Download (Chapter 8 Forms Of Real Estate Ownership Real Estate Exam Flashcards) Flashcard

Choose a format below:

TEXT Format (.txt) MS-Excel Format (.xls)

Select delimiter » Comma Semicolon Tab New Line Custom

Preview »

Side A ------ Side B
4 Form of Co-Ownership/Concurrent Ownership: ------ Tenancy in CommonJoint TenancyTenancy by the entiretyCommunity Property
Tenancy in Common:How you convey?What happens when you die? ------ - Undivided fractional interest in the property - physical property not divided - the ownership interest is.- Co-owners have unity of possession- Can do what you want with your part (sell/transfer etc)When you die - passes to heirs / according to will
Joint Tenancy:How you convey/create?
What happens when you die? ------ - Must be explicitly created by one deed- When you die your piece goes to other owners until there is only one owner (not to heirs) Right of Survivorship.- Free to convey but this destroy unities of Time and Title. A new owner is not a joint tenant. 
Four Unities required for Joint Tenancy : ------ PITT- Possession- Interest- Time (acquired at same time)- Title (acquired by one document)
Termination of Co-ownership by Partition Suit ------ Legal way to dissolve relationship. If cannot be physically divided, court sale and division of proceeds. 
Tenancy by the Entirety:
 ------ Special co-ownership for married couples- Both parties must sign deed for title transfer- One spouse dies, other becomes sole owner
Tenancy by the Entirety:

How terminated? ------ J'S DAD- Judgment sale (court ordered to pay debts)- Death- Agreement- Divorce (leaves as tenants in common)
Community Property ------ no Right of Survivorship (one half to remaning spouse, other half via will or state law)
Trusts- Living and testamentary trust- Land trust ------ Living Trust - created during owners lifetimeTestamentary Trust - by will- Conveys Real/Personal property to a trustee who will assume certain duties. (i.e. manage for the sake of a beneficiary) Upon death of trustee, passes to beneficiary
Ownership of Real Estate by Business Organizations:1) Partnership ------ General Partnership - equal liability / everyday mgmt etcLimited Partnership - General & Limited partners (who cannot participate - investors)
2) Corporations ------ Legally regognized as a single person- Can own real estate in severalty or as tenant in common- Stock is personal property (don't have any interest in the actual real estate) 
3) Syndicates / Joint Ventures ------ One of more firms/people joined in real estate investment, can be organized into other ownership forms- Join Venture - one time thing
4) LLCs ------ Limited Liability Corporation
Condominiums: ------ Refresh: Own the studs in (a fee simple title to the unit)- Common elements owned as tenants in common- Condo association / condo fees etc- Established when declaration in public record made
Cooperative Ownership: ------ - Do not own unit, own an interest in the the corpoation's building asset. - Corporation does maintenance etc- Tenants have proprietary leases- Burden of defaulted payment falls on co-owners (not on person like in a condo) 
Townhouse Ownership: ------ Most townhouse developments are PUD's Can transfer / sell / will etc
Time Share Ownership: ------ Time share estateTime share use
3 Basic Forms of Ownership: ------ In Severalty - title held by 1 personIn Co-ownershipIn Trust (3rd party holds title for benefit of another)

Side A ------ Side B
4 Form of Co-Ownership/Concurrent Ownership: ------ Tenancy in CommonJoint TenancyTenancy by the entiretyCommunity Property
Tenancy in Common:How you convey?What happens when you die? ------ - Undivided fractional interest in the property - physical property not divided - the ownership interest is.- Co-owners have unity of possession- Can do what you want with your part (sell/transfer etc)When you die - passes to heirs / according to will
Joint Tenancy:How you convey/create?
What happens when you die? ------ - Must be explicitly created by one deed- When you die your piece goes to other owners until there is only one owner (not to heirs) Right of Survivorship.- Free to convey but this destroy unities of Time and Title. A new owner is not a joint tenant. 
Four Unities required for Joint Tenancy : ------ PITT- Possession- Interest- Time (acquired at same time)- Title (acquired by one document)
Termination of Co-ownership by Partition Suit ------ Legal way to dissolve relationship. If cannot be physically divided, court sale and division of proceeds. 
Tenancy by the Entirety:
 ------ Special co-ownership for married couples- Both parties must sign deed for title transfer- One spouse dies, other becomes sole owner
Tenancy by the Entirety:

How terminated? ------ J'S DAD- Judgment sale (court ordered to pay debts)- Death- Agreement- Divorce (leaves as tenants in common)
Community Property ------ no Right of Survivorship (one half to remaning spouse, other half via will or state law)
Trusts- Living and testamentary trust- Land trust ------ Living Trust - created during owners lifetimeTestamentary Trust - by will- Conveys Real/Personal property to a trustee who will assume certain duties. (i.e. manage for the sake of a beneficiary) Upon death of trustee, passes to beneficiary
Ownership of Real Estate by Business Organizations:1) Partnership ------ General Partnership - equal liability / everyday mgmt etcLimited Partnership - General & Limited partners (who cannot participate - investors)
2) Corporations ------ Legally regognized as a single person- Can own real estate in severalty or as tenant in common- Stock is personal property (don't have any interest in the actual real estate) 
3) Syndicates / Joint Ventures ------ One of more firms/people joined in real estate investment, can be organized into other ownership forms- Join Venture - one time thing
4) LLCs ------ Limited Liability Corporation
Condominiums: ------ Refresh: Own the studs in (a fee simple title to the unit)- Common elements owned as tenants in common- Condo association / condo fees etc- Established when declaration in public record made
Cooperative Ownership: ------ - Do not own unit, own an interest in the the corpoation's building asset. - Corporation does maintenance etc- Tenants have proprietary leases- Burden of defaulted payment falls on co-owners (not on person like in a condo) 
Townhouse Ownership: ------ Most townhouse developments are PUD's Can transfer / sell / will etc
Time Share Ownership: ------ Time share estateTime share use
3 Basic Forms of Ownership: ------ In Severalty - title held by 1 personIn Co-ownershipIn Trust (3rd party holds title for benefit of another)