Real Estate Exam - Chapter 8: Forms of Real Estate Ownership

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Real Estate Exam - Chapter 8: Forms of Real Estate Ownership


 
  
Created Jun 3, 2010
by
jsimon05

 

 
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1
4 Form of Co-Ownership/Concurrent Ownership:
 
Tenancy in Common
Joint Tenancy
Tenancy by the entirety
Community Property
2
Tenancy in Common:
How you convey?
What happens when you die?

 
- Undivided fractional interest in the property - physical property not divided - the ownership...
3
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...
4
Four Unities required for Joint Tenancy :
 
PITT
- Possession
- Interest
- Time (acquired at same time)
- Title (acquired by...
5
Termination of Co-ownership by Partition Suit
 
Legal way to dissolve relationship. If cannot be physically divided, court sale and division...
6
Tenancy by the Entirety:
 
Special co-ownership for married couples
- Both parties must sign deed for title transfer
-...
7
Tenancy by the Entirety:
How terminated?
 
J'S DAD
- Judgment sale (court ordered to pay debts)
- Death
- Agreement
- Divorce...
8
Community Property
 
no Right of Survivorship (one half to remaning spouse, other half via will or state law)
9
Trusts
- Living and testamentary trust
- Land trust
 
Living Trust - created during owners lifetime
Testamentary Trust - by will
- Conveys...
10
Ownership of Real Estate by Business Organizations:
1) Partnership
 
General Partnership - equal liability / everyday mgmt etc
Limited Partnership - General...
11
2) Corporations
 
Legally regognized as a single person
- Can own real estate in severalty or as tenant in...
12
3) Syndicates / Joint Ventures
 
One of more firms/people joined in real estate investment, can be organized into other ownership...
13
4) LLCs
 
Limited Liability Corporation
14
Condominiums:
 
Refresh: Own the studs in (a fee simple title to the unit)
- Common elements owned as tenants...
15
Cooperative Ownership:
 
- Do not own unit, own an interest in the the corpoation's building asset.
- Corporation...
16
Townhouse Ownership:
 
Most townhouse developments are PUD's
Can transfer / sell / will etc
17
Time Share Ownership:
 
Time share estate
Time share use
18
3 Basic Forms of Ownership:
 
In Severalty - title held by 1 person
In Co-ownership
In Trust (3rd party holds title...

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