Chapter 4

Question 1

Ownership in Severalty

Answer 1

One person or entity

Question 2

Co-ownership

Answer 2

Joint tenants with rights of survivorship

Question 3

4 Unities

Answer 3

1. Possession
2. Interest
3. Time
4. Title

Question 4

Tenants in Common

Answer 4

Co-ownership in a parcel of land

Question 5

The Partition Action

Answer 5

Happens when one or more people want to get out of a deal but cannot come to a resolution.

Question 6

Tenancy by the Entirely

Answer 6

Special form of co ownership used in some states that allows a spouse to inherit the other spouses ownership upon death.

Question 7

Community Property

Answer 7

Laws based on the idea that spouses are equal partners in the marriage.

Question 8

Separate Property

Answer 8

Real or personal property that was owned solely by either spice before the marriage

Question 9

Trust

Answer 9

A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party

Question 10

Ownership by Organizations

Answer 10

A legal entity that exists independently of its members

Question 11

Sole Proprietor

Answer 11

One person opening a business

Question 12

Partnership

Answer 12

An association of two or more persons who carry on a business for profit as co owners

Question 13

General Partnership

Answer 13

All the partners participate in the operation and management of the business and share full liability

Question 14

Limited Partnership

Answer 14

Consists of one or more general partners, as well as the limited partners

Question 15

What are the two levels of partnership

Answer 15

General & Limited

Question 16

Corporations

Answer 16

A legal entity an artificial person, created under the authority of the laws of the state from which it receives its charter

Question 17

Shareholders

Answer 17

Elect a board of directors

Question 18

Condominium

Answer 18

Single units located in low-rise, and high rise complexes, as town houses or standalone units

Question 19

Common Elements

Answer 19

The individual unit owners also own a specified share of the undivided interest in the remainder of the building and land

Question 20

Resale Certificate

Answer 20

A signed document that indicates that the purchaser intends to resell goods

Question 21

Right of First Refusal

Answer 21

Contractual right that gives its holders the option to enter into a business transaction with the owner, of something before the owner can sell or deal with third party

Question 22

Special Assement

Answer 22

A levy that homeowners association or local governments periodically charge homeowners under certain circumstances

Question 23

Co-operative

Answer 23

A corporation holds title to the land and the building