Chapter 2: Concurrent Ownership Flashcards
What is Community Property?
In states following the civil law of Spain and France, rule of law that provides that real property acquired during marriage is owned ewually by the husband and wife.
What is Contribution?
Right of a co-owner of real property to recieve reimbursement from other co-owners for their share of expenses that are common to the real property.
What is a Corporation?
A legal entity wherein the owners do not have personal liability for the debts or actions of the entity.
What is a Curtesy?
Interest in real property of the wife that the law in some states gives to the surviving husband at the time of the wife’s death.
What is a Dower?
Widow’s interest in real property of her husband that provides a means of support after the husband’s death.
What is an Elective Share?
Right given to a widow in many states to elect, at her husband’s death, to receive either dower or some ownership (fee simple) share of her husband’s real property.
What is a General Partnership?
An association of two or more persons to carry on a business for profit as co-owners.
What is a Joint Tenancy with the Right of Survivorship?
Ownership of real property by two or more persons. Joint tenants with the right of survivorship own equal interest in the real property, and onthe death of any owner, the deceased owner’s interest in the real property will pass to the surviving owner.
What is a Limited Liability Company?
An entity that offers the tax advantages of a partnership and the limited liability of a corporation.
What is a Limited Partnership?
A legal entity made up of two classes of ownership: general partners and limited partners. The general partners have full liability for the debts and obligations of the limited partnership, and the limited partners have liability limited to the extent of their investment in the partnership.
What is a Partition?
Method by which co-owners of real property can divide the common property into seperate ownerships. Partition may be by voluntary agreement of the co-owners or by court action.
What is a Prenuptial (or Antenuptial) Agreement?
Agreement entered into by a married or engaged couple that, among other things, outlines an agreement between the couple regarding the division and ownership of property in the event of separation or divorce.
What is Tenancy by the Entirety?
Ownership of real property by a husband and wife. The husband and wife are treated as a single owner, and neither the husband nor the wife can transfer the property without the other’s consent.
What is Tenancy in Common?
Co-ownership of real property by two or more persons. Each owner’s interest in the property is capable of inheritance.
