1. Howard, Ignacio, Justin, and Kenneth own a property as joint tenants. Without asking the other owners, Justin sells his ownership interest to Luke. Shortly thereafter, Ignacio and Luke die. Who owns the property and how is that ownership structured? (Howard owns X%, etc.)
2. Using section VI of your notes about business entities and property ownership, does there seem to be one or more types of business organization that lend themselves to being used in the formation of a real estate company? Does there seem to be one or more types that would be less likely to be used? Why or why not for both answers?
3. What are the two main types of REITs, as categorized by type of investment? What are five property types in which equity REITs tend to specialize?
4. Suppose that David sells Joan an easement to run a water line across his property to her property. Who has the dominant estate and who has the servient estate? Explain your answer. Is this an easement appurtenant or an easement in gross? What is it that distinguishes those two easement types?