Unit 4 Flashcards
(20 cards)
Tenancy in Common
A form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs.
Joint Tenancy
A form of ownership in which multiple owners hold property with a right of survivorship.
Partition
A legal method for dissolving a co-ownership
Partnership
An association of two or more persons who carry on a business for profit as co-owners.
Proprietary Lease
The evidence of the right to occupy a unit in a cooperative.
Severalty
The ownership of real estate by one individual.
Tenancy by the Entirety
A special form of co-ownership for married couple.
Bylaws
The rules determining the operation and management of a cooperative.
Trust
A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.
Testamentary Trust
A form of trust established by will after the owner’s death.
Assessments
Special payments required of condominium unit owners to address specific expenses.
Homeowners Association (HOA) Fees
Recurring fees required of condominium unit owners to cover basic maintenance and operations.
Condominium
A form of property ownership in which each owner holds an undivided interest in certain common elements in addition to holding individual property in fee simple.
Corporation
A business organization that is a legal entity managed and operated by a board of directors.
General Partnership
A business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations.
Right of Survivorship
On the death of a joint tenant, the deceased’s interest transfers directly to the remaining joint tenants.
Limited Liability Company
A business organization that combines the tax advantages of limited partnerships and the limited liability of corporations.
Separate Property
In a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or gift during the marriage.
Time-Share Estate
A real property interest in a specified unit for a particular period of the year.
Time-Share Use
A contract right under which a developer retains ownership of property and the purchaser receives the right to occupy and use the facilities for a certain period.
