Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CA Legal Aspects in Real Estate > Ch 4 CA Legal Aspects Forms of Ownerships > Flashcards

Ch 4 CA Legal Aspects Forms of Ownerships Flashcards

1
Q

What is an ownership of realty by two or more persons, each of whom has an undivided interest, without the “right of survivorship”?

A

Tenancy in Common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

In tenancy in common according to unity of __a__ the ownership is undivided. if I own 1/20 of the title, anyone can use any part of the property.

A

possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is called when all expenses are shared among tenants in common right to __a__ .

A

Contribution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is called when terminate the tenancy in common on their own terms.

A

voluntary partition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

One person wants to end the tenancy in common via Superior court and the other does not want to dissolve.

A

Judicial partition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

A

Joint Tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In joint tenancy, what is the exception to right of survivorship?

A

one tenant murders the other joint tenant or involuntary manslaughter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Joint tenancy has how many unities?

Any time when one of the unity is missing, then the unity is broken.

A

4
possession - anyone has the right to use the whole house
interest - all tenants has an equal interest divided
time - all acquired the title at the same time
title - all taken same title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

joint tenancy can encumber their interest with or without the other owner knowing?

A

without

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is called when joint tenant inherits the other interest, the lien from the deceased will be dropped. To removed the deceased lien, the certificate of death must be recorded to remove the lien.

A

right of survivorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Joint tenant can be separated by __a__ (terminate co-ownership) or __b__ (change to tenancy in common and ends survivorship) by court proceeding to give 60 days.

A

a- partition

b- severance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q 
A tenancy in common must include which of the following…?
APartition
BJoint equity
CUnity of possession
DAll of the above
A

Unity of possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q 
Which of the following is an example of a tenancy in common…?
AReal estate syndication
BTime-share
CTownhouse
DAll of the above
A

Time-share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q 
A tenancy in common can be terminated through…?
AEstoppel
BPrescription
CPartition
DAll of the above
A

Partition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q 
Which of the following is an example of concurrent title…?
ATenancy in partnership
BTenancy in common
CJoint tenancy
DAll of the above
A

All of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q 
A business trust which deals principally with interest in land, generally organized to conform to the IRS, is referred to as a…?
ACooperative
BSyndication
CREIT
DJoint venture
A

REIT

17
Q 
A REIT must include at least ………. Investors?
A2
B50
C100
D500
A

100

18
Q

Ownership in a cooperative includes a proprietary lease…?
AT (True)
BF (False)

A

(True)

19
Q 
A division of real or personal property among co-owners is known as…?
ASubdivision
BSettlement
CPartition
DAll of the above
A

Partition

20
Q 
An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it, is known as a…?
ACorporation
BREIT
CSyndication
DCooperative
A

Corporation

21
Q 
In a …………, the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common?
ACooperative
BTownhouse
CCondominium
DTime-share
A

Condominium

22
Q 
An apartment building, owned by a corporation, and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation, and where the owner of such shares is entitled to occupy a specific apartment in the building, is referred to as a...?
ACooperative
BTownhouse
CCondominium
DTime-share
A

Cooperative

23
Q 
A partnership organized for participation in a real estate venture is known as a…?
ACooperative
BREIT
CTime-share
DSyndicate
A

Syndicate

CA Legal Aspects in Real Estate (16 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions