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Severalty ownership or sole ownership
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Tenancy
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Real Estate GA
| Question | Answer |
|---|---|
| Severalty ownership or sole ownership | One person or corporation(single legal entity |
| Tenancy | Refers to possession |
| Tenancy in common | Interest each co-owner owns is inhertiable |
| Tenacy in common | imposes the fewst restriction on the co-owners |
| Tenancy in common | each co-owner holds sperate title (can sell, mortgage will or transfer their specific share |
| Tenancy in common | interst each co-owner owns is inheritable |
| Joint Tenancy | co-owners jointly own a single estate |
| Joint Tenancy | upon death of a co-owner the desease interest in the property automatically ends and passes to the remaining joint tenants |
| Joint Tenancy | 4 unities must be present to create joint teancy Possession, Interest, Time, Title |
| Joint Tenancy - Right of Survivorship | Distinguishing characteristic of joint tenancy |
| Concurrent Ownership | Married people |
| Concurrent Ownership | Co-owners or concurrent owners |
| Tenancy By the Entirety | Has the 4 unities...PITT...Possession, Interest Time and Title |
| Tenancy By the Entirety | Both spouses needed to sell, mortgage, less, need both signatures |
| Tenancy By the Entirety | Creditor cannot force sale of half the property to satisfy either spouses personal or business debt. (only if both are liable for the debt) |
| Tenancy By the Entirety | if divorced they become (tenants in common) |
| Tenancy By the Entirety | is like joint tenancy-right of surviorship |
| Community property | Treats married couples as equal partners |
| Community property | Each spouse has 1/2 interest |
| Community property | Seperate property-Property acquired before a marriage or by a gift or inherited are not included. |
| Community property | Can be passed to heirs by a will |
| Community property | If Divorced, becomes tenancy in Common |
| Tenancy in Partnership (general Partnership) | Must opertate under a registered trade name. |
| Tenancy in Partnership (general partnership) | Each partner is jointly and severally liavle for the partnershiop obligations. creditors must first collect from the partnership before pursing the individual partner |
| Tenancy in Partnership (general partnership | interest in partnership can not be sold for personal debts. |
| Tenancy in Partnership (general partnership | Each partner can participate in management and can bind the partnership in the day to day business operations. |
| Tenancy in Partnership (general partnership) | no partner can obligate the partnership to sell, mortgage or lease (convey any legal interest) without the consent of the other partner. "unless, that is the partnership's business. |
| Tenancy in Partnership (limited partnership) | one or more general partners carry on the management |
| Tenancy in Partnership (limited partnership) | limited partners are essentially just investors and have no management involvement(interest liability is just their investment) |
| Tenancy in Partnershiop (limited partnership) | investors must weight the advantages of limited liabilty againsgt the disadvantage of relying on the management skills of the general partners |
| Limited Liability Company | name of business must contain "L.L.C" |
| Limited Liability Company | Company is formed by filing articles of organization with the Secretary of State. |
| Limited Liability Company | Articles include and operating agreement that become the LLC's governing documents similar to a corporations by-law. |
| Limited Liability Company | Investors are called "members" |
| Limited Liability Company | Profits are not taxed at the corporate level |
| Limited Liability Company | Management vest in all members "however" operating agreement delegates managerial decisions to one or more specific individuals who have the sole authority to bind the company and sign documents |
| Limited Liability Company | Members, managers and employees of the LLC are not personally liable for the LLC's debt. Provided no laws were broken and everyone acted in good faith |
| Limited Liabilty Company | Member's ownership interest is personal property and freely transferable |
| Testamentary Trust | A trust created in a will....ex: trust may be used to hold property for a minor |
| Living Trust | Created during trustor's lifetime, maybe be created to aboid probate costs or minimize tax liabilities |
| Living trust | Trustor might retain the right to manage properties placed in the trust name the beneficiaries who will automatically axquire title upon their death. |
| Land Trust | Trustor is always Beneficiary |
| Land Trust | Trustor retains control over managemnt of the property |
| Real Estate Investment trust (REIT) | Managed by a board of trustees who inverst property or mortgage loans |
| Land Trust | used in guarding secrecy when assembling parcels for development. also, protect trustor against divorce, bankruptcy.etc |
| Real Estate Investment trust | Must have a minimum of 100 investors(beneficiaries) to gain income tax benefits |
| Reat Estate Investment trust | the REIT pays no income taxes if 90% of income goes to beneficiaries |
| Syndicate | group of individuals who get together to invest or deal in real estate |
| Syndicate | Most syndicates are limited partnerships, however, they can also be a tenancy in common, coproration or a trust |
| Time Share | or interval ownership..can also be a type of condo ownership. However time shares are really only simple right to use(not true ownnership)similar to a club membership, and is personal property |
| Syndicate | Sales of shares in a syndicate are governed by state securities law |
| Syndicate | Sales persons dealing in syndicate shares must hold a securities license |
| cooperative ownership | Building in owned in severalty by a non-profit corporation |
| Cooperative ownership | Owners buy shares of stock in the corporation |
| Cooperative ownership | Along with the stock they acquired a proprietary lease on a unit of their choice |
| Cooperative ownership | There is one property tax bill and one mortgage payment to the corporation. Each occupant pays a share of these costs and any other management expenses |
| Cooperative ownership | The stock share and proprietary lease are personal property transferred by an assignment |
| Cooperative ownership | Transfer of the lease requires approval from the Board of directors |
| Condo Ownership | allows multiple owners to hold free simple title to their individual units |
| condo ownership | each owner has a percentage of undivided interest in the common elements "common interest" including parking areas, recreational facilities, tennis courts, pool, golf course |
| condo ownership | developer must record documents in the county where project is developed |
| Condo ownership(master deed) | to the land includes the complete legal description |
| Condo ownership(declaration) | include complete description of each unit, common areas and limited common areas, and the statement of permitted use. |
| condo ownership (plat) | of land and specs for building to be constructed |
| condo ownership (by-laws) | establish framework for the formation of a homeowners association and the responsibilites of running the community |
| Condo ownership | owners must abide by covenants, conditions and restrictions(CC&R) as rue governing common areas and how individual unit cam be used |
| condo ownership | once developer has sold 75% of the units in a complex, the management is turned over to the owners association |
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