Chapter 2 - Concurrent Ownership Flashcards
joint tenancy with 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 on the death of any owner, the deceased owner’s interest in the real property will pass to the surviving owner.
tenancy in common
Co-ownership of real property by two or more persons. Each owner’s interest in the property is capable of inheritance.
contribution
Right of a co-owner of real property to receive reimbursement from other co-owners for their share of expenses that are common to the real property.
partition
Method by which co-owners of real property can divide the common property into separate ownerships. May be by voluntary agreement of the co-owners or by court action.
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.
community property
Rule of law in states following the civil law of Spain and France, which provides that real property acquired during marriage is owned equally by the husband and wife.
prenuptial (or antenuptial) agreement
Agreement entered into by a married 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.
dower
Widow’s interest in real property of her husband that provides a means of support after the husbands death.
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.
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.
corporation
A legal entity wherein the owners do not have personal liability for the debts or actions of the entity.
general partnership
An association of two or more persons to carry on a business for profit as co-owners.
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.
limited liability company
An entity which offers the tax advantages of a partnership and the limited liability of a corporation.
