Chapter 7: Ownership Of Real Estate Key Terms Part 1

Question 1

Corporation

Answer 1

A legal entity considered to be an artificial person. Ownership is in the form of stock.

Question 2

Devisee

Answer 2

Person named in a will to inherit real estate.

Question 3

General partnership

Answer 3

A group with each part of completely liable.

Question 4

Joint tenancy

Answer 4

Nonmarried persons with right of survivorship. Which means: Partners agreement to surrender their ownership to other partners upon death. 4-unities are required to create a joint tenancy. Possession, interest, title and time. Also known as PITT.

Question 5

The FOUR unities required to create a joint tenancy are?

Answer 5

(PITT)… POSSESSION: all joint tenants hold undivided possession of the property. INTEREST: all joint tenants old equal ownership interests. TITLE: all joint tenants must acquire their interest by the same deed. TIME: all joint tenants must acquire their interest at the same time. These for unities a present on title is required by one deed.

Question 6

Limited partnership

Answer 6

A group with only the general partner fully liable. The limited partners are only liable for their investment.

Question 7

Partition

Answer 7

Court ordered sale and division.

Question 8

Partnership

Answer 8

Co-owners join together to carry on a business.

Question 9

Right of survivorship

Answer 9

Process by which co-owner automatically receive’s the share of the co-owner who dies.

Question 10

Sole proprietorship

Answer 10

A business owned by one person or entity.

Question 11

Tenancy by entirety

Answer 11

Special ownership by married couples.

Question 12

Tenancy in common

Answer 12

Owners free to devise property to any Heir.

Question 13

Tenancy in Serveralty

Answer 13

Real estate owned by only one. Single ownership

Question 14

Title

Answer 14

Ownership