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35 Cards in this Set
- Front
- Back
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Sole and separate
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One owner is called severalty. A single person or corporation.
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Joint tenancy with right of survivorship.
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Property goes to surviving joint tenant upon death. Cannot device because of right of survivorship controls all four unities.
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Rights of survivorship
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If one joint tenant dies. His interest automatically goes to the survivor.
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Ownership by Concurrent
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Two or more people at the same time. Undivided interest.
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Devise
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WILL
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Unities of time
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Same time.
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Unities of title
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One deed.
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Unity of interest
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Equal shares.
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Unities of possession
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Equal right of possession right to use the entire property.
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Writ of Partition Suit
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Asking the court to divide land.
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Tenancy in common
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No automatic right of survivorship anyone can hold the default way of holding not married. Property goes to heirs upon death. Can devise to anyone. Requires unity of possession only.
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Community property
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Arizona of all property acquired by joint effort of husband and wife subsequent to marriage. Property goes to heirs not automatically to the surviving spouse no rights of survivorship. This can be device to anyone.
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Community property with rights of survivorship
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Husband wife only. Must ask and sign deed to receive. Property goes to spouse upon death. Cannot devise interest deed controls.
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Entity
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Legal person
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Trustor
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Maker of trust.
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Trustee
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Managing the trust.
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Beneficiary
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Party that benefits.
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Living Trust (Inter-Vivos)
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Takes effect during the lifetime of the creator.
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Testamentary trust
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Takes effects upon death and created by will.
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Corporations
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Stockholder officers.
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Limited liability
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Shareholders are not liable for debts of corporation.
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General partnership
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Owned by general partners its general partner has a equal vote. Each partner is personally liable for the entire depth of the partnership.
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Limited Liability Company
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Owned by members.
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Syndication
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Putting a group of people together to buy a property.
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Syndicator
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Putting it together.
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Securities
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Pieces of entities.
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Real estate investment trust. (REIT)
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Number of investors required is 100.
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Condominiums
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Buyers receive deed to their unit into an undivided interest in common area as a tenant in common with other owners. You own hortizonl of air space.
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Cooperative (Co-Op)
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Buyer receives stock in the corporation that owns the entire complex . You're right in your unit are defined by proprietary lease. Corporation owns the real estate you do not receive deed to your unit.
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Homeowners association
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Annual assessment based on project expenses for the coming year charged on a pro-rata basis.
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Timeshare
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Advertiser to disclose no purchase required every purchaser needs to attend a presentation of no more than 120 minutes.
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S - Corporation
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A corporation thar is treated like a partnership for taxation purposes. Cannot have any more than 75 stockholders.
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C - Corporation
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A legal entity owned by its shareholders that has limited liability. The corporation is taxed as an entity as well as the dividends received by the stockholders, therefore, double taxation.
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Amortization
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Liquidation of a debt in equal payments.
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Amortization Schedule
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A schedule of equal payments and loan balances as of certain dates.
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