Aceable Agent Real estate Georgia Level
2 Chapters 1-5 questions and answers
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3 Forms of Ownership - ANSWER✔✔ Ownership in Severalty
Co-Ownership
Trusts
Ownership in Severalty - ANSWER✔✔ Individual or sole ownership also known
as Tenancy in Severalty
Co-Ownership - ANSWER✔✔ Some times called Concurrent Ownership
Trusts - ANSWER✔✔
Estate in Severalty-Sole Ownership - ANSWER✔✔ Defined by the kind of
ownership a person has in the property.
This kind of ownership is sometimes called Tenancy in Severalty, sole ownership
or Ownership in Severalty
When is an Estate held in Severalty - ANSWER✔✔ When the property only has
One owner
Whether that is a person, corporation or other legal entity
The Person/Entity - ANSWER✔✔ Can sell the property, hold it, rent it, will it to
someone upon their death, or do what they please with it, with out the permission
of any one else.
,Severalty definition - ANSWER✔✔ Comes from the word "Severed" -A property
owned in Severalty is severed from all its owners except the ONE!
Corporations holding an estate is Severalty - ANSWER✔✔ A corporation can
have several different owners (shareholders) the law views corporations as
SINGLE, LEGAL ENTITIES
Property held by a corporation - ANSWER✔✔ Is ownership in Severalty
Why do corporations own property in Severalty - ANSWER✔✔ Because they are
considered legal people
Example of Ownership in Severalty - ANSWER✔✔ Leti's bachelorette pad. Leti is
single and buys a place down town, a 1 bedroom condo converted from a
warehouse building. Leti supplied the down payment, took out a loan, and was the
only name on the title.
SHE OWNED IT IN SEVERALTY.
Co-Ownership: Owning property with friend - ANSWER✔✔ Buying a property as
a Co-owner is more complicated that buying alone and it depends on the kind of
Co-Ownership you have.
3 types of co-ownership concepts - ANSWER✔✔ Tenancy in Common
Joint Tenancy
Tenancy by Entirety
,Undivided Interest - ANSWER✔✔ A type of interest that gives each Co-Owner
the RIGHT of POSSESSION OF THE WHOLE PROPERTY, not just simply a
portion of it
Right of Survivorship - ANSWER✔✔ The Statutory principle of this type of
Tenancy which means that when one C0-owner dies their Ownership interests
REVERTS TO serving owners.
With out this RIGHT a Co-owners interest goes to their Heirs if they die, instead of
remaining Co-owners.
(REVERTS) WITH RIGHT OF SURVIVORSHIP PERSON DIES DOES NOT
GO TO HEIRS BUT REVERTS TO OWNERS
NO SURVIVORSHIP GOES TO HEIRS
What kind of Co-Ownership should a person choose - ANSWER✔✔ Co owners
will need to choose how they want to take title. In other words, What kind of Co-
Ownership they want to have.
If a buyer asks you "How should they take Title" What should you say -
ANSWER✔✔ Encourage them to speak to a lawyer about advantages or
disadvantages of co-ownership
Example: Brian and Steve own a property together and Brian cannot tell Steve that
he can only use part of the property. Which Co-Ownership concept is this? -
ANSWER✔✔ It is Undivided Interest because both have the right of Possession of
Whole property
4 Conditions of Unities of Co-Ownership - ANSWER✔✔ Unity of Possession P
Unity of Interest I
Unity of Time T
, Unity of Title T
Acronym for PITT
Unity of Possession - ANSWER✔✔ Each Co owner has an equal Right to enjoy
the Possession and USE of the WHOLE PROPERTY. Not just a designated
portion. (Cannot be selfish)
Can Co exist whole property
Undivided Interest HOW DIFFERENT FROM Unity of Interest - ANSWER✔✔
The Title to a piece of Real estate is held by two or more persons, but that the land
itself is not divided among them. The land is a single UNDIVIDED PARCEL.
While Unity describes the same Right as Possession the definition for "Undivided
Interest" means something different than Unity of Interest. CO OWNER-RIGHT
TO POSSESSION OF LAND
Unity of Interest - ANSWER✔✔ Each Co-owner holds an equal share in the
property.
It gives Co owner an Equal share of Ownership
EQUAL SHARE
Unity of Time - ANSWER✔✔ The requirement of Co owners to acquire their
ownership or interests at the same time
ACQUIRE SAME TIME
What happens if co ownership that an owner be brought in at later time -
ANSWER✔✔ Any form of Co ownership featuring UNITY or Condition
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