Flashcards in Virginia Forms of Real Estate Ownership (4) Deck (82)
T/F. In regards to Joint Tenancy in VA, Virginia's interpretation of unity of interest is that one joint tenant cannot be a tenant for life and another for years. Similarly, one tenant cannot be a tenant in fee and another a tenant for life?
T/F. Joint Tenancy may be created by decent or operation of law?
False. It is always created by an act of the parties involved
T/F. In regards to Joint Tenancy, the doctrine of automatic survivorship has been abolished in VA?
T/F. If a deed expressly creates a joint tenancy with right of survivorship, as at common law, then on the death of a joint tenant the entire estate continues in the surviving tenant or tenants. The surviving spouse, in turn is liable for the deceased's creditors?
T/F. Joint tenants or tenants in common who improve a common property at their own expense are entitled to file a partition suit to divide and sell the property to obtain compensation for the improvements?
T/F. If one tenant makes improvements without the consent of the other, the amount of compensation is limited to the amount by which the value of the common property has been enhanced?
Name 5 ways in which a Tenancy in Common can be created?
1) by express limitation to two or more persons
2) conveyance of part interest in one's land to another
3) conveyance of land to two or more persons
4) dissolution of joint tenancy
5) dissolution of a tenancy by the entirety
T/F. A tenant in common may convey his or her undivided interest; however, a contract by one tenant in common relating to the whole estate is voidable by any cotenant who did not join in the contract?
A deceased cotenant's interest, in passing through his or her will or to his or her heirs, is subject to the ___________________, which protects the rights of the surviving spouse.
Statute of Wills and Decedents Estates
T/F. A Tenancy in Common carries rights of survivorship, and the interest of the deceased automatically passes to a surviving cotenant?
Tenancy by the Entirety?
-special type of joint tenancy created between husband and wife.
-No right to partition or to convey a half interest.
-Indestructible except by mutual agreement or divorce, in which case the tenancy by the entirety is converted into a tenancy in common.
Under this form of real estate ownership, property held by husband and wife is legally an asset of both parties. If one spouse contracts to convey the property, he or she cannot do so alone. The conveying spouse would be answerable to the would-be purchaser for the inability to perform?
Tenants by the Entirety
T/F. Under ownership by Tenants by the Entirety, one spouse alone may encumber the property, however any debts that could become liens on the property must be entered into jointly by both parties?
False, one spouse alone CANNOT encumber the property.
T/F. Community property laws are recognized in VA?
A____________ is a trust in which the assets consist of real estate and is permitted in VA.
T/F. A partnership may own real property as Tenants in Partnership with each individual's partner's interest as considered real property?
False. Each individual's partner's interest is considered PERSONAL PROPERTY.
Describe 5 features that accompany a Tenancy in Partnership?
1) POSSESION. Equal rights of both partners to possess the property for partnership purposes but may not possess it for any other purpose without the other partners' consent.
2) ASSIGNABLE. A partner's right in a property is not assignable unless all the partners assign their rights in the same property.
3) CREDITORS. A partner's right in the property is not subject to creditors, except for a claim against the partnership itself.
4) DEATH. On the death of a partner, his or her interest in partnership property passes to the surviving partners. If the decedent was the last surviving partner, his or her right in the property vests in his or her legal representative. The surviving partner, or legal representative, has no right to possess the property for anything other than a partnership purpose.
5) TRANSFER. A partner can transfer property on behalf of all the partners if acting within the scope of the firm's business and purposes. Partners may transfer partnership property among themselves, provided all partners consent.
What is required for a contract entered into by a corporation to be presumed as a corporate instrument?
1) Bears corporate seal
2) Signatures of the responsible corporate officers
T/F. A contract entered into by a Corporation is NOT presumed to be a corporate instrument if it lacks the required number of signatures and/or the corporate name?
False. Only Corporate Seal & Signatures of responsible corporate officers is required
T/F. Anyone who purchases real estate from a corporation should require a written corporate resolution that duly authorizes the sale of property by the corporation?
Some forms of ownership involve the use of a Public Offering Statement (POS). What are 4 scenarios where a POS is used?
1) Sale of cooperative
2) Sale of condominium
3) Sale of time-share
4) Under the Virginia Property Owners Association Act
Cooperative ownership is governed by the ________________. Which is administered by?
Virginia Real Estate Cooperative Act
The Real Estate Board
Cooperative possession is evidenced by a ____________?
A cooperative is created by a ______________, filed in the ___________ of the ____________ in the district in which the real estate is located.
Declaration of Cooperative
Before the contract for the resale of a cooperative interest is executed or before conveyance, the purchaser must be given what 4 things?
* These documents can be provided after the ratification of a contract when the contract is made contingent on the receipt of such documents and when it provides for the statutory rescission period to the purchaser.
1) A proprietary Lease
2) A copy of Declaration and Bylaws
3) A copy of the rules and regulations of the association
T/F. The purchaser of a cooperative must always be given a POS in initial and subsequent sales of a cooperative?
False. Only initial sale
T/F. Regarding the initial purchase of a cooperative, the POS must be provided before conveyance and not later than the date of the contract?
T/F. In the sale of a cooperative interest, it is the licensee's obligation to provide a buyer with the required information?
False. Seller's obligation. Though licensee may facilitate transfer of information
In Virginia, purchasers of a cooperative interest have certain rights to rescind the contract. There are two types of rescission rights:_______________and____________.
1) Initial Sale Rescission
2) Resale Rescission