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
Bl____ S__ Laws -
Regulates Securities
Blue Sky Laws -
Regulates Securities
Chap 12
C___________ -
Individual “Fee Simple Ownership” of Unit with “Sh____ Ownership of Common Areas” (Buildings, Land, Parking, Stairways, Pool), as Tenants In Common
Condominium -
Individual “Fee Simple Ownership” of Unit with “Shared Ownership of Common Areas” (Buildings, Land, Parking, Stairways, Pool), as Tenants in Common
Chap 12
Involuntary Alienation
Forced Transfer Through Any of the Following:
- E____ D_____ (Gov Takes Property)
- Ad_____ P________ (Title by Court - Notorious, Open, Continous, Hostil Use)
- F_________ (Trust Deed-Lender takes Property)
Involuntary Alienation -
Forced Transfer Through Any of the Following:
- Eminent Domain (Gov Takes Property)
- Adverse Possession (Title by Court-Notorious, Open, Continous, Hostile Use)
- Foreclosure (Trust Deed-Lender takes Property)
Chap 12
V_____ Al________
An Uncoerced Transfer by “Gift or Deed, or Document”
Voluntary Alienation -
An Uncoerced Transfer by “Gift or Deed, or Document”
Chap 12
E_______/E______trix -
Person Named in Will to carry out its provisions
Executor/Executrix -
Person named in will to carry out its provisions
Chap 12
Severalty Ownership -
- T______ in Sev_______ - Sole and Separate Ownership
- Ownership - by One Person
- Pr_____ - Used to Pass Estate to Heirs
Severalty Ownership -
- Tenancy in Severalty - Sole and Separate Ownership
- Ownership - by One Person
- Probate - used to pass Estate to Heirs
Severalty - Condition of Being Separate
Chap 12
Joint Tenancy with Right to Survivorship - (Hint TTIP)
- T-T____ - All Joint Tenants Acquire Interest at Same T_____
- T-T___ - All Joint Tenants Acquire Interest in Same D___
- I-I_______ - All Joint Tenants Must Hold Equal, Un_____ I_____.
- P-P_______ - All Joint Tenants have Eq____ R____ to Possess Property Fully.
Joint Tenancy with Right to Survivorship -
- T-Time - All Joint Tenants Acquire Interest at Same Time
- T-Title - All Joint Tenants Acquire Interest in Same Deed
- I-Interest - All Joint Tenants must Hold Equal, Undivided Interest.
- P-Possession - All Joint Tenants have Equal Rights to Possess Property Fully
Chap 12
JTWRS - Joint Tenants with Rights to Survivorship -
Cannot take this Title Type
C________ “cannot” take this type of title due to Perpetual Existence.
JTWRS - Joint Tenants with Rights to Survivorship -
Corporations “cannot” take this type of title due to Perpetual Existence.
Perpetual - Never Ending and Changing
Chap 12
Under “Community Property” what is Earned Income?
Under Community Property -
Earned Income is Community Property
Chap 12
Tenancy in Common -
What Type of Persons Can Take Title?
Tenancy in Common -
Both Natural or Legal Persons may Take Title in this Form.
Chap 12
Tenancy in Severalty what Process is Used for Decedent’s Estate?
Tenancy in Severalty -
At Decedent’s Death - Estate is Processed through Probate to Pass to Heirs.
Under Community Property Title -
At Death of Spouse His Share goes to Heirs, so there is ___ Right to Survivorship.
Under Community Property Title -
At Death of Spouse His Share goes to Heirs, so there is No Right to Survivorship.
Chap 12
SEC - S________ and Exch_______ Commission -
- Enforces “Securites” on a Federal Level; with Arizona Corp Commission at State Level;
- Securities Regulated By “Blue Sky Laws“
SEC - Securities and Exchange Commission -
- Enforces “Securites” on a Federal Level; with Arizona Corp Commission at State Level;
- Securities Regulated By “Blue Sky Laws“
Chap 12
Joint Tenancy
Ownership Shared by 2 or More People, having Right to Survivorship.
- Created by: (T____, T____, In_____ and Pos_____)
- Natural Persons Only (****No Corps****)
- Joint Tenants can Convey Interest.
- Automatic Survivorship - No Probate
- Joint Interest Conveyed: Become Tenants in Common, where Interest Pass to Heirs
Joint Tenancy -
Ownership Shared by 2 or More People, having Right to Survivorship.
- Created by: (Time, Title, Interest and Possession)
- Natural Persons Only (****No Corps****)
- Joint Tenants can Convey Interest.
- Automatic Survivorship - No Probate
- Joint Interest Conveyed: Become Tenants in Common, where Interest Passes to Heirs
Chap 12
Tenancy in Common - has what type of Unity?
Tenancy in Common -
Unity - Possession Only
Chap 12
What Two Types of Title pass without Probate?
Pass Automatically without Probate -
- Joint Tenancy** wtih **Right to Survivorship
- Community Property** with **Right to Survivorship (1944)
Chap 12
Condominium Rules -
The Rules that Govern the Condo are Found in the B_______.
Condominium Rules -
The Rules that Govern the Condo are Found in the Bylaws.
Chap 12
Does Tenancy in Common have a Right to Survivorship?
Tenancy in Common -
Has NO Right to Survivorship. It passes to Heirs
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
V
Uncoerced Transfer by Gift, Deed or Document.
Example:
Attorney-In Fact - Is When Someone Voluntarily gives Power to Another to Handle Any Decisions Made in an Isolated Transaction.
Voluntary Alienation -
Uncoerced Transfer by Gift, Deed or Document
Example:
Attorney-In Fact - Is When Someone Voluntarily gives Power to Another to Handle Any Decisions Made in an Isolated Transaction.
Chap 12
Can anyone use Tenancy In Severalty to take title?
Tenancy In Severalty -
Yes - Natural or Legal person (Corps, Cities, Etc) can take title in this form.
Chap 12
AZ Co______ Commission -
Enforces “Securites” on a State Level.
AZ Corporation Commission -
Enforces Securites on a State Level.
Chap 12
Condo Owners -
- Owner - Receives D____
- Owner - Responsible for Property T____ and HOA Dues
Condo Owners -
- Owner - Receives Deed
- Owner - Responsible for Property Taxes and HOA Dues
Chap 12
Condo Board of Directors meet how often?
Condo Board of Directors -
Meet Annually
Chap 12
In a Cooperative, Who Holds the Deed to Property?
Cooperative (Title/Deed) -
Held by Corporation - Deed to Property
Chap 1 2
Cooperative (Buyer Holds) -
Buyer holds a Sto___ Sh____ in the Corporation. If Buyer (Owner) sells, he sells his Sto___ Sh____.
Cooperative (Buyer Holds) -
Buyer holds a Stock Share in the Corporation. If Buyer (Owner) sells; he sells his Stock Share
Chap 12
Cooperative Taxes -
Corporation holds Title to Building and Buyers Purchase a Unit as a Stock Share.
For Taxes:
There is Only One T__ St_____ for Entire Cooperative.
Cooperative Taxes -
Corporation holds Title to Building and Buyers Purchase a Unit as a Stock Share.
There is Only One Tax Statement for Entire Cooporative.
Chap 12
Securities “Sale of Interest” -
With any Business Entity it is Necessary to Determine which P_____ has Au______ to Si__ on the Entitie’s behalf.
Securities “Sale of Interest” -
With any Business Entity it is Necessary to Determine which Person has Authority to Sign on the Entitie’s behalf.
Chap 12
Joint Tenancy -
What can and cannot take title under Joint Tenancy?
Joint Tenancy -
- Natural Persons - Can take title
- Corps, Cities, etc - Cannot take title.
Chap 12
Real Estate Syndications -
Pooling Together Resources for Investment. (Such as: Gen_____ or Lim_____ Partnerships; Cor______, Limited L_______ Co; Tr___; and REIT’s.
Real Estate Syndications -
Pooling Together Resources for Investment. (Such as: General or Limited Partnerships; Corporations, Limited Liabiility Co; Trust; and REIT’s.
Chap 12
A Man and his Brother Purchase a Condo as Joint Tenants. Their Interest in the Common Areas would be held as:
- Community Property
- Joint Tenants
- Tenants In Common
- Severalty
A Man and his Brother Purchase a Condo as Joint Tenants. Their Interest in the Common Areas would be held as:
- Community Property
- Joint Tenants
- Tenants In Common
- Severalty
Chap 12
If a Person Owns a Condominium They Own:
- Undivided Interest in Common Areas and a Separate Interest in the Unit
- Undivided Interest in Whole, and Separate Interest in the Unit and Ownership of Land.
- Separate Interest in the Whole
- Divided Interest in Common Areas and Undivided Interest in the Unit
If a Person Owns a Condominium They Own:
- Undivided Interest in Common Areas and a Separate Interest in the Unit
- Undivided Interest in Whole, and Separate Interest in the Unit and Ownership of Land.
- Separate Interest in the Whole
- Divided Interest in Common Areas and Undivided Interest in the Unit
Chap 12
The Condominium Rules are found in the:
- Master Deed
- Bylaws and Corporate Chapter
- Covenants, Conditions and Restrictions
- Unit Owner’s Deed
The Condominium Rules are found in the:
- Master Deed
- Bylaws and Corporate Chapter
- Covenants, Conditions and Restrictions
- Unit Owner’s Deed
Chap 12
An example of “Voluntary” Alienation is
- Aquisition by Eminent Domain
- Assignment by an Attorney-In-Fact
- Loss of Property through Avulsion
- Escheat of Property after a Person Dies instestate
An example of “Voluntary” Alienation is
- Aquisition by Eminent Domain
- Assignment by an Attorney-In-Fact
- Loss of Property through Avulsion
- Escheat of Property after a Person Dies instestate
Chap 12
What Title can Corporations not take?
Corporations -
Joint Tenants - A Tile Corporations CANNOT TAKE, due to Perpetual Existance!
Chap 12
Any Property Received as a Gift or Inheritance, Purchased with Separate Funds or Acquired before Marriage is considered
- Community Property
- Tenancy in Severalty Property
- Separate Property
- Probate Proceedings will decide
Any Property Received as a Gift or Inheritance, Purchased with Separate Funds or Acquired before Marriage is considered
- Community Property
- Tenancy in Severalty Property
- Separate Property
- Probate Proceedings will decide
Chap 12
If a Limited Partnership Took Ownership in a Building, with “Distinct” and “Undivided Interest” and Each Partner Could Use that Building for Anything at Anytime, What Type of Title did They Take?
- Joint Tenancy
- Community Property
- Tenants In Common
- Tenancy In Severalty since the General Partner assumes all liability
If a Limited Partnership Took Ownership in a Building, with “Distinct” and “Undivided Interest” and Each Partner Could Use that Building for Anything at Anytime, What Type of Title did They Take?
- Joint Tenancy
- Community Property
- Tenants In Common
- Tenancy In Severalty since the General Partner assumes all liability
Chap 12
An Act, by Court Order to Divide up an Estate into Separate Portions of Proportionate Interests of the Owners of Property.
Sometimes Described as a Forced Sale.
Suit for Partition -
Act, by Court Order to Divide up an Estate into Separate Portions of Proportionate Interests of the Owners of Property.
Sometimes described as a Forced Sale
Chap 12
(REIT) Real Estate Investment Trust -
This Pool of Investors Must Invest ___% fo its Assets in Real Estate. They Must Payout ___% of Taxable Income to all Shareholders.
(REIT) Real Estate Investment Trust -
This Pool of Investors Must Invest 75% fo its Assets in Real Estate. They Must Payout 90% of Taxable Income to all Shareholders.
Chap 12
Condo Owners -
Must Pay P______ T___ and HOA Dues. Rules governing Condo Rules can be found in the B_______.
Condo Owners -
Must Pay Property Taxes and HOA Dues. Rules governing Condo Rules can be found in the Bylaws.
Chap 12
Cooperative -
Cooperation holds Title to Building. And a Buyer Gets Stock Shares.
But What is Also Given to the Buyer? P_______ L______
Cooperatives -
Cooperation holds Title to Building. And a Buyer gets stock shares
Proprietary Lease for Apt (No Deed) - Is Given to Buyer.
Chap 12
