Flashcards in Forms Of Ownership Exam 2 Deck (21)
Difference between Living and Testamentary Trust?
Trustor is deceased when Testamentary Trust is created
Ownership in condominium airspace?
Can be joint, severalty, or common
Condominium ownership involves how many interests?
2...individual airspace and common elements
What can an HOA due to someone not paying their dues?
Foreclose on the lien
What are the rights of a person who owns coop stock and lives on the property?
Does a condo owner have fee simple ownership or common ownership?
An owner in a coop...
Owns shares in the company that owns the property
Tenancy at will is best described as
Staying on a property without a lease
Disposition means (one of the bundle of rights)
How can a tenant protect their lease when building is foreclosed on?
A non-disturbance clause
A lease is...
a contract/an instrument that conveys an interest in real property
Under aged lessees are an exception to what?
Statute of Frauds
One month oral agreements are...
enforceable under Statute of Frauds
Tenant - Subtenant
Sub lessor - Sub lessee
Original Lessee - New Tenant
Assignor (transfers obligation) - Assignee (pays lanlord)
What can a lessee do when they sublet the property to make a buck
They can increase the rent
Lease remedy available to tenant would be to...
Filing a suit in court to make landlord fix stuff
Constructive conviction occurs when
Landlord is in default to provide habitable property
A ground lease can apply to both
Residential and commercial property
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