N12 Taking Title

Question 1

The three ways in which property ownership is transferred are:

a. __________
b. __________
c. __________

Answer 1

a. Inheritance
b. Involuntary Alienation
c. Voluntary Alienation

Question 2

Probate

Answer 2

The court that oversees the distribution of a deceased person’s property.

Question 3

When a person dies with a will, he/she is said to have died _____.

Answer 3

Testate

Question 4

When a person dies without a will, he/she is said to have died ______.

Answer 4

Intestate

Question 5

The person named in a will to carry out the decedent’s wishes.

Answer 5

Executor

Question 6

A person appointed by the court to oversee the distribution of a deceased person’s estate is an ___.

Answer 6

Administrator (Clue: APPOINTED BY COURT)

Question 7

Holographic Will

Answer 7

A will that is completely handwritten.

Question 8

Nuncupative Will

Answer 8

An oral will.

Question 9

A gift of real property through a will.

Answer 9

Devise

Clue: Not to be confused with Demise which is another name for a lease.

Question 10

Title by Descent

Answer 10

When an heir inherits real property from a person who died intestate.

Question 11

A gift of personal property through a will.

Answer 11

Bequest aka Legacy

Question 12

Involuntary Alienation

Answer 12

Forced Transfer of property.

Question 13

Three ways in which a property may be transferred involuntarily are:

a. _____________
b. _____________
c. _____________

Answer 13

a. Eminent Domain
b. Foreclosure
c. Adverse Possession

Question 14

An uncoerced transfer of real estate.

Answer 14

Voluntary Alienation

Question 15

Ownership of property by one person.

Answer 15

Severalty Ownership or Sole and Separate Ownership

Question 16

When a person who owned property in severalty dies, that person’s estate is distributed through _____.

Answer 16

Probate

Question 17

Shared ownership by two or more persons who have created the right of survivorship is ______ aka _______.

Answer 17

Joint Tenancy, Joint Tenancy with Rights of Survivorship (JTWRS)

Question 18

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 _______.

Answer 18

Surviving Tenants, Probate

Question 19

The four unities of joint tenancy can be abbreviated TTIP which stands for:

a. _____________
b. _____________
c. _____________
d. _____________

Answer 19

a. Time
b. Title
c. Interest
d. Possession

TTIP

Question 20

Corporations, LLCs and other legal entities cannot take title as JTWRS because they _______.

Answer 20

Do not die

Question 21

A joint tenant ___ convey his/her interest without the permission of the other joint tenants.

Answer 21

MAY

Question 22

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.

Answer 22

Broken, Tenant in Common

Question 23

In Arizona, real property acquired by a married couple is considered to be ____________.

Answer 23

Community Property

Question 24

In order to sell community real property, __________ must sign the deed.

Answer 24

Both Spouses

Question 25

If property was held as community property, at the death of one spouse his/her interest passes to _______________.

Answer 25

The Deceased Spouse’s Heirs

Question 26

The type of community property ownership that allows a deceased spouses interest to pass automatically to the surviving spouse without probate is _________________________.

Answer 26

Community Property with Rights of Survivorship (CPWRS)

Question 27

Ownership of property by two or more legal or natural persons, which does not have the right of survivorship is ___________.

Answer 27

Tenancy in Common

Question 28

Although the four unities required for joint tenancy may be present, the only unity of ownership required for tenancy in common is ___________.

Answer 28

Possession

Question 29

Advising buyers on how they should take title to property could be considered to be the___________________.

Answer 29

Illegal Practice of Law

Question 30

A court action brought to terminate a tenancy in common or joint tenancy is known as ____________.

Answer 30

Suit for Partition

Question 31

A type of ownership between spouses that does not exist in Arizona and has the automatic right of survivorship is ______________________.

Answer 31

Tenancy by the Entireties

Question 32

In a _________, all partners have full liability.

Answer 32

In a General Partnership, all partners have full liability.

Question 33

In a ______________, only general partners have full liability.

Answer 33

Limited Partnership

Question 34

The sale of securities is regulated by ______.

Answer 34

Blue Sky Laws

Question 35

If a real estate agent wants to sell interests in limited partnerships or limited liability companies, the agent would probably need a ____________________.

Answer 35

Securities License

Question 36

In a _________, the owner has individual fee simple ownership of a unit plus shared ownership of common areas.

Answer 36

Condominium

Question 37

In a ________, the owner owns shares in the entity that owns the real estate and ___________ the living unit from the entity.

Answer 37

Cooperative, Leases (Rents)

Tenant Owns shares and gets a proprietary lease

Question 38

In a ____________ the owner pays property taxes on his/her unit.

Answer 38

Condominium

Question 39

The leases used in cooperative apartments are known as ________________.

Answer 39

Proprietary leases

Question 40

The rules governing a condominium are found in the _________.

Answer 40

Bylaws

Question 41

In Arizona, the board of directors of a condominium must meet at least __________.

Answer 41

once a year (annually)