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Real Estate WA Unit
Real Estate Wa Unit 6
| Question | Answer |
|---|---|
| Ownership in severalty | Ownership by one person or a single corporation (which, legally, has the status of a person) whose rights to the property are not shared with any other person. |
| fractional ownership interests | When two or more persons or entities own property at the same time with undivided use each owner has a fraction of the whole. |
| partition action | Property owned as tenancy in common or joint tenancy can be sold or partitioned under a court-order |
| Concurrent ownership | Blanket term for the ownership of real property by more than one person. Also known as Joint Tenancy, right of surviviorship. |
| Tenancy in Common (TIC) | When 2 or more person, whose interests are not necessarily equal, are owners of undivided interests in a single estate. |
| Unity | Equality for tenants in common the equal right of possession or undivided interest. |
| Obligation for Share of Expenses | Each tenant in common is obligated to pay a proportionate share of the expenses of the property. |
| Improvements to the Property | A Co-owner is not obligated to contribute to improvements to that property. |
| Leasing the Entire property | If property is leased to a third party, then the co-owners have a right to share of the rents in proportion to their ownership interests. |
| Sale | Each co-owner is entitled to sell his/her share without the consent of the other co owners. |
| Will | Upon the death of a tenant in common, the heirs of the deceased co-owner inherit only that share. |
| Agreement | A tenancy in common can be changed to another form of ownership, if all co-owners agree. |
| Partition Action | When tenants in common do not agree on matters pertaining to the property, co-owners may file court proceeding to settle dispute. |
| Joint tenancy | Another form of concurrent ownership |
| Joint Tenancy also called | Joint tenancy with right of survivorship JTWROS |
| Right of survivorship | Every joint tenancy automatically carries with it the right of survivorship. |
| Forms of Joint Tenancy (4) | Unity of time, Unity of title, Unity of Interest, Unity of Possession. |
| Unity of Time | Created among all owners at the same time. |
| Unity of title | Acquired on the same deed or will |
| Unity of Interest | Equal as between or among all joint tenants |
| Unity Possession | Rights of use are co-equal. |
| Community property | Unique form of concurrent ownership that can only exist between husband and wife. |
| Tenancy by the entirety | Form of ownership by husband and wife in which each owns the entire property. |
| Quasi-Community Property | Property acquired outside of WA that would have been community property if acquired in WA. |
| "Meretricious relationship" | Man and woman knowingly cohabit without becoming married, the parties are entitled to a just and equitable distribution of property aq. during relationship. |
| Distributing Community Property | Upon death, the surviving spouse is entitled to 1/2 of any community assets. |
| Dower and Curtesy | Deals with the inheritance of the husband and wife from each other. |
| Distributing Separate Property | If there is no will (Intestate) the surviving spouse gets 1/2 and the remaining 1/2 is distributed according to descents. |
| Double taxation | Occurs when the business entity is taxed along with the owner of the business. |
| Doing Business as | When the owner files with county clerk. Business is conducted under owner, then DBA under another name. |
| Advantage of Doing Business As (DBA) | The owner of a DBA is that the transfer of ownership during a sale is easier and the new owner can take over without changing the name. |
| Partnership | One form of business organization created among natural persons. |
| General partnership | Exists when two or more individuals or businesses join to operate a business for profit. |
| Jointly and Severally | The creditors can go after any one partner separately or all of them together. |
| Partnership Agreement | General partners have equal management and control over the business' day-to-day affairs. |
| General partners | Have equal management and control over business day-to-day. |
| Revised Uniform partnership Act | WA follows the Rev. Uniform Partnership ACT - partners hold property in joint or tenancy in common, not individually. |
| Partnership property | Whether real or personal, is treated by the partners in a similar manner as other commonly owned property. |
| Limited Partnership | Organization of partnership with at least one gen. partner and one or more limited partners. |
| Corporation | A legal entity, which has a separate legal identify from its owners or members. |
| Limited Liability Company (LLC) | A business entity that combines the tax advantages of a partnership and the limited liability of a corporation, but does not req. any advanced financial reporting. |
| Syndicate | Black's Law defines as "a group organized for a common purpose or to carry out a particular business transaction." |
| Joint Venture | An agreement between two or more parties who invest in a single business or property. |
| Common Interest Community (CIC) | A development involving a combination of individually owned lots or units couples with common area parcels or spaces. |
| Condominium Unit | A physical portion of the condo designated for separate ownership. |
| Condominium | A form of CIC ownership in a housing development that combines a separate interest in an individual unit with co-ownership of common elements or common areas. |
| Common Elements | Portions of the condominium other than the units. |
| Limited Common Area | An area of the Dev. that may be used only by some of the unit owners rather than by all of the unit owners. |
| Unit Owners' Association | Membership, owners of each individual unit also must contribute reg. dues for maintenance of common areas. |
| Townhouse Development | Development of multi-story homes usually with a common wall, similar to row houses. |
| Cooperative | Another method of providing for common ownership in a housing development (stock cooperative) |
| Another name for Cooperative | Stock Cooperative |
| Proprietary Lease | Shares of co-op owners exclusive right to occupy a particular unit. |
| Timeshare | Common ownership of a single piece of property by an association of people with each owner having the exclusive rights to occupy a unit for a specified period each year. |
| Interval Ownership | Timeshare ownership usually for specific blocks of time per year. |
| Tenancy in Common with Timeshare | Timeshare "owner" has no right of control or access to the property other than during their scheduled times. |
| Vacation License | The dev. retains ownership of the timeshare property gives right to use the property for specific time period each year. |
| The RCW specifically defines a condominium (true/false) | True. RCW defines a condo as "real property..." |
| Undivided Interest, two or more people hold an interest | Under the same title. |
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