N12 Taking Title Flashcards
The three ways in which property ownership is transferred are:
a. __________
b. __________
c. __________
a. Inheritance
b. Involuntary Alienation
c. Voluntary Alienation
Probate
The court that oversees the distribution of a deceased person’s property.
When a person dies with a will, he/she is said to have died _____.
Testate
When a person dies without a will, he/she is said to have died ______.
Intestate
The person named in a will to carry out the decedent’s wishes.
Executor
A person appointed by the court to oversee the distribution of a deceased person’s estate is an ___.
Administrator (Clue: APPOINTED BY COURT)
Holographic Will
A will that is completely handwritten.
Nuncupative Will
An oral will.
A gift of real property through a will.
Devise
Clue: Not to be confused with Demise which is another name for a lease.
Title by Descent
When an heir inherits real property from a person who died intestate.
A gift of personal property through a will.
Bequest aka Legacy
Involuntary Alienation
Forced Transfer of property.
Three ways in which a property may be transferred involuntarily are:
a. _____________
b. _____________
c. _____________
a. Eminent Domain
b. Foreclosure
c. Adverse Possession
An uncoerced transfer of real estate.
Voluntary Alienation
Ownership of property by one person.
Severalty Ownership or Sole and Separate Ownership
When a person who owned property in severalty dies, that person’s estate is distributed through _____.
Probate
Shared ownership by two or more persons who have created the right of survivorship is ______ aka _______.
Joint Tenancy, Joint Tenancy with Rights of Survivorship (JTWRS)
Creating the automatic right of survivorship in a property ownership means that upon the death of one person, that person’s interest goes to _______ without _______.
Surviving Tenants, Probate
The four unities of joint tenancy can be abbreviated TTIP which stands for:
a. _____________
b. _____________
c. _____________
d. _____________
a. Time
b. Title
c. Interest
d. Possession
TTIP
Corporations, LLCs and other legal entities cannot take title as JTWRS because they _______.
Do not die
A joint tenant ___ convey his/her interest without the permission of the other joint tenants.
MAY
If two people own as joint tenants and one transfers his/her interest to another party, the joint tenancy is _________, and the third party is a ____________ with the other owner.
Broken, Tenant in Common
In Arizona, real property acquired by a married couple is considered to be ____________.
Community Property
In order to sell community real property, __________ must sign the deed.
Both Spouses
If property was held as community property, at the death of one spouse his/her interest passes to _______________.
The Deceased Spouse’s Heirs
The type of community property ownership that allows a deceased spouses interest to pass automatically to the surviving spouse without probate is _________________________.
Community Property with Rights of Survivorship (CPWRS)
Ownership of property by two or more legal or natural persons, which does not have the right of survivorship is ___________.
Tenancy in Common
Although the four unities required for joint tenancy may be present, the only unity of ownership required for tenancy in common is ___________.
Possession
Advising buyers on how they should take title to property could be considered to be the___________________.
Illegal Practice of Law
A court action brought to terminate a tenancy in common or joint tenancy is known as ____________.
Suit for Partition
A type of ownership between spouses that does not exist in Arizona and has the automatic right of survivorship is ______________________.
Tenancy by the Entireties
In a _________, all partners have full liability.
In a General Partnership, all partners have full liability.
In a ______________, only general partners have full liability.
Limited Partnership
The sale of securities is regulated by ______.
Blue Sky Laws
If a real estate agent wants to sell interests in limited partnerships or limited liability companies, the agent would probably need a ____________________.
Securities License
In a _________, the owner has individual fee simple ownership of a unit plus shared ownership of common areas.
Condominium
In a ________, the owner owns shares in the entity that owns the real estate and ___________ the living unit from the entity.
Cooperative, Leases (Rents)
Tenant Owns shares and gets a proprietary lease
In a ____________ the owner pays property taxes on his/her unit.
Condominium
The leases used in cooperative apartments are known as ________________.
Proprietary leases
The rules governing a condominium are found in the _________.
Bylaws
In Arizona, the board of directors of a condominium must meet at least __________.
once a year (annually)
