Unit 6 Quiz - forms of real estate ownership

Ownership in Severalty refers to
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Terms in this set (22)
Ownership in Severalty refers to
ownership by one person or entity
Ownership by one person or entity which must always be true of tenants in common?
Each tenant owns an undivided interest in the property
A couple wants to buy a house together. If either one should die, they want that the Deceased's share to go to the persons heirs, not the co-owner. Which form of ownership allows for this option?
Tenancy in common
Parents and they're only child buy a property together. If one dies, their share of title will automatically pass to the other owners. How did they take title?
Joint tenants
All of the following are functions of owners association - establish budgets, set assessment rates for the maintenance of common elements, create rules for rental units if allowed any association - except
To develop and construct new units
The form of ownership in which the owners on and financer individual unit plus on a share of common elements is called
A condominium
A limited partnership, the limited partners liability is
Limited to the amount of the limited partners investment in the partnership
Which tenants in common, the obligation to pay property taxes is
The responsibility of each individual owner and the owners as a group
The common elements in a condominium are owned by
All current owners as tenants in common
Ameri couple Astor real estate sales person for advice about the best option for them to take Title. The sales person may
Describe the choices and if the couple is still undecided, recommend they speak to an attorney for financial planner
An ownership interest in real estate where in a purchaser receives the right to use the property for certain periods of time isA timeshareWhere are timeshares most common?Resort and vacation propertiesThe purchaser of a cooperative living unit does NOT receivedeedCondominium owners are required to do all of the following - belong to the owners association, pay association dues, follow association rules and regulations - exceptAttend the annual ownership Association meetingWhich of the following is least likely to be a common interest Community?Single-family home subdivisionCommon elements in a condominium complex include -The exterior roofing And siding, hallways, elevators, social rooms, pools, tennis courts, and any other amenitiesA condominium owners balcony and storage unit are best described aslimited common elementsWhich of these best describes a condominium ownership?Freehold ownership in severitly of the unit plus an undivided interest in the common elements as a tenant in common.Which of the following could not on a property in SeveraltyCo-ownersWhich of the following condominium features would be considered a limited common element?Reserved parking garageA form of coownership with no rights of survivorship is known asTenancy in commonTwo men were co-owners in fee simple of a small office building. One of them and died in state and left nothing to be distributed to his heirs. The surviving owner is neither related to the deceased owner not his creditor. How did the surviving owner acquire the deceased owners interest in the office building?Joint tendency