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KES forms of AE own

forms of Real Estate Ownership

QuestionAnswer
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