Questions and Answers
What type of ownership do Howard Evers and Tina Chance have in their property?
Tenants in common, each owning a 1/2 divided interest
Upon the death of one owner, to whom does the share pass if property is held as tenants in common?
Heirs or whoever is designated under the deceased owner's will
What type of ownership is created when a deed conveys property to a married couple in New Jersey?
Residency by the entirety
Which statement applies equally to joint tenants and tenants by the entirety?
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What can Della do since Zeke refuses to pay taxes and provides no rent?
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What happens to the ownership structure if Pete sells his interest in the joint tenancy to Clem?
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If John and Mary buy a home together with no additional stipulations in the deed, what form of ownership do they have?
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If Jim and Joe buy a small plaza together without specific terms in the deed, what type of ownership do they have?
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What occurs to X and Y's ownership of the hunting lodge after Z dies?
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What type of ownership should Rita and Larry select if they want automatic inheritance upon death?
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After Neva dies, how does Sandy's ownership status of the store change?
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What is an artificial person created by legal means called?
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What is NOT required to create a joint tenancy in New Jersey?
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How are liabilities shared if X and Y invest $1,000 each in a business and do not manage it?
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What do common elements typically include in a property ownership context?
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What does the term CC&R refer to?
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What does the owner of a cooperative apartment receive?
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Which entity holds the right to reject new owners in a cooperative?
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What type of ownership is described when Jerry owns a fee simple interest and percentage of common elements?
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What type of ownership structure does Dorothy have after purchasing an apartment and receiving shares?
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In which form of joint ownership does a board of directors reserve approval rights over potential buyers?
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What is stock in a cooperative apartment generally considered?
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What do the reserves refer to in property management?
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Long term stability of residence is most characteristic of what type of ownership?
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What type of ownership arrangement is described when the Lackeys have a right to live in a unit only for certain months each year?
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Study Notes
Ownership Types
- Howard Evers and Tina Chance are tenants in common, each owning a 1/2 divided interest in a property purchased jointly.
- Upon the death of a tenant in common, the deceased owner's share is transferred to heirs or individuals specified in their will.
- In New Jersey, a deed stating "Frank Peters and Marcia Peters, husband and wife" creates a tenancy by the entirety, ensuring both spouses have equal interest.
Joint Tenancy and Inheritance
- The key principle of joint tenancy and tenancy by the entirety is that the surviving owner automatically inherits the deceased owner's share.
- If one joint tenant sells their interest, such as Pete selling to Clem, the remaining owners become tenants in common.
Legal Rights and Actions
- Della can sue for partition against Zeke, her cousin, to resolve disputes over inherited property if Zeke refuses to share the burden of taxes or rent.
- When X, Y, and Z, as joint tenants, lose Z, the surviving owners, X and Y, retain full ownership of the property.
Business and Property Types
- Rita and Larry should hold title as joint tenants to ensure automatic inheritance upon one’s death.
- Neva’s death results in Sandy owning the store in severalty, as joint tenancy terminates upon the death of a co-owner who leaves their share to someone else.
Legal Entities and Properties
- A corporation is defined as an artificial person created by legal means, distinct from its owners.
- To establish a joint tenancy in New Jersey, the four unities (time, title, interest, and possession) must exist, excluding partnership as a requirement.
Financial Liability
- Limited partners in a business, like X and Y, have liability only up to the amount they invested, protecting them from greater financial risk beyond their investments.
Common Elements and Management
- Common elements in properties can include stairs, pools, and foyers, shared by multiple owners.
- CC&R stands for Covenants, Conditions, and Restrictions, governing how properties can be used and modified.
Cooperative and Condominium Ownership
- In a cooperative, each apartment owner holds shares in the owning corporation and has a proprietary lease.
- Ownership of a condominium involves a fee simple interest in the unit and a shared percentage of common elements.
- The board of directors in a cooperative has the authority to approve or deny new owners and usually considers stock as personal property.
Community Management
- Commonly set aside funds for maintenance and repairs in property management are referred to as reserves.
- A cooperative is characterized by long-term stability of residence, as residents typically enjoy security in their living arrangements.
Timeshare Arrangements
- Timeshare ownership allows for exclusive use of a property for specific periods, as exemplified by the Lackeys, who can only use unit 6B from March 3 to 15 each year.
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Description
This quiz focuses on key concepts and terms from Chapter 7 of Real Estate Law. Review the definitions and relationships between property owners, as well as important legal terms. Perfect for students preparing for exams in real estate studies.
