Chapter 7: Ownership of Real Estate KEY TERMS REVIEW 1 Flashcards
1
Q
Corporation
A
legal entity considered to be an artificial person
2
Q
Devisee
A
person named in a will to inherit real estate
3
Q
General partnership
A
group with each partner completely liable
4
Q
Joint tenancy
A
nonmarried persons with right of survivorship
5
Q
Limited partnership
A
group with only general partner fully liable
6
Q
Partition
A
court-ordered sale and division
7
Q
Partnership
A
co-owners joined together to carry on a business
8
Q
Right of survivorship
A
process by which co-owner automatically receives share of co-owner who dies
9
Q
Sole proprietorship
A
business owned by one person or entity
10
Q
Tenancy by the entirety
A
special ownership by married couple
11
Q
Tenancy in common
A
owners free to devise property to any heir
12
Q
Tenancy in severalty
A
real estate ownership by only one
13
Q
Title
A
