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Session 7

Ownership Concepts in Real Estate

QuestionAnswer
Ownership in Severalty A way to take ownership of a property characterized by ownership being transferred to ONE person or a SINGLE corporation.
Tenancy in Common A form of co-ownership where each owner has "fractional ownership (own a specific part or percentage of living space)" but have an "undivided interest (access and use of the whole common area)" in the whole.
Transference of Ownership in Tenancy in Common Any owner has the right to encumber their share of ownership without the consent of other owners. Also, there is no "right of survivorship (other owners have no claim of ownership if you pass & you can will it to an heir)"
Fractional Ownership Owning a specific part or percentage (in same or varying amounts) of the property. If percentage of ownership is undetermined, shares will be divided as evenly as possible by a court.
Partition Suit A legal way to fairly and impartially dissolve a co-ownership if parties cannot agree on how to do so on their own.
Joint Tenancy A form of co-ownership intentionally created and has four essential requirements: ALL OWNERS must have the right of Possession, the same (and undivided) Interest, acquired their interest at the same Time and acquired said interest in the same Title.
P.I.T.T. The unities required for Joint Tenancy. (Possession, Interest, Time, Title)
Termination of Joint Tenancy This happens when any of the four unities( possession, interest, time, title) are terminated.
Conveyance of interest in joint tenancy This destroys the unity, time, and title of joint tenancy
Tenancy by the entirety Husband and wife are considered one unit and share of ownership cannot be divided. They have equal undivided interest in the property including right of survivorship so surviving spouse becomes sole owner in severalty
Tenancy by the entirety in Arizona Only applies for married couples and is not recognized
Joint tenancy essential requirements Possession, Interest, Time, Title
Community Property Type of ownership where property acquired by a husband and wife where both become equal (50/50) partners.
Community property after death of one spouse Remaining spouse retains their one-half interest in the community property. Property of deceased is divided according to his or her will.
Disclaimer deed When one spouse gives up his/her right to future interest incoming property.
Type of co-ownership between married partners that is recognized in Arizona Community property
Type of co-ownership between married individuals that is not recognized in Arizona? Tenancy by the entirety
Most common type of community property? With right of survivorship
According to community property law, property that is gifted inheritance or aquired before marriage can remain ________. Sole and separate
Community property with right of survivorship A voluntary option that eliminates probate due to the death of a spouse. The living spouse acquires the community property of the deceased spouse.
A form of ownership that involves three parties that is created by a legal document such as a will or deed of trust Trusts
Parties required are related to a deed of trust Beneficiary, trustor, trustee
Beneficiary The party who will benefit from the trust. The lender
Trustor The borrower who conveys the bare and naked title, or legal title, to the property
Trustee
A neutral party who holds legal title also called bare and naked title
Living trust Inter vivos
In what kind of trust can the beneficiary and trustor can be the same person? Living trust
A benefit of a living trust It avoids probate
A type of trust that is created upon the grantor's death through a will. Testamentary trust
Type of trust where property is managed by a trustee for the benefit of the investors Real estate investment trust
Aspect of a real estate investment trust that allows for tax benefits REIT shares are sold like stock and are treated as personal property ownership
The horizontal property act referees to what type of property? Condominiums
An owner of a residential or commercial condominium has _______ type of ownership in the unit consisting of the interior wall's of their own unit and the taxes on their own unit. Fee simple ownership
When it comes to the common areas is a horizontal property, a condominium owner becomes a ______. Taxes are shared on these common areas among all tenants. Tenant in common
In what type of trust does a trusty manage a property for the benefit of a group of investors Real estate investment trust
In this type of ownership, owners own a share of stock rather than real property Cooperatives
Created by: REstudent