Forms Of Ownership Exam 2 Flashcards Preview

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Flashcards in Forms Of Ownership Exam 2 Deck (21)
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1

Difference between Living and Testamentary Trust?

Trustor is deceased when Testamentary Trust is created

2

Ownership in condominium airspace?

Can be joint, severalty, or common

3

Condominium ownership involves how many interests?

2...individual airspace and common elements

4

What can an HOA due to someone not paying their dues?

Foreclose on the lien

5

What are the rights of a person who owns coop stock and lives on the property?

Proprietary Lease

6

Does a condo owner have fee simple ownership or common ownership?

Both

7

An owner in a coop...

Owns shares in the company that owns the property

8

Tenancy at will is best described as

Staying on a property without a lease

9

Disposition means (one of the bundle of rights)

Transfer

10

How can a tenant protect their lease when building is foreclosed on?

A non-disturbance clause

11

A lease is...

a contract/an instrument that conveys an interest in real property

12

Under aged lessees are an exception to what?

Statute of Frauds

13

One month oral agreements are...

enforceable under Statute of Frauds

14

Tenant - Subtenant

Sub lessor - Sub lessee

15

Original Lessee - New Tenant

Assignor (transfers obligation) - Assignee (pays lanlord)

16

What can a lessee do when they sublet the property to make a buck

They can increase the rent

17

Lease remedy available to tenant would be to...

Filing a suit in court to make landlord fix stuff

18

Constructive conviction occurs when

Landlord is in default to provide habitable property

19

A ground lease can apply to both

Residential and commercial property

20

Uniform Residential Landlord and Tenant Act includes (four things)

1. Disclosure of deposit terms
2. Unclear lease terms
3. Limits waived rights of tenant that Landlord asks
4. Limit time between vacancy and deposit return

21

The Uniform Resid. LandL. & Ten. Act fundamentally attempts to

encourage fairness and simplicity of forms