Module 5 Forms of Property Ownership Flashcards
Ownership held by an individual or single entity is called _____
ownership in severalty
The party that gives a mortgage is called
the mortgager
In a basic trust, the fiduciary is known as the
trustee
Williams owns property with Campbell by tenancy in common. When Williams dies her interest in the property will go to _____
her heirs of according to her will
Elevators, tennis courts and hallways in a condominium are _________
common elements
Purchasing a cooperative unit means you are buying ____
shares of stock
An ownership interest in real estate that allows the use of the property facilities for a specified period of time is called ______
timeshare ownership
Joint tenancy has a right of survivorship feature shared with what other form of ownership ____
tenancy by the entirety
Concurrent ownership is also known as _____
co-ownership
Trusts that allow 100 or more investors to pool their resources into large real estate investments are called ______
REIT’s
Sam Gates wants to buy a summer home with his sister Jean. Because they are both retired and have no heirs they want to be sure that if one of them dies, the interest of the deceased will pas to the other sibling. Which form of ownership should the use to acquire title? A) Tenancy by Entirety B) Joint Tenancy C) Tenancy in Sevarlty D) Tenancy in common
B) Joint Tenancy
The only two potential options are joint tenancy and tenancy by entirety. Because Sam and Jean are not married, they should use joint tenancy to ensure the right of survivorship
The Hawthorns bought a condo unit in a resort area for $500,000. They use the condo for one month out of every year, and during the remaining months, they rent it out through an agreement with the property management. This is an example of what type of ownership? A) Timeshare B) Leasehold C) Condominium D) Cooperative
C) Condominium
The Hawthorns have a condominium versus a timeshare ownership because they do not share their ownership with anyone else. The part that can trip you up in this question is that the condominium is located in a resort area.
The Acme corporation set up a land trust in a property it owns and convey it to a nonprofit organization for a specified period of time. What best identifies Acme's position in the trust? A) Acme is the trustee B) Acme is the trustor C) Acme is the grantee D) Acme is the beneficiary
B) Acme is the trustor
The trustor can be people or legal entities such as corporations. Acme is the trustor because they own the property and are conveying title to another party
Which of the following is not an ownership type? A) Condominium B) Cooperative C) Planned Unit Development D) Timeshare
C) Planned unit development
PUDSs are an organization concept used to provide for more efficient use of land
Brand and Lisa own a residence under the co-ownership of tenancy by entirety. In this type of ownership, what can you assume to be true about Brad and Lisa?
A) They are a father and daughter
B) They are the siblings of beneficiaries of a trust
C) They were once married, but now are separate individuals
D) They are a married couple
D) They are a married couple
