First, review Chapter 4, “Ownership of Real Property,” in your Text. Then, use each separate, independent Fact Scenario, below, and California law to answer the Question Set that follows it.
You should be able to answer these questions in a paper of 2 – 4 pages total, assuming a decent-sized type font, single-line spacing with double-spacing between paragraph, and reasonable page margins all around. While you may use double-spacing throughout, your paper may lengthen to one of 3 – 6 pages total.
FACT SCENARIO/QUESTION SET #1:
Fact Scenario: Sisters Bianca and Jade co-own a large luxury single family residence in the Doheny Estates area of Los Angeles, with their father, Mick. These three family members hold title to this property as joint tenants with right of survivorship.
As between themselves and without considering Mick’s interest, Bianca and Jade deed their interests in the Doheny Estates property to themselves as tenants in common.
Question Set: After Bianca and Jade’s transfer in this Fact Scenario, what type of co-ownership interest does each person (i.e., Bianca, Jade, Mick) own in the Doheny Estates property? What is the nature of each person’s ownership? Answer fully by identifying the percentage of ownership each person has, the nature of that ownership (e.g., joint tenancy, tenancy in common, community property), and the legal basis/explanation for your answer.
FACT SCENARIO/QUESTION SET #2:
Fact Scenario: Sisters Bianca and Jade co-own a large luxury single family residence in the Doheny Estates area of Los Angeles, with their father, Mick. These three family members hold title to this property as joint tenants with right of survivorship.
Bianca and Jade have embarked on a two-year charitable missionary commitment to the most remote regions of Nepal (“No phone, no lights, no motor cars – not a single luxury”), leaving Mick in sole possession of the Doheny Estates property.
Because Mick’s lavish lifestyle has caused him to run short on cash, Mick has been renting out “his” Doheny Estates property on a short-term basis through Internet rental services (such as AirBnB and VRBO) during Bianca and Jade’s long absence.
Intelligent and well-educated (a graduate of the prestigious London School of Economics), Mick has profited handsomely – some $1,200,000 – by renting the property for short-term stays by celebrities, for lavish parties, and for business events – all to the detriment of the property, which has suffered damage/loss/theft to dwelling, landscaping, and furnishings amounting to $600,000.
Having completed their charity work, Bianca and Jade return to the Doheny Estates property, find it in a rundown condition, and confront Mick – demanding payment of “their shares” of the rental income he had collected, plus substantial money for rehabilitation of the property.
Question Set: (1) Does Mick have to share the rental income he collected from short-term rentals of “his” Doheny Estates property with Bianca and/or Jade? If so, how much? If not, why not? Answer fully by stating an amount of money and identifying the legal basis/explanation for your conclusion.
(2) Does Mick owe any money for “rehabilitation” of the Doheny Estates property, based on the damage and loss caused by the short-term rentals? If so, how much? If not, why not? Answer fully by stating an amount of money and identifying the legal basis/explanation for your conclusion.
FACT SCENARIO/QUESTION SET #3:
Fact Scenario: Sisters Bianca and Jade co-own a large luxury single family residence in the Doheny Estates area of Los Angeles, with their father, Mick. These three family members hold title to this property as joint tenants with right of survivorship.
Without considering Bianca or Jade and their interests in the Doheny Estates property, Mick wills his joint tenancy interest in the Doheny Estates property to his son, James.
Question Set: If Mick now dies suddenly, what interest does each person (i.e., Bianca, Jade, James) have in the Doheny Estates property? What is the nature of each person’s ownership after Mick’s death? Answer fully by identifying the percentage of ownership each person has, the nature of that ownership (e.g., joint tenancy, tenancy in common, community property), and the legal basis/explanation for your conclusions.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
