Quiz6

True of a cooperative

A cooperative may hold an owner liable for the unpaid operating expenses of other owners

When a tenant in common dies, what happens to the tenant's interest in the estate?

It passes by probate to the deceased tenant's heirs.

When a joint tenant dies, what happens to the tenant's interest in the estate?

It passes to the surviving joint tenants.

A condominium owner can

Sell or mortgage the condominium unit without hindrance from individual owners of neighboring units.

A tenant in common can

Sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common.

The owner of a cooperative owns

Shares in the corporation or association and a proprietary lease in a physical unit

The most common form of co ownership when the owners are not married

Tenancy in common

Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. This type of ownership is

Tenancy in common

If a joint tenant sells his or her interest to an outside party,

The new owner is a tenant in common

A condominium owner assessment for maintenance and operation are based on

The units pro rats share of the property cable as defined in the declaration

Who are the essential parties involved in an estate in trust?

Trustor, trustee and beneficiary

When real property is held in a land trust, who controls the property?

beneficiary

The distinguishing features of a condominium estate are

fee simple ownership of the airspace in a unit and an undivided share of the entire property's common areas.

In a community property state a basic distinction is made between

property acquired during a marriage and property already owned by each party at the time of marriage.

If a co-owner in a joint tenancy or tenancy in common wants to dispose of his or her interest against the wishes of the other co-owners, the co-owner can

sue in court for a termination of the tenancy and partition of the property.

When a single individual or entity owns a fee or life estate in a real property, the type of ownership is

tenancy in severalty

In contrast to a tenancy in common, in a joint tenancy

there is a single title to the property.

Two individuals can own a house as tenants by the entireties if

they are married

When an estate is held in a trust, who holds legal title?

trustee