Exam (elaborations)
Aceable Agent Level 2 Questions And Answers With Verified Solutions 100% Correct!!!
- Course
- Institution
Aceable Agent Level 2 Questions And Answers With Verified Solutions 100% Correct!!!
[Show more]
Content preview
Aceable Agent Level 2 Questions AndAnswers With Verified Solutions 100%
Correct!!!
Severalty - 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now