Transfer and Ownership Interest 12 Flashcards
At Death when the Decedents Estate is Probated is called?
Inheritance -
At Death when the Decedents Estate is Probated
Chap 12
Te____cy in Sev____ty - Sole and Separate Ownership.
Ownership By One Person
- N_____ or L____ Person, (Corps, Cities, etc)
- Probate - Used to Pass Es____ to H___s, at Decedent’s Death
Tenancy in Severalty - Sole and Separate Ownership.
Ownership By One Person
- Natural or Legal Person, (Corps, Cities, etc)
- Probate - Used to Pass Estate to Heirs, at Decedent’s Death.
Severalty - means condition of being separate
Chap 12
Join Tenancy - Ownership Shared By (2 or More People), having “Right to Survivorship.”
- Unities: (T____, T____, In_____ and Pos_____)
- Nat_____ Pe____ Only (***No Corps***)
- Joint Tenants Interest - Can Be Convey without Permission of Others.
- Automatic Right to Sur_______ - No Probate
- Joint Interest conveyed becomes - T_____ in C______ which passes to Heirs
Join Tenancy - Ownership Shared by (2 or More People), having “Right to Survivorship.”
- Unities: (Time, Title, Interest and Possession)
- Natural Person Only (***No Corps***)
- Joint Tenants Interest - Can Be Conveyed wihout Permission of Others.
- Automatic Right to Survivorhip - No Probate
- Joint Interest conveyed becomes Tenants in Common whch passes to Heirs
Chap 12
C________ Pr_______ -
- Property Acquired by Spouses During Marriage.
Seperate Property
- Property Received by Gifted or Inherited. If Purchased with Sep_____ F____ or Acquired Prior to Marriage - Remains Separate.
Community Property -
- Property Acquired by Spouses During Marriage.
Separate Property
- Property Received by Gift or Inheritance. If Purchased with Separate Funds or Acquired Prior to Marriage - Remains Separate.
Chap 12
Community Property -
- Salaries E____ by Either Spouse are Community Property
- Each Spouse has __% Interest.
- Both Spouses must Si__ to Conv___ Property
- At Death Spouse’s Half Passes to His/Her H___.
Community Property -
- Salaries Earned by Either Spouse are Community Property
- Each Spouse has 50% Interest.
- Both Spouses must Sign to Convey Property
- At Death Spouse’s Half Passes to His/Her Heirs.
Chap 12
Com______ Pr_______ with R___ of S________
This Type of Title Allows Deceased Spouses Interest to Pass Directly to Surviving Spouse without Probate
Community Property with Right of Survivorship -
This Type of Title Allows Deceased Spouses Interest to Pass Directly to Surviving Spouse without Probate
Chap 12
Tenancy in Common -
- Co-Ownership by Two or M____ Persons (Leg__ or Natural) with “No Right to Survivorship.”
- Each holds Distinct Und_____ Interest
- Only Unity is “Pos_____” Necessary
- At Decedent’s Death his/her Shares Goes to H___
Tenancy in Common -
- Co-Ownership by Two or More Persons (Legal or Natural) with “No Right” to Survivorship.”
- Each holds Distinct Undivided Interest
- Only Unity is “Possession” Necessary
- At Decedent’s Death his/her Shares Goes to H___
Chap 12
T______ in C_________
Co-ownership** by **Two or More Persons with No Right to Survivorship.
- Natural or Legal Person can Hold Title
- Each Holds a Separate and Distinct Undivided Interest.
- Unity is ****Possession*****
- At Death Interest goes to Heirs
Tenancy in Common -
Co-ownership** by **Two or More Persons with No Right to Survivorship.
- Natural or Legal Person can Hold Title
- Each Holds a Separate and Distinct Undivided Interest.
- Unity of Possession
- At death Interest goes to Heirs
Chap 12
Un_____ Pra____
Advising a Buyer How to Take Title is Considered what?
Unlawful Practice -
Advising a Buyer How to Take Title is Considered Unlawful
Chap 12
S__ for P______
Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.
Suit for Partition -
Legal Action used to Terminate a Tenancy in Common or Joint Tenancy.
Chap 12
R___ E____ Syn_______ -
Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT’s.
Real Estate Syndications -
Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; REIT’s.
Chap 12
G_______ P__________
In this Partnership, each Partner has F___ L______ for D____ of Partnership. Also Actively M______ the Partnership
General Partnership -
Each Partner has Full Liability for Debts of Partnership. Also Actively Manages the Partnership
Chap 12
L______ P_______ - Composed of General and Limited Partners.
- General Partners - F__ L_____ for Debts and Actively Man____ Parnership
- Limited Partners - Liability Limited to Or_____ Ag________ - Passive Investors (Put Money In)
Limited Partnership - Composed of General and Limited Partners.
- General Partners - Full Liability for debts - Actively Manages Partnership
- Limited Partners - Liability Limited to Original Agreement - Passive Investors (Put Money In)
Chap 12
C________
A Bu_____ Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Sep_____ Entity.
Corporation -
A Business Entity made up of One or More Persons (Who Receive Stocks) that is treated as a Separate Entity.
Chap 12
Li_____ Li_____ C______
A Business Entity with Combined Characteristics of L____ Pa______ and certain types of C_______.
Limited Liability Company (LLC) -
A Business Entity with Combined Characteristics of Limited Partnerships and certain types of Corporations.
Chap 12
T____ -
Legal Title to Property is Transferred to and M______ by a Tr_____, for the Benefit of B_______.
Trust -
Legal Title to Property is Transferred to and Managed by a Trustee, for the Benefit of Beneficiary.
Chap 12
REIT (Real Estate Investment Trust)
A Company with at Least ___ Investors that Own Income Producing Real Estate and provides T__ Favored Treatments to the Investors.
- Must Invest at least __% Ass___ in Real Estate
- Must Pay Out at least __% Taxable Income to its Shareholders.
REIT (Real Estate Investment Trust) -
A Company with at Least 100 Investors that Own Income Producing Real Estate and provides Tax Favored Treatments to the Investors.
- Must Invest at least 75% Assets in Real Estate
- Must Pay out at least 90% Taxable Income to its Shareholders.
Chap 12
Securities -
Sale of Interest in Part_______, Cor______, Tr____ and Inv________ Entities would be considered Securities
Securities -
Sale of Interest in Partnerships, Corporations, Trusts** and **Investment Entities would be considered Securities
Chap 12
Securities -
- Securities: Partnerships, Corps, Trust, Investment Entities
- Regulated by: “B___ S__ L____“
- Enforced by: Federal “Securities and Ex_______ Commission (SEC)” and by the “Arizona C___ Commission.”
- Real Estate Agents need Sec______ License to Sell Interests in these Entities.
Securities -
- Securities: Partnerships, Corps, Trust, Investment Entities
- Regulated by: “Blue Sky Laws”
- Enforced by: Federal “Securities and Exchange Commission (SEC)” and by the “Arizona Corp Commission.”
- Real Estate Agents need “Securities License” to Sell Interests in these Entities.
Chap 12
Probate - Court proceeding that..
- Val_____ the Will
- Totals A_____
- Distributes A_____ to Heirs
Probate - Court proceeding that…
- Validates the Will
- Totals Assets
- Distributes Assets to Heirs
Chap 12
T______ - When Decedent dies with a Will.
- C____ validates Will
- A____ pass to H___ in W__
- T___tor is Person who Makes W___
Testate - When Decedent dies with a Will.
- Court validates Will
- Assets pass to Heirs in Will
- Testator - Person who Makes Will
Chap 12
Person Who Makes a Will is?
Testator -
Person Who Makes a Will
Chap 12
G_______ P__________
In This Partnership, Each Partner has F___ L______ for D____ of Partnership.
General Partnership -
Each partner has Full Liability for Debts of Partnership.
Chap 12
In_______
Decedent dies “Without a Will”
- A____ pass to H___ according to Law by Pr____
Intestate -
Decedent dies “Without a Will”
- Assets pass to Heirs according to Law By Probate
Chap 12
Ad_________/_______trix
Person App______ by Court When No Executor is Named
Administrator/Administratrix -
Person Appointed by Court When No Executor is Named
Chap 12
Right of S_________ (JTWRS or CPWRS) -
When at Death of One Joint Tenant or Community Property Co-Owner and His/Her’s Int_____ Passes Automatically to the Surviving Tenant(s) “Without Probate.”
Right of Survivorship (JTWRS or CPWRS) -
When at Death of One Joint Tenant or Community Property Co-Owner, and His/Her’s Interest Passes Automatically to the Surviving Tenant(s) “Without Probate.”
Chap 12