Unit 5 Forms Of Ownership Flashcards Preview

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Flashcards in Unit 5 Forms Of Ownership Deck (23):
1

During the lifetime of coownership, there may be no apparent difference between the various types of ownership. Only when the property is conveyed, or when one of the owners dies, will the differences become

Apparent.

2


1. Tenancy in Common (TIC)
2. Joint tenancy
3. Tenancy by the entirety
4. Community property

Above are the four Forms of?

Forms of Co-Ownership

3

Co-ownership that is passed through a Will is what type of co-ownership?

Tenancy in common

4

Co-ownership that is the right of survivorship is what type of co-ownership?

Joint Tenancy
(It is absorbed by the co-owners)

5

Possession, interest, time, and title are the four elements or unities that are needed for what type of coownership?

Joint Tenancy

6

The acronym PITT stands for the four elements or unity needed to create a joint tenancy. PITT stands for?

Possession, interest, time and title.

7

Unity or possession- all joint tenants hold an undivided right to possession. This is one of the four Elements that is necessary for

Joint Tenancy type of Co-ownership.

8

Tenancy by entirety, right to survivorship, conveys by deed signed by both parties. One party can't convey 1/2's interest. Each have equal undivided interest in property. During their life lives, they can convey title only by a deed signed by both parties.This is a special form of coownership for?

Married couples

9

Spouses are equal partners in marriage. Real or personal property acquired during marriage is

Conveyance require signatures of both spouses. No right of survivorship, when one spouse dies survivor owns 1/2 of community property. Other 1/2 is distributed according to Will or, if no well according to state law. What form of coownership is this?

Community property

10

A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third-party is known as

A Trust.

11

A trustor is the person who creates the

Trust

12

The beneficiary is the person who

Benefits from the trust

13

The trustee is the person who

Holds legal title to the property and is entrusted with caring out the trustors instructions regarding the purpose of the trust.

14

The trustee is in the role of a person who acts and confidence or trust and has a special legal relationship with the beneficiary they are also known as a?

Fiduciary

15

In this type of property ownership. A owners have a fertile to interior space of units and share title to common areas. This is what type of property ownership?

Condominium

16

In this type of property ownership, tentants own shares in a corporation, partnership, or trust that holds title to the building. Tentants have proprietary leases and the right to occupy their respective units. What type of property ownership is this?

Cooperative

17

In this type of property ownership the estate is a fee simple interest. Used on the agreement of personal property that expires after a specified time period. What is this type of property ownership?

Time share

18

Real estate taxes are assessed and collected on each unit as an individual property. Default in payment of taxes or mortgage loan by one unit owner may result in foreclosure sale of the owners unit. The owners default, however it does not affect the other unit owners. What type of property ownership is this?

Condominium

19

Ownership by one individual, who may be an artificial person, such as a corporation. Is ownership in

Serveralty

20

A land trust, the beneficiary is also the trustor, but the public record will not identify the

Beneficiary

21

An association of two or more persons who carry on a business for profit as co-owners in a general or a limited partnership, as provided by state law. This is known as

A partnership

22

All partners participate in operation and management, and partners share full liability for business losses and obligations. What type of partnership is this?

General partnership

23

This type of partnership are only liable for business losses only up to the amount of the individual's investment.

Limited partnership.

General partners and limited partnership are both with a limited partnership. The general partners run the business.