Chapter 8: Forms Of Real Estate Ownership Flashcards Preview

a USE THIS ONE 2 > Chapter 8: Forms Of Real Estate Ownership > Flashcards

Flashcards in Chapter 8: Forms Of Real Estate Ownership Deck (19):
1

co-ownership

title ownership held by two or more individuals

2

community property

Any property acquired during a marriage is considered to be obtained by mutual effort. Separate property is real or personal property that was owned solely by either spouse before the marriage. It also includes property acquired by gift or inheritance during the marriage, as well as any property purchased with separate funds during the marriage

3

Estate by the entirety

A married couple owns a mansion with the right of survivorship there's is most likely?

4

Fee simple estate

Under the condominium form of ownership, the owners interest in the unit would normally be?

5

General partnership

All the partners participate in the operation and management of the business and share full liability for business losses and obligation

6

joint tenancy

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent's interest passes to the surviving joint tenant or tenants by the right of survivorship.

7

Limited liability company

Combines the most attractive features of the limited partnerships and corporations

8

Limited partnership

Consist of one or more general partners as well as the limited partners

9

living trust

created by agreement during the property owner's lifetime

10

Partition

A legal way to dissolve the relationship when the parties do not voluntarily agreed to its termination

11

Partnership

An association of two or more persons who carry on a business for profit as co-owners

12

proprietary lease

The purchaser of a cooperative becomes a shareholder in the corporation by virtue of stock ownership and receives a proprietary lease to the apartment for the life of the corporation.

13

Reversionary interest

The owner of a fee simple estate who conveys the real estate but reserve the life estate in the entire property for himself has a?

14

severalty

title is held by one individual

15

Syndicate

Two or more people are ferns join together to make and operate a real estate investment

16

Tenancy by the entirety

Each spouse has an equal, undivided interest in the property

17

Tenancy in common

Each tenant hold an undivided fractional interest in the property

18

testamentary trust

established by will after the owner's death

19

trust

where a third individual hold title for the benefit of another