Tenancy in Common - Joint-ownership of property by two or more related or unrelated entities (co-tenants) in equal or unequal shares. Each co-tenant's share is undivided: no co-tenant has exclusive right to any portion of the property and each has equal right to possess the whole property. Unlike in a joint-tenancy, no co-tenant has right of survivorship: the share of a deceased co-tenant passes on to his or her heir (or as willed) and not to the surviving co-tenant(s). All decisions to develop, mortgage, sell, or use the property may only be made collectively by all co-tenants. Any co-tenant (or his or her creditor), however, may petition the courts to partition the property in settlement of a claim.

Joint Tenancy - Joint ownership of property by two or more related or unrelated entities (joint-tenants) which is effected only when four conditions interest, possession, time, and title (called four unities) are fulfilled. Unlike in tenancy-in-common, joint-tenants have right of survivorship: the entire share of a deceased joint-tenant automatically (without probate) passes on to the surviving joint-tenant(s), the last survivor becoming the absolute and sole owner. Property in joint-tenancy is not subject to probate or claims of anyone (except due taxes) and passes on free. Also called joint tenancy with right of ownership in common.

Hope this helps...
Tom

I just finished Chapter 3 and I had some issues with Tenancy in Common and Joint Tenancy.  I got a little stuck on test questions regarding heirs and splits.  I have read through the course materials and I was hoping to know just a little more on those types of ownership.  I guess you could say I am looking for a 'layman's' explanation.  Would you mind explaining these further?

Thank you!

-Christy C.

1. You sell a house for $35,000.00 at 6% commission to your broker. Your share is 50% of the commission. What is your share?

35000 x .06 = 2100 / 2 = 1050.

2. A home owner tells you that another agent offered to list his house for $86,000.00 and charge $4,300.00 commission. What rate of commission did the other agent negotiate with the seller?

4300 / 86000 = .05


3. A client wishes to list his house with you at a price that will net him $46,000.00 after the reduction of the 7% commission rate that you negotiated. What sales price do you need to list the home for?

46000 / .93 = 49462.365591397849462365591397849 while this is the actual number you could round it up to 49,500...


hope this helps... sure thought i had this somewhere...

tom

Thanks for the response, Tom. I wasn't planning on taking anything but my calculator, and some scratch paper/pen.

From what I heard you can take a simple calculator. However I think they will furnish you one if you do not have one already. I do not think that you can take you cell phone into the exam room.

They have cameras that monitor and record you while you are in there. If they happen to watch the DVD at a later date and see that a person was using their cell phone while taking the exam they might over turn your exam score…


tom

I am pretty sure that I read that we are only allowed to take a simple calculator (non-graphing) in with us. Are we allowed to take in anything else?

We process those at the office. Depending on what type of course you passed it will take varying times.

Tom

does anyone know how long it takes to receive the completion cert for ce course?  I need it by tonight and I finished about 30 min ago

very helpful, thank you!!!

however, I think I am still missing the answers to the commissions problems.

http://www.burroughsco.com/_private/90HrBasic/Study_Mat/Commissions.html

On number 1 there are 669 days left on the policy.

669 x 2.465753425 =  $1,649.59

1.  $1,649.59

2.
jan   31
feb   28
march   31
apr   15
total   105

480 / 365 = 1.315068493

105 x 1.315068493 =  $138.08

2.  Seller pays $138.08 and the Buyer pays the rest,  $341.92

3. 92.05

8% x 20,000 = $1,600 and that is per year.

Closing is the 10 and to the end of the month that is 21 days. 30 -10 = 20 + day of close = 21 days

1600/365= $4.38 x 21 = 92.05.

Hope this helps...