Section 1 - Chapter 8 Flashcards Preview

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Flashcards in Section 1 - Chapter 8 Deck (18):
1

severalty

title is held by one individual or corporation

2

co-ownership

title held by two or more individuals (as tenants in common, joint tenants, tenants by entirety, or community property)

3

trust

a third individual holds title for the benefit of another

4

tenancy in common

each person hold undivided fractional interest in the property (ownership interest, not the property, that is divided) - can sell their interest without permission

5

joint tenancy

property held by multiple owners with "unity of ownership" (title held as though all owners, colletively, are one unit) - includes "right of surivorship" where current tenants absorb deceseased tenants rights. expressing joint tenancy must be done specifically in writing in the agreement

6

4 unities to create joint tenancy:

PITT: possession, interest, time, title - joint tenancy destroyed when you remove one of these 4

7

partition suit:

termination of cotenants when not all agree on how to do it

8

tenancy by the entirety

for married couples on their personal residence: equal, undivided interest - have rights of survivorship

9

land trust:

real estate is only asset and considered personal property

10

real estate investment trust

investors take advantage of same tax benefits as mutual fund investors

11

partnership

business exists with 2 or more co-owners

12

corporation:

legal entity maanged by board of directors

13

syndicate

2 or more firms or people joined together to make a real estate investment

14

limited liability company

combine features of limited partnership and corporations

15

condominium ownership:

own fee simple interest in unit and specified share of common elements

16

cooperative ownership

corporation owns the title to land and building; corporation offers shares of stock to prospective tenants

17

townhouse

any type of housing connected by common walls

18

time share

multiple purchasers to buy interests in real estate