CHAPTER 4- PRINCIPLES OF REAL ESTATE Flashcards

CHAPTER 4- PRINCIPLES OF REAL ESTATE Flashcards The right of SurvivorshipThe right of survivorship is an attribute of several types of joint ownership of property, most notably joint tenancy and tenancy in common. When jointly owned property includes a right of survivorship, the surviving owner automatically absorbs a dying owner's share of the property.Sole OwnershipSole Ownership in Real Property. Sole ownership of real property means that only one person or entity (the sole owner) may sell, transfer or otherwise dispose of the property Syndicatessyndicates (plural noun)a group of individuals or

organizations combined to promote some common interest:

Suit to partitionA partition suit is a civil lawsuit filed in order to obtain a judicial ruling and court order to separate or liquidate real or personal property owned by more than one party.Lawyers.com explains that there are two different kinds of

partition: partition in kind and partition by sale. Continue

ReadingThe right to partition is a legal way to dissolve a co-ownership, when the parties do not voluntarily agree to its termination.TimesharingA time share is the right to occupy a unit of real estate property, such as a condominium or vacation home, during a specified number of separate time periods. Each time period is for a certain duration, such as one or two weeks.Time-sharing allows multiple purchasers to buy interests in the same real estate.Joint VentureA joint venture (JV) is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. There are other types of companies such as JV limited by guarantee, joint ventures limited by guarantee with partners holding shares.General PartnershipsA general partnership is an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's

obligations.Uniform Partnership Act: The Uniform

Partnership Act (UPA), which includes revisions that are sometimes called the Revised Uniform Partnership Act (RUPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of

business partnerships by U.S. States.Joint TenancyIn estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship.Tenancy in SeveraltyOwnership in severalty (aka tenancy in severalty) is when real estate is owned by a single person or legal entity, and

provides the owner with the most complete control of the land. The name is derived from the fact that the owner is "severed" from other owners.

Co-OwnershipJoint tenancy: Joint tenancy is a form of co-ownership

where property is owned by two or more persons at the same time in equal shares. This type of tenancy provides rights to ownership of the property for the co-owners who outlive other co-ownersCo-Ownership may exist

as:-Tenancy in Common-Joint Tenancy-Tenancy by the

Entirety Right of first refusalRight of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. In brief, the right of first refusal is similar in concept to a call option.FOUR UNITIES

ARE REQUIRED TO CREATE A JOINT TENANCY:-Unity

of time: All joint tenants acquire their interest at the same

time.-Unity of title: Unity, In The Law Of Estates The

agreement or coincidence of certain qualities in the title of a joint estate or an estate in common. It is the peculiar characteristic of an estate in joint tenancy and is fourfold, unity of interest, unity of title, unity of time, and unity of

possession.-Unity of interest: Unity of interest means that

the interest of the parties in the subject-matter is such that they stand or fall together and that judgment against one will similarly affect the other. Following is an example of a state statute defining the term unity of interest.-Unity of

possession:This term is used to designate the possession

by one person of several estates or rights. For example, a right to an estate to which an easement is attached, or the dominant estate, and to an estate which an easement encumbers, or the servient estate, in such case the easement is extinguished.Tenancy in CommonTenancy in Common. A form of concurrent ownership of real property in which two or more persons possess the property simultaneously; it can be created by deed, will, or operation of law. Tenancy in Common is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties.*Two other important tenancy's in common:1) Undivided Interest: Property. In real estate, an undivided interest refers to a very specific type of shared ownership of property. In an undivided interest situation, two or more owners share the same property concurrently; therefore, this arrangement is also known as a concurrent

estate.1) Unity of possession: This term is used to

designate the possession by one person of several estates or rights. For example, a right to an estate to which an