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Rainmaker
175,514
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

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.

Dec 12, 2015 11:25 PM
Ambassador
1,939,667
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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

The Hardest Part Of Being A Real Estate Agent

Dec 12, 2015 11:01 PM
Ambassador
3,724,327
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

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.

Dec 13, 2015 10:02 AM
Rainmaker
5,581,578
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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,,,

Dec 13, 2015 03:55 AM
Rainmaker
4,308,271
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Knowledge is power.   Get back to class.   Get powerful.  

Dec 12, 2015 11:50 PM
Rainmaker
609,655
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

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.

Dec 12, 2015 11:06 PM
Rainmaker
3,394,228
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Dec 12, 2015 10:32 PM
Rainmaker
2,069,797
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

It is title company will handle.

Nov 12, 2019 08:57 AM
Rainmaker
1,598,230
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great answers. And interesting subject. 

Nov 12, 2019 08:47 AM
Rainmaker
2,206,130
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many great answers here.

May 20, 2019 10:38 AM
Ambassador
5,830,193
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Part of the basics of the business.

Dec 24, 2017 08:54 PM
Rainmaker
1,568,686
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is a very cute profile picture;) Is a baby taking a real estate classes? It is about time:) 

Dec 13, 2015 02:28 PM
Ambassador
4,318,202
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tony Trotter it's always a good idea to learn as much as we can for any property - including forms of ownership.

Dec 13, 2015 12:30 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would want to know this if I had the seller. 

Dec 13, 2015 11:11 AM
Rainmaker
617,585
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Tony,
It is important not to advise your client but to point them to an attorney and tax pro for advice.

Dec 13, 2015 03:42 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

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.

Dec 13, 2015 03:31 AM
Rainmaker
4,417,218
Richard Weeks
Dallas, TX
REALTOR®, Broker

It is not.  Those questions should be referred to the title company or a real estate attorney.

Dec 13, 2015 01:59 AM
Rainmaker
7,134,050
Roy Kelley
Retired - Gaithersburg, MD

A real estate professional should understand the benefits and disadvantages of different forms of ownership in the state.

Dec 13, 2015 01:34 AM
Rainmaker
955,931
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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) . . .

Dec 13, 2015 12:02 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

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.

Dec 12, 2015 10:57 PM
Rainmaker
564,470
Women of Westchester Working Together
Women of Westchester Working Together - West Harrison, NY
Women helping Women get ahead

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.

Dec 12, 2015 10:39 PM
Rainmaker
2,059,680
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

We actually are not supposed to be offering any ADVICE on any of them ! That is practicing Law without a license to do so !

Dec 12, 2015 10:37 PM
Rainmaker
4,637,262
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Knowlwdge is power. There does come a time when you say: "consult your attorney"!

Dec 12, 2015 10:34 PM