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Real Estate WA Unit

Real Estate Wa Unit 6

QuestionAnswer
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.
Created by: Kids3