Chapter 4 vocab Flashcards
The ownership of real estate by one individual
Severalty
A form of property ownership in which owners hold undivided fractional interest that are inheritable by their heirs
Tenancy in common
A form of ownership in which multiple owners hold property with a right of survivorship
Joint tenancy
illegal method for dissolving a co-ownership (like dividing)
Partition
a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third-party
Trust
A form of trust established by will after the owners death
Testamentary trust
an association of two or more person to carry on a business for profit as co-owners
Partnership
The evidence of the right to occupy a unit in a cooperative
Proprietary lease
The rules determining the operation and management of a cooperative
Bylaws
A business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations
General partnership
a business organization that is a legal entity manage and operated by a board of directors
Corporation
On the death of a joint tenant, the seats interest transfers directly to the remaining joint tenants
Right of survivorship
A business organization that combines a tax advantages of limited partnerships and the limited liability of corporations
Limited liability company
A form of property ownership in which each owner holds an undivided interest in certain common elements in addition to holding individual property in fee simple
Condominium
special payment required of condominium unit owners to address specific expenses
Assessments
