Chapter 2 - Ownership

Question 1

What is severalty

Answer 1

The process of owning real estate alone is called sole ownership or severalty

Question 2

What are the ways that title may be taken

Answer 2

Title can be taken by a natural person or by a legal entity or a person such as a corporation association or organization

Question 3

What is tenants in common

Answer 3

It is a form of ownership where equality is not needed for this type of ownership one my own 60% leaving another owning 40%

Question 4

Tenants in common is the most widely used form of coal ownership for

Answer 4

Two or more unmarried people

Question 5

What is Arizona’s presumption for two people that do not state how they choose to take title

Answer 5

It is assumed they will automatically become tenants in common. Each cool owner has undivided interest which means that each owner has the right of possession of the entire parcel the interest of the owners may be equal or unequal. Each owner has the right to sell and cumber or will there interest to a third-party

Question 6

What happens when jointly owned property includes the right of survivorship

Answer 6

The surviving owners automatically absorb a dying owners share of the property with tenants in common there is no right of survivorship.

Question 7

Tenants in common with no right of survivorship

Answer 7

See the pictures on page 4 of chapter 2

Question 8

Joint tenancy ownership always has

Answer 8

The rights of survivorship it is often called a poor man’s well because from the very beginning it is understood that each call owner dies their portion of the interest will go to or be inherited by the remaining co-owners without probate until the last survivor owns the entire parcel in severalty

Question 9

There are four unities that are required to create a valid joint tenancy they are

Answer 9

Time title interest and possession

Question 10

Joint tenancy with right of survivorship is a form of coownership that considers all co-owners a United person

Answer 10

Each call owners interest cannot be willed to their heirs

Question 11

Joint tenants with right of survivorship may

Answer 11

Sell or give their interest without the consent of others however the new co-owner may not become a JTWROS because they do not have the four unities of time title interest and possession they will become a tenant in common

Question 12

Can corporations take title as joint tenants

Answer 12

No because corporations never die

Question 13

What is the easiest method of ownership

Answer 13

Severalty

Question 14

Arizona’s presumption for unmarried to call owners is

Answer 14

Tenants in common

Question 15

Government buildings are held in

Answer 15

Severalty

Question 16

All forms of coownership include the right of

Answer 16

Undivided possession

Question 17

Shares for tenants-in-common can be

Answer 17

Equal or unequal

Question 18

Shares for joint tenants must be

Answer 18

Equal

Question 19

Name the four unities for joint

Answer 19

Time, title, interest, possession

Question 20

When Cole owners cannot agree on management or disposition of property they can appeal the courts for

Answer 20

Partisan action

Question 21

List of forms of ownership that allow the interest to be willed to their heirs

Answer 21

Several T, tenants-in-common not I repeat not joint tenancy

Question 22

Corporations will always take title in

Answer 22

Severalty

Question 23

The theory of community property is that spouses are

Answer 23

Equal partners

Question 24

If title is vested as community property and one spouse dies who owns the property

Answer 24

Spouse owns half

Question 25

Property brought into the marriage remains a separate property as long as it is not

Answer 25

Call mingled

Question 26

Severalty

Answer 26

One, individual ownership as a natural person or legal person too, government owned property is vested in severalty three, owner has right to Will property to their heirs

Question 27

Tenants in common

Answer 27

Two or more unmarried individuals taking title without right of survivorship, Arizona is presumption for unmarried individuals, shares do not have to be equal assumed equal unless stated, each owner has the right to Will their share, each owner has the right to possess entire property, each as right to transfer share without consent of others, each has separate title

Question 28

Joint tenants with right of survivorship

Answer 28

No probate considered poor man’s well, two or more individuals or entities taking title, each owner has right to transfer without consent, new person is tenant in common with no right of survivorship, in Arizona right of survivorship must be stated not implied, must have for unities time title interest and possession

Question 29

Community property

Answer 29

For husband-and-wife only, conveyance requires written consent of both, each spouse can will one half without other’s consent, upon death of one spouse one half belongs to survivor in severalty one half goes by will to descendants or by succession to survivor

Question 30

Community property with right of survivorship

Answer 30

For husband and wife only, when one spouse dies the surviving spouse owns all, one cannot sell without consent of the other

Question 31

Tenancy by the Entirity do not worry about this one

Answer 31

For a husband and wife only, husband and wife are considered one person, not legal in Arizona, one cannot sell without consent of others do not worry about this one

Question 32

What is a beneficiary

Answer 32

A person who receives benefits from the acts of another as in the case of one designed to receive the proceeds from a trust

Question 33

Enabling declaration

Answer 33

The legal document that ate the developer of a condominium must file and record in order to create a condominium under state law

Question 34

Partisan

Answer 34

The dividing of co-owners interest in real property action often taken when parties cannot reach agreement

Question 35

Right ofsurvivorship

Answer 35

Surviving co-owners succeeds to all rights title and interest of the deceased call owner without the need for probate

Question 36

Blue

Answer 36

Laws that restrict transactions of business on Sundays and certain religious holidays

Question 37

Blue sky

Answer 37

Securities laws designed to protect the public from Friday let practices in the promotion and sale of securities

Question 38

Comingling

Answer 38

To mingle or mix

Question 39

Fiduciary

Answer 39

Relationship that implies a position of trust and confidence

Question 40

What are the forms of ownership

Answer 40

Individual ownership, co ownership, trusts and there are other forms(coops, condominiums, townhouses)