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