Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
37 Cards in this Set
- Front
- Back
|
Severalty |
Single individual ownership as a natural person or legal person Easiest method of ownership Government owned property is vested in Owner has right to will to heirs |
|
|
Tenants In Common |
Arizonas presumption for unmarried co-owners |
|
|
Undivided Possession |
All forms of co-ownership include the right of |
|
|
Equal or unequal |
Shares for tenants in common Can be |
|
|
Beneficiary |
The person or entity that benefits |
|
|
Forms of ownership |
|
|
|
Trustor |
The person who is the creator of the trust |
|
|
Trustee |
The trust manager and can be individual or a corporation |
|
|
Fiduciary duties |
The trustee holds legal title and manages the assets in the trust the trustee has a special legal and confidential relationship to the beneficiary |
|
|
Fiduciary |
The trustee has allegiance to the client and is interested to hold her manage the assets in any income generated Faithful servant |
|
|
Trusts |
Can take the place of a will avoid probate save estate taxes and provide protection for the beneficiary |
|
|
Intervivos Trust |
Also known as during one's lifetime |
|
|
Will |
The way a testamentary trust is set up |
|
|
Land Trust |
This is formed to provide privacy for the beneficiary. It simplifies transfer of ownership benefits it limits personal liability |
|
|
Blind Trusts |
Illegal in Arizona, land trust, and ownership that was not divulged to the public |
|
|
Forms of ownership |
Individual-severalty Co-ownership-tenants in common, jtwros, community property, community property wros, tenancy by the entirety Trusts-Intervivos, testamentary, REIT Other Forms or Ownership-cooperatives, Condominiums, Townhouses |
|
|
Blue sky laws |
Security laws that protect public |
|
|
Blue laws |
Religious laws that prohibit doing business on Sundays and religious holidays |
|
|
CC & Rs |
Covenants, conditions & restrictions |
|
|
Rescission Period |
Typically calendar days. The right to cancel the transaction for any reason and have any fees refunded. A consumer protection mechanism |
|
|
Shares of stock |
Individuals who live in a cooperative |
|
|
Air lots |
Individuals who own a condominium purchase |
|
|
Corporations |
Corporations are formed by filing articles of incorporation with the Arizona Corporation commission corporations are referred to as legal person's |
|
|
LLC |
Limited liability company |
|
|
Joint Venture |
Ventures are a business form of partnership in which two or more people or companies join together in a specific single project |
|
|
Enabling declaration |
The legal document that developer of a condominium must file and record in order to create a condominium understate law |
|
|
TTIP |
Time, Title, interest, possession |
|
|
Right of survivorship |
Surviving co-owners succeed to all rights, title and interest of the deceased co-owner without the need for probate proceedings |
|
|
Partition of action |
When co-owners cannot agree on management or disposition of property they can appeal to the courts for partition action |
|
|
Tenants in Common |
When a co-owner in joint tenancy sells their share the new co-owner tales title as |
|
|
The theory of Community Property |
The theory of community property is that spouses are equal partners |
|
|
Surviving spouse owns their own half |
If title is vested as community property and one spouse dies who owns the property |
|
|
Commingle |
Property brought into the marriage that remain separate |
|
|
Title time interest possession |
Unities that are required for joint tenancy |
|
|
Community property laws |
These are why tenancy by the entirety is not legal in Arizona |
|
|
Fiduciary |
Relationship that implies a position of trust and confidence |
|
|
Commingle |
Mingle or mix |
