Unit 4: Forms of Real Estate Ownership

Question 1

ownership in _____ occurs when property is owned by one individual, corporation, or other entity

Answer 1

serveralty

Question 2

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.

Answer 2

sereralty

Question 3

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.

Answer 3

co-ownership

Question 4

4 forms of co-ownership

Answer 4

tenancy in common (TIC), joint tenancy, tenancy by the entirety, community property

Question 5

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

Answer 5

tenancy in common

Question 6

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

Answer 6

true

Question 7

The distinguishing feature of a ____ ____ is the right of survivorship

Answer 7

joint tenancy

Question 8

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

Answer 8

joint tenancy

Question 9

Concurrent ownership must have four unities. What are these four

Answer 9

(PITT) - possession, interest, title, and time (PITT)

Question 10

In a ___ _ ____, a deceased co-owner’s interest goes to heirs or devisees.

Answer 10

Tenants in common

Question 11

Condominiums, cooperatives, planned unit developments (PUD), and time-shares are all examples of _____ ____ _____ (___) ownership

Answer 11

Common interest community (CIC)

Question 12

an association of owners with the authority to levy mandatory assessments on its members

Answer 12

Common interest community (CIC)

Question 13

CIC’s are usually regulated under a state’s ____ ____ ____ act

Answer 13

common interest ownership

Question 14

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

Answer 14

condominium

Question 15

True/false: any type or use of real estate can be a CIC

Answer 15

true

Question 16

____ common elements are owned by all but used by one. an example is parking

Answer 16

limited

Question 17

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

Answer 17

owners association (OA)

Question 18

___ ___ is similar to condos in unit ownership and establishment of the HOA

Answer 18

town house

Question 19

in a _______ or ___-___: owned by a corporation, which in turn allows owners (stockholders) occupancy. ______ corporation (tenants association) owns the real estate

Answer 19

cooperative, co-op, cooperative

Question 20

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.

Answer 20

time-share

Question 21

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

Answer 21

time-share