Chapter 7: Ownership Of Real Estate Key Terms Part 1 Flashcards Preview

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Flashcards in Chapter 7: Ownership Of Real Estate Key Terms Part 1 Deck (14):
1

Corporation

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

2

Devisee

Person named in a will to inherit real estate.

3

General partnership

A group with each part of completely liable.

4

Joint tenancy

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.

5

The FOUR unities required to create a joint tenancy are?

(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.

6

Limited partnership

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

7

Partition

Court ordered sale and division.

8

Partnership

Co-owners join together to carry on a business.

9

Right of survivorship

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

10

Sole proprietorship

A business owned by one person or entity.

11

Tenancy by entirety

Special ownership by married couples.

12

Tenancy in common

Owners free to devise property to any Heir.

13

Tenancy in Serveralty

Real estate owned by only one. Single ownership

14

Title

Ownership