Unit 2 - Module 1.2 - Estates And Ownership

Question 1

Timeshare

Answer 1

5 or more non-consecutive periods over at least 5 years. 5 days for buyer to terminate contract for full refund. 10 days for money to be held in trust account. Developer can be fined $500 per violation of timeshare at.

Question 2

No impact on ownership

Answer 2

Buy a property in severalty and later marrying

Question 3

Townhouse

Answer 3

On the unit plus the land easement for 50% of shared walls may have limited common elements (parking, garage, storage). HOA owns the common areas.

Question 4

Tenancy by entirely

Answer 4

Limited to married couples. must be married at the time of purchase. Default ownership as it provides the most protection. Rights of survivorship - automatically passes to the surviving spouse upon death. Cannot be defeated by a will. Divorced terminates tenancy by the entirely - will in common.

Question 5

Types of leasehold estates?

Answer 5

1. Estates for years - definite end date
2. Estate from year to year (periodic) - automatic renewal until proper termination notice from either party
3. Estate at will - either party may terminate without notice
4. Estate at sufferance - lease ends and tenant won’t leave

Question 6

Tenants in common

Answer 6

More than one owner. May own different percentages. Ownership passes through errors upon death through probate suit for partition may be used to force the sale.

Question 7

Severalty

Answer 7

One owner (either individual or entity). Free to convey the property (unless married). Ownership passes to heirs upon death through probate.

Question 8

What is the leased fee estate?

Answer 8

The landlords interest in the leased property. The owner gets the fee. The owner has dual Estates. - freehold estate, and leasedfee estate

Question 9

Trust

Answer 9

Property is held by trust on behalf of. A beneficiary trustee makes decisions to buy/sell, and which beneficiary gets the benefit to use the property. When a broker lists property owned by trust the trustee signs all necessary paperwork.

Question 10

Which Estates are inheritable?

Answer 10

1. Fee simple absolute
2. The simple defeasible - determinable or conditional
3. Pur Autre Vie

Question 11

Which estates are non-inheritable?

Answer 11

1. Marital estates (created by statue).
2. Conventional life estates (created by intention).

Question 12

Joint tenancy

Answer 12

Unities: same time, same source, same level of ownership. Rights of survivorship - automatically passes to co-owner not to heirs upon death. Cannot be defeated by a will consult. Interest and new owner may be a tenant in common. May sue for partition to force sale.

Question 13

Estovers

Answer 13

The rights to use timber for repairs or fuel. The life can tenant cannot cause waste.

Question 14

Condo

Answer 14

Blend severalty (for the unit) and tenants in common (for common areas). Own airspace, and co-own common areas. May have limited common elements (parking, garage, storage). HOA fees cover expenses for common area maintenance.

Question 15

Cooperative

Answer 15

Only a share of a stock and enter a proprietorship lease. no direct ownership of the unit shareholder pace fee to cover debt obligation, property taxes, and maintenance.

Question 16

What is a leasehold estate?

Answer 16

Tenants interest in the least property. The tenant has a “hold” on the property - they have possession.

Question 17

What is an estate?

Answer 17

An interest in real property, which may be possessory now or at some time in the future. If you own property (freehold), lease a property (non-freehold/leasehold), or are the remainderman (property will be transferred to you in the future), then you have an estate in real property.