Real Final

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Author:
Anonymous
ID:
252233
Filename:
Real Final
Updated:
2013-12-10 02:35:51
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Final
Folders:
Final
Description:
RE Law
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  1. Tenancy in Common
    Allows for Separate Interest in a single piece of property

    equal or unequal shares

    can acquire interest at different times

    interest can be sold at any time

    each tenant has equal possession

    No equal right in appreciation of property (think beach house, uncle C v. M)

    TIC is presumed
  2. How can TIC be created
    When one tenant dies, his share goes to his heir, NOT the surviving partner

    Automatically created when intention of parties is unclear
  3. Issues with TIC
    equal possession w/o equal ownership

    Ownership split by transfer or inheritance into small percentages
  4. What is JOint Tenancy
    Ownership by 2 or more people

    Each person owns an equal share in whole

    Equal right to possesion

    Survivorship: One tenant dies, other JTs share dead tenants interest (die at same time=TIC)
  5. Creation of Joint Tenany
    Definintive langague + four uniites

    marriage + four unities
  6. Strawman Transaction
    Transfer title to 3rd Party, 3rd Party transfer back to the parties (artificially created JT)
  7. Four unities required to create JT
    • Time: Tenants take title at the same time
    • Title: Tenants acauire title in the SAME deed or will

    Interest: Tenants have equal interest

    Possesion: Tenants have equal rights to possession
  8. How do JT Transferability
    At death: From on tenant to the other tenant

    Both Die Same Time:  Becomes a TIC

    Transfer: If on tenant transfer interest (other than by death), severs ONLY THAT tenant's interest into TIC (ex. Going to die first, and severe so your children receive property not other JTs)
  9. Tenancy by Entirety
    4 unites of Joint Tenancy + Marriage of Tenants (married at the time couple acquires property)
  10. Tenancy by Entirety Transferability
    Both spouses must agree to terminate tenancy (UNLIKE Joint Tenancy); Right of Survivorship
  11. Community Property
    All property during marriage by labor of either spouse

    Spouses have equal ownership and equal control of community assets (both most agree to transfer title)
  12. Community Property after Death
    Surviving Spouse retains 1/2 interest of property

    Decedent pases 1/2 according to will
  13. Property Not Included in Community Property
    Separate property before marriage remains seperate 

    property owned before marriage

    property acquired by gift or inheritance

    Income earned from separate property (interest and capital gains)
  14. Creditor's Rights in Tenancy in Common
    TIC can pledged only individual portion of property as security not all property

    Can only foreclose on individual tenants property
  15. Creditor's Rights in JT
    If debtor JT dies before other JT, the entire property is lost

    If one tenant default, creditor forecloses,  creditor severs unites creating TIC with remaining JT's
  16. Creditor's Rights in Tenancy by Entirety
    Debt must be husbands and wifes

    If only one spouse in debt, tenancy cannot be touched by creditors
  17. Creditor's Rights Community Property
    Each spouse responsible for 50% of debt
  18. Four Types of Co-ownership
    • Tenancy in Common
    • Joint Tenancy
    • Tenancy by Entirety
    • Community Property
  19. Co-Tenant and Rent
    Non posssesin co-tenant cannot collect rent fro possessing tenant

    rent collected from 3rd parties must be shared with all co tenants
  20. Co-Tenants and Property Repairs
    Carrying Costs (property tax, mortgage) & Necessary Repairs (roof leaks):  each co-tenant responsible for his share
  21. Co-Tenant Duties with IMprovements
    Made at discretion of improving co-tenant

    No right to contriction from other co-tenants
  22. What is Parition
    Division of co-owned property

    Resuts in separate owners of adjoin parcesl


    When impossible to partition= Property is Sold
  23. What is Required for a Partition
    ONe tenant disposses other co-tenants and refuses to allow access (Ouster)

    Tenant refuses to distribute rents and profits

    Appropriate circumstance (feuding relatives)
  24. Dower
    Entitles widow to 1/3 life estate of deceased spouse's property
  25. Curtesy
    Surviving Husband Receives life estate of all deceased spouses property

    Child must be born during marraige

    IN all state Dower Exists
  26. Common Law Marriages
    man and Women become marriage without formalities

    Must hold hold themselves in public as married  and act married

    Not created by court, but court REQUIRED to dissolve
  27. Requirements for Prenuptial Agreements in CA
    • No Consideration
    • IN wrirting
    • Signed by both parties voluntarily
    • Cant waive spousal or child support
    • may not promote divorce
    • Fully disclose all assets
  28. Condominiums
    Owner owns fee simple interest in a unit

    Owner owns tenant in common interest in COMMON Areas (building, land, development amenities)
  29. Condominium Transfer Rights
    Owner can sell, lease, transfer, mortgage individual unit

    No land Interest

    Common areas can't be mortgaged obvi
  30. Create A Con-do
    A declarartion CCRs

    Con do Plan: Parking, utilites, location of easements

    Development Map
  31. What are in CCRS for Condominiums
    • Legal description
    • descripition of common areas and limits of use
    • Board of directors structure and voting
    • Methods to Amend declaration
    • *Allows corporate governance of condo, so common area liabilities held by HoA
  32. Condo Conversions in CA
    • 60 days prior to filing of a map
    • 180 notice piro to terimiation of tenancy
  33. Townhouse
    Own the land on which townhouse is located

    Joint interest in common areas
  34. Creation of townhouse, transfer rights
    Same as condo statutory process

    Can own sell, lease, transfer
  35. Cooperatives
    Unit owners own stock in corporation w/right to occupy the unit

    Building owned by single corporation

    Shareholders given exclusive right to occupy unit
  36. Creation of Cooperatives
    Articles of Incorporation: Corporation begins when artiles filed w/ Secretary of STate

    Bylandws: Operating procedures, voting rights, transferring ownership rights
  37. Transfer Rights in Cooperatives
    approval of co opt board

    Existing owners can refuse prospective buyers for any reasons (so long as doesn't violate fair housing laws)
  38. Proprietary Lease
    Exclusive Right to Occupy a Unit

    End date is tied to the transfer of tenant's interest in co op

    No rent for unit

    Tenant pays a maintenance fee to cooperative board (pays for common areas)
  39. Time-Share ownership
    Fee simple interest w/  limited time right of possession

    Can be either fee simple, lease, or licenas
  40. Time-Share Transfer Rights
    Subject to timeshare agreement

    Transferable inter vivos, by will, or intestate succession
  41. Hotel Condos
    Portion of Hotel owned as condonimion units, which also used by hotel guests

    Owner must make unit avalaible for rent when not occupying

    Owner responsible for renting unit and collect portion of rental revenue
  42. Owner Associations (HOA) and powers
    • Condos, co-opts, townhomes
    • sometimes in gated communitis

    Tax members through monthly

    Maintain Common Areas

    Protect neighborhood aesthetics
  43. HOA Creation
    Declaration recorded by developer prior to sale of the first lot of community
  44. CCRS (Covenants, conditions, and restrictions)
    Legally binding contract to anyone purchase property

    Covers dady to day operation

    Creates committee to enforce rules
  45. Board Member Liabilites
    Board Members have fiduciary duties (loyalty good faith) to members of assocation

    Resonableness Review:  Protects board members if reasonable rules adopted, Court defers to HOA board
  46. Tools to enforce HOAs
    • Fines to owners
    • Lien against real property
    • Foreclosure
  47. HOA Tort Liabilites
    HOmeowners liable for torts within home/unit (slip and fall)

    • Common Area: HOA liable
    • HOA carries insurance for injuries and damages
    • CA: 2m if 100 or less units, 3 m if more than 100 units

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