Real Estate Law Unit 4: Sole Ownership

What is it called when a single party owns the fee or life estate?

Co-owners are also called?

What are the three main forms of co-ownership?

What are the defining characteristics of tenancy in common?

What do tenants in common determine among themselves?

What happens to a deceased co-tenant's estate?

It is necessary for tenants in common to acquire their interests at the same time.

What can a co-owner request if no co-owners will buy their interest?

In a ________________, two or more persons collectively own a property as if they were a single person.

How may joint tenants convey their interests to outside parties?

What are the defining characteristics of joint tenancy?

In most states, joint tenants enjoy _________________.

When only one joint tenant survives, the survivor's interest becomes an ___________________, and the joint tenancy is terminated.

What presents an advantage to tenancy in common compared to joint tenancy?

What are the four unities of joint tenancy?

What happens if the conveyance does not name the parties as joint tenants with rights of survivorship?

Joint tenancy may not be created by operation of law.

When is a joint tenancy terminated?

A _______________ suit is a legal avenue for an owner who wants to dispose of his or her interest against the wishes of other co-owners.

Who decides how title to real estate will be held?

Tenancy by the entireties is a form of ownership reserved exclusively for?

What is a feature of tenancy by the entireties?

Can a married couple take title any other way than tenancy by the entireties?

Tenancy by entireties terminates when there is:

What does community property law distinguish?

What does separate property consist of?

Community property consists of?

A spouse may gain an equitable interest in separate property if?

What is the form of ownership held by business partners as per the UPA?

How can partners modify rules under the UPA?

Upon a partner's death, their right in specific partnership property vests in the?

What are advantages of estate in trust ownership?

In an estate in trust, who is referred to as the fee owner?

Who manages the estate in a trust?

What is the benefactor of the estate called in an estate in trust?

An estate in trust must be created in one of three ways:

What types of trusts may involve personal property?

What is a distinct characteristic of a living trust?

When does a testamentary trust take effect?

What establishes the testamentary trust?

Are testamentary trusts revocable or changeable?

When do testamentary trusts have a definite beginning and ending date?

What does the land trust apply to?

What is a defining characteristic of a land trust?

In a land trust, who controls the property?

Are there records of the beneficiary in a land trust?

What is the term of a land trust?

The beneficiary's interest in a land trust is considered:

What are the primary differences between tenancy by the entireties and joint tenancy?

Describe the main features of the concept of community property.

What are some apparent advantages of a land trust as a way of owning property?

What is the unique aspect of a condominium?

Common elements in a condominium include?

Unit owners in a condominium hold exclusive interest in their apartments, and co-own common elements as:

What documents are required to create condominium properties?

What may the condominium declaration include?

What do condominium declarations provide for?

What are condominium unit owners' assessments based on?

In a cooperative, one owns shares in a?

What is a primary distinction between co-ops and condominiums?

In a co-op, the unit owner's interest is considered?

Why is it called a proprietary lease in a co-op?

What can happen if individual shareholders do not pay monthly assessments in a co-op?

How is the co-op interest transferred?

Deeded time-share ownership is considered?

What is considered personal property in time-shares?

When is a time-share lease valid?

In a freehold time-share, tenants are considered:

What is the purpose of a partition suit?

Who controls the property held in a land trust?

Who holds legal title when an estate is held in a trust?

What happens to a tenant's interest in the estate when a joint tenant dies?

How are condominium owners' assessments for maintenance determined?

What party holds title to real estate placed in a living trust?

What can a condominium owner do without hindrance from other unit owners?

What type of lease does a cooperative stockholder have?

Who creates the cooperative association that buys cooperative property?