluntary" Alienation is**
1. Aquisition by Eminent Domain
2. Assignment by an Attorney-In-Fact
3. Loss of Property through Avulsion
4. Escheat of Property after a Person Dies instestate
**An example of "Voluntary" Alienation is**
1. Aquisition by Eminent Domain
2. **Assignment by an Attorney-In-Fact**
3. Loss of Property through Avulsion
4. Escheat of Property after a Person Dies instestate
**Chap 12**
61
**What Title can Corporations not take?**
**Corporations -**
**Joint Tenants** - **A Tile Corporations _CANNOT TAKE_, due to Perpetual Existance!**
**Chap 12**
62
**Any Property Received as a Gift or Inheritance, Purchased with Separate Funds or Acquired before Marriage is considered**
1. Community Property
2. Tenancy in Severalty Property
3. Separate Property
4. Probate Proceedings will decide
**Any Property Received as a Gift or Inheritance, Purchased with Separate Funds or Acquired before Marriage is considered**
1. Community Property
2. Tenancy in Severalty Property
3. **Separate Property**
4. Probate Proceedings will decide
**Chap 12**
63
**If a Limited Partnership Took Ownership in a Building, with "Distinct" and "Undivided Interest" and Each Partner Could Use that Building for Anything at Anytime, What Type of Title did They Take?**
1. Joint Tenancy
2. Community Property
3. Tenants In Common
4. Tenancy In Severalty since the General Partner assumes all liability
**If a Limited Partnership Took Ownership in a Building, with "Distinct" and "Undivided Interest" and Each Partner Could Use that Building for Anything at Anytime, What Type of Title did They Take?**
1. Joint Tenancy
2. Community Property
3. **Tenants In Common**
4. Tenancy In Severalty since the General Partner assumes all liability
**Chap 12**
64
**An Act, by Court Order to Divide up an Estate into Separate Portions of Proportionate Interests of the Owners of Property.**
**Sometimes Described as a Forced Sale.**
**Suit for Partition -**
**Act, by Court Order to Divide up an Estate into Separate Portions of Proportionate Interests of the Owners of Property.**
**Sometimes described as a Forced Sale**
**Chap 12**
65
**(REIT) Real Estate Investment Trust -**
**This Pool of Investors Must Invest \_\_\_% fo its Assets in Real Estate. They Must Payout \_\_\_% of Taxable Income to all Shareholders.**
**(REIT) Real Estate Investment Trust -**
**This Pool of Investors Must Invest _75%_ fo its Assets in Real Estate. They Must Payout _90%_ of Taxable Income to all Shareholders.**
**Chap 12**
66
**Condo Owners -**
**Must Pay P\_\_\_\_\_\_ T\_\_\_ and HOA Dues. Rules governing Condo Rules can be found in the B\_\_\_\_\_\_\_.**
**Condo Owners -**
**Must Pay Property Taxes and HOA Dues. Rules governing Condo Rules can be found in the Bylaws.**
**Chap 12**
67
**Cooperative -**
**Cooperation holds Title to Building. And a Buyer Gets Stock Shares.**
**But What is Also Given to the Buyer? P\_\_\_\_\_\_\_ L\_\_\_\_\_\_**
**Cooperatives -**
Cooperation holds Title to Building. And a Buyer gets stock shares
**_Proprietary Lease_ for Apt** **(No Deed) - Is Given to Buyer.**
**Chap 12**
