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RE Ch 4 Q&A
Real Estate Q&As for Chapter 4
| Question | Answer |
|---|---|
| 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 |
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medct