BUS 23 Lecture Notes - Lecture 4: Constructive Notice, Real Estate Broker, Community Property
28 Nov 2020
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Tenancy in partnership - 2+ people who are co-owners in business. General partnership - partners share all profits and losses and share management responsibilities. Limited partnership (tax shelter) - one or more general partners and limited partners: limited partner"s losses limited to amount of their investment, doesn"t share management responsibilities. Community property - all property acquired by husband/wife during marriage other than separate property: california = community property state. Any property acquired during marriage is shared equally. Both must sign all transfer documents to convey community real property. If only 1 signs, the other can void sale within 1 year period. ** as salesperson, make sure both sign all real estate documents If property is being transferred is a community property. Both signatures are required: right to manage property = shared between both, each can will their half to whomever they want. If there"s no will, the half would go to surviving spouse.
