Overview & Summary Flashcards
A fee simple estate may be held in ___, where the title is held by one individual or entity
Severalty
What are the 3 basic ways a fee simple estate may be held?
1) Severalty
2) Co-ownership
3) Trust
A fee simple estate may be held in ___, where the title is held by two or more individuals or entities
Co-ownership
A fee simple estate may be held in ___, where a third individual holds title for the benefit of another
Trust
Which type of ownership means that the title is held by one person or legal entity?
Ownership in severalty
Under ___, title can be held concurrently by more than one person or legal entity in several ways
Co-ownership
___ provides that each party holds a separate title but shares possession of the whole property with other owners
Tenancy in common
In tenancy in common, each owner has separate ___.
Interests
Upon death of a tenant in common, their interest passes to…
any legal heirs
When 2 or more parties hold title to real estate in Illinois, they do so as ___ by default unless they express another intention
Tenants in common
___ indicates 2 or more owners with the right of survivorship
Joint tennancy
The four unities of joint tenancy are…
1) Possession
2) Interest
3) Time
4) Title
___ is a type of joint tenancy between spouses
Tenancy by the entirety
Tenancy by the entirety is only applied to the ___ on a property held by a married couple
Principal residence
What are the three conceptual parts of a trust?
1) Trustor
2) Trustee
3) Beneficiary
In a(n) ___ trust, the trustor and beneficiary are typically the same party
Land
To create a trust, the ___ conveys title and control to a third party known as the ___, for the benefit of the ___.
Trustor conveys title and control to the trustee for the benefit of the beneficiary
A(n) ___ is a legal entity and can hold title to real estate in severalty.
Corporation
A(n) ___ combines the limited liability offered by a coroporation with the tax advantages of a partnership without the complicated requirements of S corporations or restrictions of limited partnerships
LLC
A(n) ___ is an association of 2 or more people or firms that invest in real estate
Syndicate
Many syndicates are ___ assembled for only a single project
Joint ventures
___ are a form of ownership in which actual title is held by one entity that pays taxes, mortgage interest, and principal, as well as all operating expenses
Cooperative
Those who occupy the units in a cooperative are ___.
Shareholders
In a condo, each owner holds ___ title to a unit plus a share of the common areas
Fee simple
Expenses for operating the building in a condo are collected by ___ and ___.
Monthly HOA fees and periodic special assessments
Town homes normally have ___ floors and are located on a(n) ___ lot.
2 floors
small lot
___ enables multiple purchasers to own estates or use interests in the same piece of real estate
Time share
Illinois is a ___ property state
Marital
In Illinois, any property acquired during marriage is likely to be viewed as ___.
marital
In Illinois, ___ property is shared property conveyed by a couple while married, with the exception of gifts or inheritance to one spouse.
Marital
If a husband sets up his real estate as ownership in severalty, and that property was purchased after marrying to his wife, this property is considered as ___ property in Illinois
marital
In Illinois ___ property is inherited or gifted to one spouse during marriage
Nonmarital
If non marital inherited properties or gift monies are commingled, they legally transform into ___ property.
Marital
