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RE Ch 4 Q&A

Real Estate Q&As for Chapter 4

What are the three main forms of co-ownership? Tenants in Common Joint Tenancy Tenancy By the Entireties
What are the 7 defining characteristics Tenancy in Common? Two or more owners Identical rights Interests individually owned Electable ownership shares No survivorship No unity of time Partition suit
What are the 4 defining characteristics of Joint Tenancy? Unity of ownership Equal ownership Transfer of interest Survivorship
What are the four unities needed to create a joint tenancy? Unity of Time Unity of Title Unity of Interest Unity of Possession
How can a joint tenancy be terminated? When any of the four unities is broken. Sale of an interest Bankruptcy of any of the joint tenants Foreclosure of the property Partition suit
Who decides how title to real estate will be held? The grantee or buyer decides. The seller decides the type of estate transferred.
What are the primary differences between tenancy in severalty and co-ownership? The number of owners, one vs. two or more
What are the primary differences between tenancy in common and joint tenancy? Title-- only one title in a joint tenancy, multiple titles in tenancy in common; Ownership share; Transferability-- tenant in common may sell, encumber, etc., his or her share, but joint tenant's interest becomes a tenancy in common interest if sold
What are the 4 features of a Tenancy by the Entireties? Survivorship Equal, undivided interest No foreclosure for individual debts Termination
How does a Tenancy by the Entireties terminate? Death of either spouse Divorce Mutual agreement Foreclosure
How may a spouse gain an equitable interest in separate property? If the value of the separate property increases during the marriage or if community property funds were used to discharge any debt on the separate property
What is a common use of the testamentary trust? To control how estate property is distributed to children or young adults
What are the distinguishing features of a land trust? Beneficiary controls the property and the trustee, the beneficiary's identity is not on record, and it has a limited term
What is the beneficiary's interest in a land trust? Personal property
What advantages does a beneficiary's interest gain from a land trust? transferring by assignment instead of deed; can encumber the property by assignment instead of recorded mortgage; property interests are probated in the state the beneficiary resided in at the time of death
What are the primary differences between tenancy by the entireties and joint tenancy? Tenancy by the entireties requires co-owners to be married and can have only two owners; a tenant by the entireties cannot convey his or her interest separately to an outside party.
What are the main features of the concept of community property? Applies to legally married spouses; distinguishes between community property and separately-owned property; protects each spouse's ownership of the whole community property while spouses live; preserves half of community property for surviving spouse.
What are some of the apparent advantages of a land trust as a way of owning property? Anonymity; ease of transfer; ease of use as collateral; potential benefits in treatment of estate on death of beneficiary (grantor).
What are the common elements of a condominium? the land (if not leased); structural components of the building; physical operating systems supporting all units; recreational facilities; building and ground areas used non-exclusively
What are the primary differences between a condominium and a cooperative as forms of ownership? Condo owner actually owns real property while co-op owner owns shares in a corporation and proprietary lease; condo unit can be transferred, encumbered or foreclosed as an entity, while co-op interest is interest in the corporation
What are the main differences between deeded time-share (DTS) ownership and vacation interval ownership as forms of ownership? DTS owner owns real property; the interval owner owns personal property; the DTS owner acquires the rights to use (a unit at a specific time), rent, sell, etc; the interval acquires a right-to-use (no particular unit, at a specific time)
What are the three defining characteristics of Tenancy In Common? Two or more owners Identical right Interests individually owned
Created by: medct