Unit 4 Flashcards
Forms of Real Estate ownership (33 cards)
What entity cannot take title as a joint tenant with right of survivorship
Corporation
When two or more individuals decide to buy a property together it results in
co-ownership
Three siblings bought a farm together. The deed listed all of their names , but failed to designate any form of concurrent ownership. What form of ownership are they presumed to have taken
Tendency in common
Tendancy in common
each co-owner owns fractional intrest- which they can do as they want without consent to the other owners - when no fraction is stated
What from of ownership is employed when one person transfers ownership to someone else to hold and manage for a third person
trust
Two people each of whom has two children are getting married, and they are buying a house together. They asked the real estate profesional for advice about how to take title.
suggest they consult an attorney
A will provided that the local banker takes care of the deceased’s estate until the deceased’s children reach age 25
Testamentary trust
What kind of ownership do the horizontal property acts regulate
condominium
shareholders in a cooperative recieve shares of stock that entitle them to
a prorietary lease
Membership camping is similar to
time share use
In large high-rise condominium, each unit is owned by individual owners. The elevators , parking garage, and swimming pool are called
common elements
Two people own a apartment building together as joint tenants. they share equally in the expenses and profits. One day one of the owners decides to end the relationship. If that owner signs and delivers a deed to the buyer which of these statements is true.
The buyer and the other owner will be tenants in common
In February , a seller conveyed an undivided one - half intrest in a parcel of land to buyer A. In March , the seller conveyed the remaining one-half interest to buyer B. The deed to Buyer B included the statement : Buyer B is to be a joint tenant with Buyer A” Both deeds were recorded . Based on these Facts, which of these statements is True ?
Buyer A and Buyer B are tenants in common
Three people own a large parcel of undeveloped land in joint tenancy. One of them wants to build a shopping center on the property , while the other two want to use it as an organic farm. The individual who want to build on the land tries to buy the other tenants interests, but they refuse to sell. Which of these is the individual’s best option?
File a suit for partition
A resident owns and lives year-round in a cottage in a lakefront community. The resident’s ownership of the cottage is in free simple. The resident also owns an individed percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the resident ‘s ownership is probably Best described as
A condominium
Three friends agree to purchase and operate a property as a permanent investment. Two friends each contribute $50,000. The third contributes $30,000 and agrees to manage the day-to-day operations of the business, which the friends call “Property Group Partners” Only the Third friend has any right to participate in the operation of the venture. Based on these facts, what type of business organization have these friends established .
Limited Partnership
Three friends agreed to purchase and operate a property as a permanent investment. Two friend each contibute $50,000. The Third contributes $30,000 and agrees to manage the day-to-day operations of the bussiness,which the friends call “Property Group Partners” Only the Third friend has any right to participate in the operation of the venture. If a structure on the property collapses, resulting in injury and property damage worth $275,000, what will be the liability of the friend who contributed $50,000?
$50,000
The unities required to create joint tenancy include
unity of possession
It is true of tenancy by the entirety that
the surviving spouse automatically become sole owner of the property upon the death of the other spouse.
A grandparent creates a trust to pay for a grandchild’s education. The trust is operated by an attorney who makes payments directly to the school. Based on these facts, what is the relationship among these parties.
the grandparent is the trustor, the grandchild is the beneficiary , and the attorney is the trustee
A company is a legal entity, created by charter under the laws of the state. The company of managed and operated by a board and is permitted to buy and sell real estate. When one of its directors dies, the company continues to operate. Because of its structure, the companies income is subject to double taxation(first by the company, and then by its shareholders). The company is best described is a ?
Corporation
When a corporation takes complete ownership of the property, it is considered to be ownership in
Severalty
In a tenancy in common, if the fractions of ownership are not stated in the deed, how are thy determined?
the tenants are presumed to hold equal shares
In a land trust , the beneficiary is usually also
the trustor
