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KES forms of AE own
forms of Real Estate Ownership
| Question | Answer |
|---|---|
| Common Elements | the remainder of building and land in a condo |
| community property | spouses are considered equal partners. property acquired during marriage is considered community property. Does not provide automatic right of survivor ship. |
| condominium | located in town homes, complexes, or stand alone units. fee title to interior and share title to common areas. |
| cooperative | (owned by corporation) single units located in low or high rise. tenants own shares. Shares are personal property and can be transferred. |
| co-ownership | title held by 2 or more individuals. co-owners or concurrent owners. |
| corporation | legal entity or artificial person. can own estate in severalty and as tenant on common. |
| joint tenancy | owned by 2 or more whether married or unmarried. right of suvivorship. |
| LLC | combines features of limited partners and corporations. No double tax. |
| partition is | the legal way to dissolve relationship between co owners when disagreement |
| partnership | an association of two or more persons who carry on business for profit as co-owners. |
| PITT represents and is needed for | The 4 unities necessary to create joint tenancy: Possession, Interest, Time, Title |
| right of suvivership | upon death of joint tenant interest transfers to surviving joint tenant or tenants. |
| separate property | property acquired before marriage or or acquired by gift/inherited during marriage. |
| severalty | ownership by single person, corporation, or other entity. (def: owner is severed) |
| tenancy by entirety | special form of co ownership allowing spouse to inherit ownership upon death of other spouse. owners are considered one individual |
| tenancy in common | each owner holds fractional undivided interest unity of possession (use of entire property, but ownership of fraction), can be willed. |
| time share | multi purchase, is fee simple interest. use agreement is personal property. Interest may be conveyed |
| town house | residential dwelling with 2 or more floors connected by common wall to other units. |
| trust | ownership held by third party for benefit of other(s). |
| 3 ways real estate may be held | ownership in severalty, co-ownership, ownership by a trust |
| forms of co-ownership | Tenancy in common, Joint tenancy, Tenancy by the entirety, Community property |
| TIC | Tenancy in Common. |
| Joint Tenancy is created by | intentional act, cannot be implied or created by law |
| Unity of Interest | all tenants hold equal owner ship |
| unity of Possession | co owners of tenancy in common hold undivided possession |
| Unity of time | interested acquired at the same time |
| Unity of title | tenants acquire interest by same document |
| A joint Tenancy is terminated when ... | Any one of the 4 unities is terminated. joint tenancy remains for remaining tenants if more than 1. |
| REIT | Real Estate Investment Trust |
| Land Trust | has land as sole asset. |
| types of partnerships | general partnership, limited partnership |
| general partnership | all partners participate in operations and share full liability |
| limited partnership | consists of general partners and limited partners. |
| limited partners are liable for | up to the amount they invested. |
| right of first refusal | owner required to offer unit for sale to other tenants in condo first. |
| Model Real Estate Time-Share act | deals with time share management and offers protections for purchasers of units |
| AZ Community property | for married people only. is statuary presumption to exist. one spouse cannot act unilateraly |
| AZ Community property with right of survivorship | expressly declared in deed. avoids probate. |
| Az Joint Tenancy with Right of Suvivorship | conveys title to remaining joint tenants |
| AZ Tenancy in Common | co-ownership with no right of suvivorship. each own specific undivided interest |
| AZ Sole and Seprate | property owned before marriage or acquired during marriage as gift, inherited. spouse needs to execute disclaimer deed |
| Horizontal Property acts | Laws reling to condominium ownership as a proprietary lease. |
| Shareholders in coop entitle them to | ownership as a proprietary lease. |
| Membership camping is similar to | Timeshare use |
Created by:
KimSchroeder
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