Chapter 3 Flashcards
An investment vehicle
Real estate investment trust
Ownership in a property, such as one that joint tenants pass away
Right of survivorship
Ownership of real estate exclusively by one owner
Severalty
Four unities necessary for joint tenancy
PITT
Possession
Interest
Time
Title
Voluntary transfer of private property to the public for public use
Voluntary dedication
Property with divided form of ownership
Timeshare ownership
What is it called if a spouse buys property and the other spouse has a right to the property also
Community property
Owners have title to one unit in a fraction of the interest of common areas
Condominium ownership
A condition that must be meant for adverse possession
Continuous
Real estate held by More Than one owner
Co-ownership
Multiple owners of property
Joint tenancy
Condition that must be meant for adverse possession
Hostile
Person entitled to the benefit of a trust arrangement
Beneficiary
Person without legal claim to a property attempts to claim legal ownership “ squatters rights”
Adverse possession
Transfer of title to a state authority when no eligible heirs are available
Escheat
Entity organized to invest in real estate
Partnership
Condition that must be meant for adverse possession
Open & notorious
Pending legal action or notice of pending legal action
Lis pendens
A trust in which real property is held as the asset for a beneficiary
Land trust
The type of lawsuit meant to define ownership of a property?
Quiet, title action
Property ownership similar to owning a condominium, but it includes owning the footprint of the real estate that made the unit
Planned unit development, PUD
Spouses own property neither one can dispose of property alone
Tenants by entirety
Multiple owners of property owns their interest separately
Tenancy in common
When private property is transferred to public for community and public use
Statutory dedication
