Exam (elaborations)
Aceable Agent Level 2 Questions with correct Answers
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Aceable Agent Level 2
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Aceable Agent Level 2Severalty - answer The property has only one owner, whether that is a person, corporation, or other legal entity. ("Severed" from all other owners)
Undivided interest - answer A type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of it
Right of Survivorship - answer The statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-
owner(s)
Without the right of survivorship, a co-owner's interest goes to their heirs if they die, instead of the remaining co-owner(s).
How should we "take title"? - answer If buyers ask you how to they should take title, encourage them to speak to their lawyer about the advantages and disadvantages of each type of co-ownership. (DO NOT PRACTICE LAW)
Four Unities (PITT) - answer The four unities (conditions) that help identify co-
ownership form are:
Unity of possession
Unity of interest
Unity of time
Unity of title
Unity of Possession - answer Each co-owner has an equal right to enjoy the possession and use of the whole of the property.
Can co-exist with unity of interest.
Unity of Interest - answer Each co-owner holds an equal share in the property. Can co-exist with unity of possession.
Unity of Time - answer The requirement of co-owners to acquire their ownership or interests at the same time. No co owners can be added to the contract later, an entire new contract will need to be created.
Co-exists with unity of title.
Unity of Person - answer The fifth unity (old terminology) the co-owners are, for legal
purposes relative to ownership of the property, a single indivisible unit.
Tenants in Common (co ownership) - answer -Undivided interest in the property -The right of inheritance, not survivorship
-The ability to own unequal shares of the property
-Each co-owner can sell, mortgage, lease, or transfer their ownership share without the permission of the others, so long as the transfer doesn't interfere with the ownership rights of the others.
*TIC agreement*
Joint Tenancy (co ownership) - answer Requires all four unities
Fractional undivided interest
Usually comes with the right of survivorship (in some states, this must be spelled out in the deed) Corporations cannot be joint tenants
When a Joint Tenancy owner sells: - answer The new owner is Tenancy in Common Wasn't at the same time as other owners and includes inheritance not survivorship
Partition - answer The ability to divide certain forms of co-ownership into separate interests or to convey a partial interest in a co-owned property unilaterally.
Partition Suit - answer A legal action to divide or sell property held as tenancy in common or in joint tenancy. This legal procedure is available to co-tenants who are unable to mutually agree on an acceptable plan of division or sale.
Tenancy by the Entirety - answer A form of co-ownership where legal spouses each hold an equal and undivided interest in the property which cannot be conveyed or encumbered without consent of the other. Comes with the right of survivorship.
*not recognized in Georgia
Terminate Tenancy by Entirety (DAD) - answer Death
Agreement
Divorce
Community Property & Separate Property (marriage) - answer Any property that is acquired during a marriage is considered to be owned equally by both spouses, and cannot be sold without the signatures of both spouses.
Separate property:
Purchased before the marriage
Acquired by one spouse through a gift or inheritance during the marriage
Purchased by the spouse with separate funds during the marriage
Georgia Married Co-Ownership - answer When a couple buys a home in Georgia, they will need to specify on the deed if they want to hold the property as tenants in common or joint tenants with the right of survivorship.
DO NOT help them decide which one, this is a lawyers job.
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