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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are the 6 Forms of Property Ownership? |
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E in S / SO JT T in C T by the E CP PA |
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What are the 4 Unities of Joint Tenancy? |
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PITT (ALL must be in place to be joint tenancy) |
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What is the Full Right of Survivorship? |
If Jason and Janice own their home as Joint Tenants, when one of them dies, the survivor automatically and without probate becomes the owner in severalty. If Jason, Janice, and Jessica owned a property as joint tenants, each would own a one-third interest. If one of them died, the two survivors would automatically own a half interest, still as joint tenants. |
(Joint Tenancy) |
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What are Tenants in Common? |
Each owner has a full and undivided right of possession regardless of his percentage of ownership. Can hold varying % of ownership. Interest must be stated in the deed. Ownership can be taken at any time. No right of survivorship. |
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What are Tenants by the Entirety? |
Most nearly like joint tenancy, including the right of survivorship. It pertains only to husband and wife. The difference between this and joint tenancy is essentially that neither husband nor wife can sell, mortgage, or otherwise encumber the property without the agreement of the spouse. |
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What is Community Property? |
Applies only to husband and wife. It is used only in a few states: (not Utah). It is based on the concept that husband and wife are "equal partners" each owning a half interest in any property obtained during marriage. In community property states, separate property is that which is acquired before marriage, after dissolution of the marriage, or by gift or inheritance during the marriage. It can be owned in severalty or with other partners andnot include the spouse. |
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What is Partition Action? |
When co-owners disagree on whether or not to sell a property,the one(s) desiring to sell can bring a partition suit against the one(s) blocking the sale. This provides a way for people to free themselves of an unwanted common ownership. It can be used to invite the court to dissolve a joint tenancy or tenancy in common. If the property cannot be physically divided without prejudice to the parties, the court could order the property to be sold. |
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What are the 2 Types of Partnerships? |
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G L |
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What is a General Partner? |
Has full financial liability and full right of decision making authority. |
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What is a Limited Partner? |
Financial liability extends only to the amount of his investment and he has no decision making power. Limited partners will not lose more than their investment. |
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What are the 3 forms of Co-Ownership? |
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JV C REIT |
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What is a Joint Venture? |
Where two or more parties combine to carry out a single business project. |
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What is a Corporation? |
A person or persons joined for business purposes. It creates a single, legal person, rather than a real person,regardless of how many agents may be in the corporation. It creates some protection for personal assets. Ownership is held in the form of stock. A legal person and a natural person may own property together only astenants in common. A corporation taking ownership alone would takeownership in severalty. |
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What is a Real Estate Investment Trust (REIT)? |
A REIT is a business trust that allows the investors to avoid double taxation if certain governmental requirements aremet. Though the requirements change from time to time, currently a REIT musthave, among other requirements, at least 100 shareholders and 90% of the profitsmust be disbursed to the shareholders as dividends each year. |
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What is Dedication? |
A method by which a person can give real property as a gift. It is sometimes called aprivate grant. Dedication allows for transfer of real property from a private individual to the public (government) or a special interest group (church). 2 kinds: Voluntary, Statutory. |
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What is Voluntary Dedication? |
Private individual gives real property as a gift for a park or church. The deeds often contain a clause specifying that the property must be used for the intended purpose or it reverts to the grantor, thus creating a defeasiblefee. |
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What is Statutory Dedication? |
Usually involves the dedication of streets and roads to the city or county when getting approval to develop a subdivision. |
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What is Adverse Possession? |
The right of adverse possession is based on the concept that land is too valuable to be left unattended for long periods of time. A person can enter and possess unused property and, after meeting the requirements for the statutory period of time, obtain title. You cannot acquire government property through adverse possession. |
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What are the 4 essential pieces of Adverse Possession? |
- Statutory period is 7 years in Utah |
O & N C H E |
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What is Tacking in Adverse Possession? |
A legal process of combining the rights of adverse possession of two ormore successive adverse possessors. For instance, Mr. A adversely possesses aproperty for four years. He subsequently transfers his rights of adversepossession to Mr. B. After three more years, Mr. B can establish his right ofadverse possession through a Quiet Title Action. Mr. A would transfer thoserights with a Quit Claim Deed. |
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What is a Quiet Title Action? |
A lawsuit used to clear title or to make a claim of interest andhave title legally transferred to the adverse possessor. |
Adverse Possession |
