Exam (elaborations)
GA MLS Real Estate Unit 5-8 (1
GA MLS Real Estate Unit 5-8 (1
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GA MLS Real Estate Unit 5-8Ownership in Severalty - ANS-Occurs when property is owned by one individual, corporation, or
other entity; owner has sole rights to the property and sole discretion to sell, will, lease, or
otherwise transfer part or all of the ownership rights to another person.
Co-ownership - ANS-When the title to a parcel of real estate is held by two or more individuals;
individuals may co-own property as tenants in common or joint tenants
Tenancy in Common (TIC) - ANS-Each tenant holds an undivided interest in the property; the
co-owners have unity of possession, meaning that each owner is entitled to possession and use
of entire property
Joint tenancy - ANS-A form of concurrent ownership, which occurs when two or more persons
own a single estate in land, with right of survivorship. Must have equal shares, right to partition.
Creating a Joint Tenancy (PITT): four unities - ANS-unity of possession, unity of interest, unity of
time, and unity of title.
Unity of possession - ANS-All joint tenants hold an undivided right to possession.
Unity of interest - ANS-All joint tenants hold an equal ownership interest.
Unity of time - ANS-All joint tenants acquire their interests at the same time.
Unity of title - ANS-All joint tenants acquire their interests by the same document.
Terminating a Joint Tenancy - ANS-Destroyed when any one of the four unities of joint tenancy
is terminated; unless prohibited by state law, joint tenants are free to convey their individual
interest in the jointly held property (but doing so destroys the unities of time and title as to that
interest)
Partition - ANS-A legal way to dissolve the relationship between co-owners of real estate when
the parties do not voluntarily agree to its termination.
Tenancy by the entirety - ANS-A special form of co-ownership used in some states that allows a
spouse to inherit the other spouse's ownership interest upon death; each spouse has an equal,
undivided interest in the property.
Community property laws - ANS-Based on the idea that spouses, rather than merging into one
entity, are equal partners in the marriage; under these laws, any property acquired during a
marriage is considered to be obtained by mutual effort.
, Separate property - ANS-Is generally real or personal property that was owned solely by either
spouse before the marriage, acquired by gift or inheritance by one spouse during the marriage,
or purchased with separate funds during the marriage; any income earned from a spouse's
property remains part of that spouse's property. Can be mortgaged or conveyed by the owning
spouse without the signature of non-owning spouse.
Community property - ANS-Consists of real and personal property acquired by either spouse
during the marriage; any conveyance or encumbrance of community property requires the
signatures of both spouses.
Trust - ANS-A device by which one person transfers ownership of property to someone else to
hold or manage for the benefit of a third party.
Living trust - ANS-A trust created by a property owner for the purpose of providing financial care
for the family or themselves; created during the owner's lifetime
Testementary trust - ANS-A trust established by will after the property owner's death for the
purpose of providing financial care for family or themselves.
Land trust - ANS-Property is conveyed to a trustee, and the beneficial interest belongs to the
beneficiary; beneficiary is also the trustor; while beneficial interest is personal property,
beneficiary retains management and control of the real property and has the right of possession
as well as the right to any income produced by the property or from its sale. Public records
usually do not name the beneficiary.
Partnership - ANS-An association of two or more persons who carry on a business for profit as
co-owners.
General partnership - ANS-All the partners participate in the operation and management of the
business and share full liability for business losses and obligations.
Limited partnership - ANS-Consists of one or more general partners, as well as limited partners;
business is run by general partner or partners; limited partners are not legally permitted to
participate, with the result that each can be held liable for business losses only to the amount
invested.
Uniform Partnership Act (UPA) - ANS-Provides for the continuation of the existing business
even under unfortunate circumstances such as death, withdrawal, or bankruptcy of a partner.
Corporation - ANS-A legal entity created under the authority of the laws of the state from which
it receives its charter; managed and operated by a board of directors who are selected by the
owners of the entity.
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