Real Property And The Law

Front 1

Title

Back 1

The right to or ownership of real property.

Front 2

Is Title a legal concept or a physcial thing?

Back 2

Legal Concept

Front 3

What is Severalty

Back 3

Owned by 1 (individual or legal entity)
Think of - sole owner is severed or cut off from other owners. A severalty owner has sole right

Front 4

4 Forms of Co-Ownership

Back 4

1. Tenancy in Common
2. Joint Tenancy
3. Tenancy by the Entireties
4. Community Property

Front 5

Tenancy in Common

Back 5

Undivided fractional interest in the property which share unity of whole possesion

Front 6

Can an owner sell, convey, mortgage or transfer their interest without consent of the other co-owners in a Tenancy in Common?

Back 6

Yes however no one co-owner may transfer ownership of the entire property.

Front 7

What are the 4 principle ways a title or ownership may be transferred?

Back 7

1. By descent
2. By Will
3. By Involuntary Transfer (alienation)
4. Voluntary Transfer (alientation)

Front 8

Co-Ownership or Concurrent Ownership:

Back 8

Owned by more than 1

Front 9

What is the default decision of co-ownership of the court?

Back 9

Tenancy in Common

Front 10

Joint Tenancy

Back 10

Two or more people with unity of ownership

Front 11

What are the 4 unities of Joint Tenancy

Back 11

P - unity of possession (undivided right to possession)
I - unity of interest (hold equal interests)
T - unity of time (acquired their interest @ same time
T - unity of title (acquired their interest by the same document)

Front 12

Is Joint Tenancy an intentional or unintentional act of conveying a deed?

Back 12

Intentional

Front 13

What happens when an owner sells their portion of a Joint Tenancy property?

Back 13

That portion is no longer part of the Joint Tenancy but is now a Tenancy in Common

Front 14

What is the most distinguishing characteristic of Joint Tenancy?

Back 14

Right of survivorship

Front 15

What is Right of Survivorship?

Back 15

When the surviving joint tenants acquire the interest of the deceased tenant.

Front 16

What co-ownerships have rights to partition?

Back 16

Tenancy in Common and Joint Tenancy

Front 17

Tenancy by the Entirety

Back 17

A special form of joint tenancy between husband and wife - ea. have equal, undivided interest in the property.

Front 18

How can a Tenants By Entireties by terminated?

Back 18

Judgement Sale
Death
Agreement
Divorce

Front 19

Community Property

Back 19

Real or personal property acquird by either spouse during the marriage

Front 20

Trust

Back 20

3 party relationship - trustor, trustee & beneficiary

Front 21

What is Escrow?

Back 21

In trust for

Front 22

What is a trustor known as in PA

Back 22

Settlor

Front 23

Who is a trustor?

Back 23

The original owner of the property and the person who creates the trust

Front 24

Beneficiary

Back 24

The person who benefits from the trust.

Front 25

Trustee

Back 25

The person who holds the legal title and is entrusted with the responsibility of carrying out the trustor's instructions regarding the purpose of the trust.

Front 26

Who is the fiduciary

Back 26

The trustee - who acts in confidence or trust and has a special legal relationship with the beneficiary.

Front 27

What is a Trust Company?

Back 27

Corporations set up for the specific purpose of being trustees.

Front 28

What are the 4 types of Trusts:

Back 28

Living, Testamentary, Land and Real Estate Investment trust (REIT)

Front 29

Living Trust

Back 29

Created by agreement during a property owner's lifetime (Invivos, Invitros)

Front 30

Testamentary Trust

Back 30

"Last will intestament" -established by will after their death - instructions for the trust

Front 31

Land Trusts

Back 31

Only asset is its real estate. Beneficiary enjoys anonymity.

Front 32

Does a land trust continue for an indefinite amount of time?

Back 32

No - generally continues for a definite term as long as the beneficiary doesn't extend the trust then it will expire and trustee will be obligated to sell the distribute the net proceeds to beneficiary.

Front 33

Deed IN trust

Back 33

Deed into a trust - An instrument that grants a trustee full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement.

Front 34

Deed OF trust

Back 34

Mortgage - financing document

Front 35

Partnerships

Back 35

An association of two or more people who carry on a business as co-owners and share in the business's profits and losses.

Front 36

What are the two forms of partnerships?

Back 36

General & Limited

Front 37

What is a general partnership?

Back 37

All partners participate to some extent in the operation & mgmt of the business & share full personal liability for business losses and obligations.

Front 38

What is Limited Partnership?

Back 38

Consists of one or more general partners as well as limited, or silent, partners. Where the limited partners are not legally permitted to participate in the business and each partner's liability for losses is limited to the amt of their investment.

Front 39

What act was adopted in PA that recognizes partnership as a legal entity that can hold title in partnerships name?

Back 39

Uniform Partnership Act (and Uniform Limited Partnership Act acknowledges the limited parternship).

Front 40

What is a Corporation?

Back 40

A legal entity (a non-natural person) created under the laws of the state which corp receives its charter and can't hold title as a joint tenant.

Front 41

What is LLC?

Back 41

Limited Liability Company that is a hybrid org. that combines the most attractive features of a partnership & a corporation. Owners are characterized as members rather than partners or shareholders.

Front 42

Syndication

Back 42

The process of 2 or more people of firms joined together to make & operate a real estate investment (pool of investors).

Front 43

Joint Venture

Back 43

Form of partnership where 2 or more people of firms join to engage in a single business project. Not a perm. relationship beyond the project that brought them together.

Front 44

Condominium

Back 44

a Fee simple estate to an individual condominium unit & a specified share of the undivided interest in the common areas in the condo development.

Front 45

How many days are given for right of resision on a new condo purchase?

Back 45

15 days and all goes back to normal including all monies.

Front 46

How many days are given for right of resision on a resale condo purchase?

Back 46

5 days - and on a resale - a resale certificate must be given.

Front 47

What is a common element?

Back 47

Real Estate that exists beyond the individual unit (ie courtyards, lobbies, recreational facilities).

Front 48

What 5 things are included in a declaration of condominium?

Back 48

1. A legal description of the cono unit & the common elements (inlcuding limited common elements - ie balcony)
2. Condo's bylaws governing operation of ownership
3. Survey of property
4. drawings & surveyor's legal descrip. showing both vertical & horizontal boundaries
5. any restrictive covenants controlling rights of ownership.

Front 49

Cooperative

Back 49

Personal property ownership. Corp. holds title to the land & entire bldg. The corp then offers shares of stock & proprietary lease for life of corp.

Front 50

Time-Share

Back 50

The right of possession for a specified time in a calendar year. Permits multiple purchases to buy interests in real estate w/ ea purchaser having the right to use the property for a certain period of time.

Front 51

What is Time Share Use

Back 51

Leasehold estate to occupy & use facilities for a certain number of years. (40 yr lease)

Front 52

Time Share Estate

Back 52

Freehold or Fee Simple interest. You own for a specified time in a calendar year.