Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Principles > Unit 3: Ownership of Real Property > Flashcards

Unit 3: Ownership of Real Property Flashcards

1
Q

A fee simple estate and a life estate are:

A

Freehold Estates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The highest form of ownership is

A

The fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Victor and Karen are not married but together own community property because they are

A

Registered Domestic Partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A fee simple estate that may be lost when some act is performed is:

A

A fee simple on condition of subsequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A fee simple estate that has no conditions is:

A

a fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If Greenacre is deeded by Lou to Mary for Mary’s life, Mary has:

A

A life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

If Greenacre is deeded by Lou to Mary for Mary’s life, Lou has:

A

an estate in reversion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When Aunt Winfred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George’s daughter Elizabeth. Elizabeth is:

A

A remainderman

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

If Greenacre is deeded by Lou to Mary for the life of Nancy, Nancy has:

A

No interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The owner of a life estate can

A

Sell only the life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Joint tenants have unity of

A

Time, title, interest, and possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Jessica and John own Blackacre as joint tenants. Jessica’s will specifies that on her death her interest in Blackacre is to go to her sister Mona. When Jessica dies:

A

John will be the sole owner of Blackacre.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Three joint tenants share an interest in a property. If one Joint tenant’s share is sold using the proper legal formalities, the new owner will then be:

A

A tenant in common with the other joint tenants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Community Property is:

A

All property acquired by a spouse or registered domestic partner that is not separate property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

One of the forms of concurrent ownership is:

A

Tenancy in partnership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A partner has:

A

The right to possession of partnership property for partnership purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Absolute control, as well as absolute liability, belongs to:

A

A sole proprietor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

When doing business in California, a corporation chartered in California is:

A

A domestic corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Title to a spouse’s marital property can be transferred upon death by use of

A

A living Trust

20
Q

A limited partner is:

A

Not liable for partnership debts beyond the amount invested.

21
Q

Estate=

A

Ownership

22
Q

Freehold Estate

A

Indefinite duration of ownership. Fee Simple, Fee Simple Defeasible, and Life Estate.

23
Q

Fee Simple Estate

A

Type of freehold estate. The highest form of modern land ownership. Ownership of the building and the land. No conditions are attached to the ownership.

24
Q

Fee Simple Defeasible

A

Type of freehold estate. Ownership of building and land but with a condition. Sometimes called Fee Simple Subject to Power of Termination. Breach of conditions can result in loss of title.

25
Q

Life Estate

A

Type of freehold estate. Estate lasts only as long as the life of the person listed on the deed or will that creates the estate.

26
Q

2 Things holder of life estate cant do

A
  • Will it to someone else

- Commit waste upon the property

27
Q

Estate in Reversion

A

I sell you a property on a life estate. You die, the property reverts back to me. If I die first, when you die, the property goes to my heirs.

28
Q

Estate in Remainder

A

(Off to the side) I sell or give property to you on a life estate. Once you die, it goes to the Betty Ford Clinic for substance abuse.

29
Q

Lease Hold Estate

A

Less than a freehold estate. Not ownership but for use only.

30
Q

Ownership in Severalty

A

Separate ownership by one person

31
Q

Concurrent Ownership

A

Ownership by two or more entities at the same time.

32
Q

3 Types of Concurrent Ownership

A
  • Joint tenancy
  • Community property
  • Tenancy in Partnership
33
Q

Right of survivorship

A

Upon the death of one of the joint tenants, the deceased share goes to the surviving tenant. Escapes probate and existing unsecured debt. Cannot will your share.

34
Q

Joint Tenancy

A

A special form of co-ownership.

35
Q

Joint Tenancy Unities Acronym (TTIP)

A

T- Unity of Time (each takes title at the same time)
T- Unity of Title ( each receives title through the same deed)
I- Unity of Interest (each owns an equal share)
P- Unity of Possession ( each has the right to use all of the property)

36
Q

Tenancy in Common

A

No right of survivorship. Only have Unity of Possession. You can will your share.

37
Q

When no vesting is mentioned in the deed and the parties are not married, the law will presume:

A

Tenancy in Common

38
Q

Community Property

A

real or personal property acquired by a spouse during the marriage or by a registered domestic partner.

39
Q

Separate Property

A

Possessions acquired before marriage

40
Q

Community Property with right of survivorship

A

The deceased share goes to the surviving tenant (same as joint tenancy)

41
Q

Business Ownership of Real Estate- Sole Proprietorship

A

Simplest form. You’re personally liable.

42
Q

Business Ownership of Real Estate- Corporation

A

A separate, legally recognized entity, apart from owners. Limits liability of officers, directors, and shareholders.

43
Q

Business Ownership of Real Estate- S-Corp

A

Avoids double taxation

44
Q

Business Ownership of Real Estate- Partnership

A

Like two sole proprietors coming together to share liability.

45
Q

Business Ownership of Real Estate- Limited Partnership

A

A general partner makes decisions with unlimited liability. Limited Partners are only liable for up to the amount invested.

46
Q

Limited Liability Company (LLC)

A

Another corporate structure but taxes and fees are higher than a partnership.

47
Q

Real Estate Investment Trust (REIT)

A

Holds various forms of real estate or mortgages for the benefit of investors who own shares of the trust.

Real Estate Principles (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions