Ownership of Real Estate

SOLE OWNERSHIP
Tenancy in severalty
● sole ownership of a freehold estate
CO-OWNERSHIP
● ownership by two or more owners
Tenancy in common
● co-tenants enjoy an individually owned, undivided interest; any ownership share possible; no survivorship
Joint tenancy
● equal, undivided interest jointly owned, with survivorship
● requires four unities to create: time, title, interest, possession
Tenancy by the entireties
● equal, undivided interest jointly owned by husband and wife
Community property
● per state law, joint ownership of property by spouses as opposed to separate property
● separate: acquired before marriage or by gift or inheritance
Tenancy in partnership
● ownership by business partners
TRUSTS
● property granted by trustor to fiduciary trustee for benefit of beneficiary
Living trust
● personal and real property ownership created to take effect during one's lifetime (living trust) or after one's lifetime (testamentary)
Land trust
● real property ownership where grantor and beneficiary are same party; beneficiary uses, controls property, does not appear on public records
OWNERSHIP BY BUSINESS ENTITIES
Corporation
● owned by stockholders; board of directors, officers, directors run business; liability of shareholders limited to value of shares; may own real estate in severalty or tenant in common
Partnership
● two or more partners; in general partnership, all partners run business and share liability; in limited partnership, general partners run business and are liable, limited partners liable only to the extent of their investment; both types may own real estate
Limited Liability Company
● members liability limited like in corporation, management flexible, income passed through and taxed as personal income; may own real estate
CONDOMINIUMS
● freehold ownership of a unit of airspace plus an undivided interest in the common elements as tenant in common with other owners
● may be sold, encumbered or foreclosed without affecting other unit owners
● creation: by developer's declaration
COOPERATIVES
● ownership of shares in owning corporation, plus proprietary lease in a unit; corporation has sole, undivided ownership
TIME SHARES
● a lease or ownership interest in a property for the purpose of periodic use by the
owners or tenants on a scheduled basis
Ownership of Real Estate #ownership #realestatelicensing
IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME
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[@movingtotheDMVarea]

I been having issues remembering this for the test but this was so clear! Thank you

[@starrallbritton2739]

You were sent from heaven ❤

[@pauliancabasag3598]

Your real estate classes are superb! I hope you can keep sharing them for free in TH-cam! Do you have other classes besides principles and practice?

[@Anslea1979]

How can someone get access to your quizlets? I'm studying for the Georgie Real Estate Exam and have found your videos to be very helpful!

[@2nd_ntr]

14:00 lecture started

[@chiramcbeth]

Handwriting is terrible Bruno lol

[@NewDirectionSchool]

I know 🤣 trying to get it better... my handwriting is bad enough on paper, on a tablet it's even worse

[@mrsmjjoseph]

For real. I gave up after chapter 2. I refuse to attempt chapter 3.