Unit 8 - Forms of Real Estate Ownership Flashcards Preview

Illinois Real Estate > Unit 8 - Forms of Real Estate Ownership > Flashcards

Flashcards in Unit 8 - Forms of Real Estate Ownership Deck (17)
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1
Q

A fee simple estate may be held in?

A

Severalty
Co-ownership
Trust

2
Q

Define Ownership In Severalty

A

The owner has rights to sell, will, lease or transfer the property

3
Q

Define Co-Ownership

A

Real estate held by 2 or more individuals

4
Q

Define Tenancy in Common

A

Each tenant holds an interest called undivided fractional interest & the co-owners have unity of possession

5
Q

A co-owner in a tenancy in common may…?

A

Sell, convey, mortgage or transfer their individual interests without consent

6
Q

Define Joint Tenancy

A

Property owned by two or more people where if the owner dies the interest transfers to the surviving owner

7
Q

How is a Joint Tenancy created?

A

Must be created by conveying a deed or by giving the property by will

8
Q

What are the Four Unities of a Joint Tenancy?

A

Possession
Interest
Time
Title

9
Q

How is a joint tenancy terminated?

A

By violating any of the four unities, mutual agreement, conveyance to third parties or partition suit

10
Q

Define a Tenancy by the Entirety

A

Special form of ownership between husband and wife, each spouse has undivided interest

11
Q

How is a tenancy by the entirety terminated?

A

Judgement Sale
Death
Agreement
Divorce

12
Q

Define Marital property

A

Property acquired after the date of marriage

13
Q

Define Non-Marital Property

A

Property acquired before the marriage

14
Q

Define a Trust

A

A trust is where a person transfers ownership of property to someone else

15
Q

Define a Living Trust

A

A trust created by agreement while the trustor is alive

16
Q

Define a Testementary Trust

A

A trust established by will after death

17
Q

What type of business organizations can own real estate?

A
Partnership
Corporation
Limited Liability Corporations
Syndicates
Joint Ventures
Real Estate Investment Trusts