Unit four: forms of real estate ownership

Question 1

Severalty

Answer 1

Sole ownership, some legal entity

Question 2

Tenancy in common

Answer 2

Two or more owners each owner has undivided interest, but shares can be unequal, interest passes to their heirs

Question 4

Joint tenancy

Answer 4

Two or more owners with equal shares includes right of survivorship ownership transfers to surviving owners upon death. Must meet for unities TTIP time interest possession

Question 5

Tenancy by the entirety

Answer 5

Only for married couples, automatic write of survivorship neither can sell or mortgage without consent

Question 6

Community property

Answer 6

Acquired during marriage and own equally. Doesn’t include inheritance or gifts.

Question 7

Living trust

Answer 7

Created journey during owners lifetime.

Question 8

Testamentary trust

Answer 8

Created upon the owners that as specified in the world

Question 9

Land trust

Answer 9

Real estate is the only asset in the trust. Often used for privacy.

Question 10

Corporation

Answer 10

Legal entity owned by shareholders

Question 11

LLC

Answer 11

Legal liability company. Combined benefit of a corporation with tax flexibility of a partnership.

Question 12

General Partnership

Answer 12

General all partners share management and liability

Question 13

Limited partnership

Answer 13

One or more partners have no liability and no management role

Question 14

Partition

Answer 14

Legal action to divide co-own property