Unit 4: Forms of Real Estate Ownership

Question 1

Common Elements

Answer 1

Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

Question 2

Community Property

Answer 2

A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in the western U.S. States; the system was unknown under English common law.

Question 3

Condominium

Question 4

Cooperative

Question 5

Co-ownership

Question 6

Corporation

Question 7

General Partnership

Question 8

Joint Tenancy

Question 9

Limited Liability Company (LLC)

Question 10

Limited Partnership

Question 11

Partition

Question 12

Partnership

Question 13

PITT

Question 14

Right of Surviorship

Question 15

Separate Property

Question 16

Severalty

Question 17

Tenancy by the Entirety

Question 18

Tenancy in Common (TIC)

Question 19

Time-share

Question 20

Town House

Question 21

Trust