Unit 4: Forms of Real Estate Ownership Flashcards
ownership in _____ occurs when property is owned by one individual, corporation, or other entity
serveralty
The owner in ______ has sole rights to the property and sole discretion to sell, lease, leave as a bequest in a will, or otherwise transfer part or all of the ownership rights to another person.
sereralty
When title to a parcel of real estate is held by two or more individuals, those parties are called ___-____ or concurrent owners. Most states commonly recognize various forms of this.
co-ownership
4 forms of co-ownership
tenancy in common (TIC), joint tenancy, tenancy by the entirety, community property
in a ____ _ _______ (___), each tenant holds an undivided interest in the property. The co-owners have the unity of possession, meaning that each owner is entitled to possession and use of the entire property, even though each holds only a fractional ownership interest. It is the ownership interest, not the property, that is divided
tenancy in common
each co-owner can sell, convey, mortgage, or transfer their individual interests in the Tenant in common (tic) without the consent of the other co owners. True or false
true
The distinguishing feature of a ____ ____ is the right of survivorship
joint tenancy
In a ____ ______, there has to be equal ownership and upon the death of one of the owners, the deceased proportion of the property is split up by the remaining owners
joint tenancy
Concurrent ownership must have four unities. What are these four
(PITT) - possession, interest, title, and time (PITT)
In a ___ _ ____, a deceased co-owner’s interest goes to heirs or devisees.
Tenants in common
Condominiums, cooperatives, planned unit developments (PUD), and time-shares are all examples of _____ ____ _____ (___) ownership
Common interest community (CIC)
an association of owners with the authority to levy mandatory assessments on its members
Common interest community (CIC)
CIC’s are usually regulated under a state’s ____ ____ ____ act
common interest ownership
When you buy a _____, you buy your unit (freehold estate) and you also buy a percentage ownership of the common elements as tenants in common. Two separate ownerships
condominium
True/false: any type or use of real estate can be a CIC
true
____ common elements are owned by all but used by one. an example is parking
limited
Each unit owner is required to be a member of the ____ _____ (_ _), a nonprofit organization with the following functions:
- manages common elements and pays any taxes owed by the OA
- Adopts rules, regulations, and budgets
- adopts and amends bylaws
- imposes and collects assessments (association fees)
- does not develop land
owners association (OA)
___ ___ is similar to condos in unit ownership and establishment of the HOA
town house
in a _______ or ___-___: owned by a corporation, which in turn allows owners (stockholders) occupancy. ______ corporation (tenants association) owns the real estate
cooperative, co-op, cooperative
In a __-___, a purchaser buys interest in real estate and receives right to use property for certain periods of time. Purchasers may own land, or developer may own land and contract for its use.
time-share
in a ____-_____, purchasers of units own as tenants in common with other purchasers, most common in resort properties, sale of time-share or condo with a mandatory rental poo agreement may require a securities license
time-share
