Unit 5 Forms Of Ownership Flashcards
During the lifetime of coownership, there may be no apparent difference between the various types of ownership. Only when the property is conveyed, or when one of the owners dies, will the differences become
Apparent.
- Tenancy in Common (TIC)
- Joint tenancy
- Tenancy by the entirety
- Community property
Above are the four Forms of?
Forms of Co-Ownership
Co-ownership that is passed through a Will is what type of co-ownership?
Tenancy in common
Co-ownership that is the right of survivorship is what type of co-ownership?
Joint Tenancy (It is absorbed by the co-owners)
Possession, interest, time, and title are the four elements or unities that are needed for what type of coownership?
Joint Tenancy
The acronym PITT stands for the four elements or unity needed to create a joint tenancy. PITT stands for?
Possession, interest, time and title.
Unity or possession- all joint tenants hold an undivided right to possession. This is one of the four Elements that is necessary for
Joint Tenancy type of Co-ownership.
Tenancy by entirety, right to survivorship, conveys by deed signed by both parties. One party can’t convey 1/2’s interest. Each have equal undivided interest in property. During their life lives, they can convey title only by a deed signed by both parties.This is a special form of coownership for?
Married couples
Spouses are equal partners in marriage. Real or personal property acquired during marriage is
Conveyance require signatures of both spouses. No right of survivorship, when one spouse dies survivor owns 1/2 of community property. Other 1/2 is distributed according to Will or, if no well according to state law. What form of coownership is this?
Community property
A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third-party is known as
A Trust.
A trustor is the person who creates the
Trust
The beneficiary is the person who
Benefits from the trust
The trustee is the person who
Holds legal title to the property and is entrusted with caring out the trustors instructions regarding the purpose of the trust.
The trustee is in the role of a person who acts and confidence or trust and has a special legal relationship with the beneficiary they are also known as a?
Fiduciary
In this type of property ownership. A owners have a fertile to interior space of units and share title to common areas. This is what type of property ownership?
Condominium
In this type of property ownership, tentants own shares in a corporation, partnership, or trust that holds title to the building. Tentants have proprietary leases and the right to occupy their respective units. What type of property ownership is this?
Cooperative
In this type of property ownership the estate is a fee simple interest. Used on the agreement of personal property that expires after a specified time period. What is this type of property ownership?
Time share
Real estate taxes are assessed and collected on each unit as an individual property. Default in payment of taxes or mortgage loan by one unit owner may result in foreclosure sale of the owners unit. The owners default, however it does not affect the other unit owners. What type of property ownership is this?
Condominium
Ownership by one individual, who may be an artificial person, such as a corporation. Is ownership in
Serveralty
A land trust, the beneficiary is also the trustor, but the public record will not identify the
Beneficiary
An association of two or more persons who carry on a business for profit as co-owners in a general or a limited partnership, as provided by state law. This is known as
A partnership
All partners participate in operation and management, and partners share full liability for business losses and obligations. What type of partnership is this?
General partnership
This type of partnership are only liable for business losses only up to the amount of the individual’s investment.
Limited partnership.
General partners and limited partnership are both with a limited partnership. The general partners run the business.
