Real Estate GA
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Severalty ownership or sole ownership | show 🗑
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| show | Refers to possession
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| show | Interest each co-owner owns is inhertiable
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| Tenacy in common | show 🗑
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| show | each co-owner holds sperate title (can sell, mortgage will or transfer their specific share
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| Tenancy in common | show 🗑
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| show | co-owners jointly own a single estate
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| show | upon death of a co-owner the desease interest in the property automatically ends and passes to the remaining joint tenants
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| show | 4 unities must be present to create joint teancy Possession, Interest, Time, Title
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| show | Distinguishing characteristic of joint tenancy
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| show | Married people
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| Concurrent Ownership | show 🗑
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| show | Has the 4 unities...PITT...Possession, Interest Time and Title
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| Tenancy By the Entirety | show 🗑
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| Tenancy By the Entirety | show 🗑
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| Tenancy By the Entirety | show 🗑
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| show | is like joint tenancy-right of surviorship
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| show | Treats married couples as equal partners
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| show | Each spouse has 1/2 interest
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| Community property | show 🗑
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| Community property | show 🗑
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| show | If Divorced, becomes tenancy in Common
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| Tenancy in Partnership (general Partnership) | show 🗑
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| Tenancy in Partnership (general partnership) | show 🗑
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| Tenancy in Partnership (general partnership | show 🗑
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| Tenancy in Partnership (general partnership | show 🗑
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| show | 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.
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| Tenancy in Partnership (limited partnership) | show 🗑
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| show | limited partners are essentially just investors and have no management involvement(interest liability is just their investment)
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| Tenancy in Partnershiop (limited partnership) | show 🗑
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| show | name of business must contain "L.L.C"
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| show | Company is formed by filing articles of organization with the Secretary of State.
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| Limited Liability Company | show 🗑
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| Limited Liability Company | show 🗑
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| Limited Liability Company | show 🗑
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| Limited Liability Company | show 🗑
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| Limited Liability Company | show 🗑
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| show | Member's ownership interest is personal property and freely transferable
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| show | A trust created in a will....ex: trust may be used to hold property for a minor
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| show | Created during trustor's lifetime, maybe be created to aboid probate costs or minimize tax liabilities
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| Living trust | show 🗑
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| show | Trustor is always Beneficiary
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| Land Trust | show 🗑
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| Real Estate Investment trust (REIT) | show 🗑
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| Land Trust | show 🗑
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| show | Must have a minimum of 100 investors(beneficiaries) to gain income tax benefits
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| Reat Estate Investment trust | show 🗑
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| show | group of individuals who get together to invest or deal in real estate
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| Syndicate | show 🗑
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| show | 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
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| Syndicate | show 🗑
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| Syndicate | show 🗑
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| show | Building in owned in severalty by a non-profit corporation
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| Cooperative ownership | show 🗑
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| show | Along with the stock they acquired a proprietary lease on a unit of their choice
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| show | 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
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| show | The stock share and proprietary lease are personal property transferred by an assignment
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| Cooperative ownership | show 🗑
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| show | allows multiple owners to hold free simple title to their individual units
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| condo ownership | show 🗑
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| condo ownership | show 🗑
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| Condo ownership(master deed) | show 🗑
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| Condo ownership(declaration) | show 🗑
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| show | of land and specs for building to be constructed
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| condo ownership (by-laws) | show 🗑
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| Condo ownership | show 🗑
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| show | once developer has sold 75% of the units in a complex, the management is turned over to the owners association
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