175,614
It is very important, one of the basics. I will admit, grown a bit lazy in that reguard as most properties in Tucson AZ are Fee Simple. If I were to practice somewhere else, that is something I would want to brush up on as that is not the case in other areas. Just up the road in Mt Lemon, very few cabins/homes available with Fee Simple.
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Acacia Taylor
Orem, UT
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Candice A. Donofrio
Fort Mohave, AZ
2,188,388
Hi Tony, Cute baby! If you're studying for your license and interested in a successful career in real estate and interacting here on ActiveRain with all these awesome professionals... here a couple of posts that might be useful:
To alll Real Estate Students
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ted tippets
Brigham City, UT
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Carol Williams
Wenatchee, WA
3,742,070
It's one of those very basic things you need to get before you hit the streets. If you don't understand this, you risk looking like a complete fool to any prospective client you encounter.
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Acacia Taylor
Orem, UT
5,583,328
it's most important to understand that information.... but the attorney who represents your client would be the one to discuss it with them in detail and help them make the right decision....we don't play attorney,,,
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Acacia Taylor
Orem, UT
4,582,434
Knowledge is power. Get back to class. Get powerful.
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Candice A. Donofrio
Fort Mohave, AZ
658,040
Those decisions are made at closing, and you as the buyers representative will be expected to help explain the diffences such as right of survivorship. It's not about giving advise its more about being competent to help explain the process.
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Acacia Taylor
Orem, UT
3,416,038
For one, you need to know how to answer your clients question regarding forms of ownership. I like to be able to let them know the different types but when it come sfor them to choose what is best, i tell them to consult their lawyer for that
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Acacia Taylor
Orem, UT
2,071,025
1,598,452
2,221,377
6,418,949
1,624,853
It is a very cute profile picture;) Is a baby taking a real estate classes? It is about time:)
4,319,773
Tony Trotter it's always a good idea to learn as much as we can for any property - including forms of ownership.
3,986,308
617,935
Tony,
It is important not to advise your client but to point them to an attorney and tax pro for advice.
4,800,132
Well one thing would be so that you don't find yourself trying to buy or sell a home that is not buyable or saleable.
4,901,858
It is not. Those questions should be referred to the title company or a real estate attorney.
7,864,182
A real estate professional should understand the benefits and disadvantages of different forms of ownership in the state.
1,056,663
Types of ownership are important, but you will 'probably' only encounter a couple routinely. Still, you better know. Google this for your state.
ALSO, there needs to be a distinction between 'type of ownership' (fee simple etc.) and 'ways to hold title' (TIC, CP, JT etc) . . .
1,712,776
Lenders and title companies help decide this is a more automatic fashion. Knowing the differences is a part of your responsibility on being a trusted real estate source. I have never told anyone what to do on this.
564,720
I'd say the most important reason is so you can explain this to your clients so they can decide which is best for them.
2,192,390
We actually are not supposed to be offering any ADVICE on any of them ! That is practicing Law without a license to do so !
5,240,047
Knowlwdge is power. There does come a time when you say: "consult your attorney"!