Chapter 8: Forms Of Real Estate Ownership

Question 1

co-ownership

Answer 1

title ownership held by two or more individuals

Question 2

community property

Answer 2

Any property acquired during a marriage is considered to be obtained by mutual effort. Separate property is real or personal property that was owned solely by either spouse before the marriage. It also includes property acquired by gift or inheritance during the marriage, as well as any property purchased with separate funds during the marriage

Question 3

Estate by the entirety

Answer 3

A married couple owns a mansion with the right of survivorship there’s is most likely?

Question 4

Fee simple estate

Answer 4

Under the condominium form of ownership, the owners interest in the unit would normally be?

Question 5

General partnership

Answer 5

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

Question 6

joint tenancy

Answer 6

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.

Question 7

Limited liability company

Answer 7

Combines the most attractive features of the limited partnerships and corporations

Question 8

Limited partnership

Answer 8

Consist of one or more general partners as well as the limited partners

Question 9

living trust

Answer 9

created by agreement during the property owner’s lifetime

Question 10

Partition

Answer 10

A legal way to dissolve the relationship when the parties do not voluntarily agreed to its termination

Question 11

Partnership

Answer 11

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

Question 12

proprietary lease

Answer 12

The purchaser of a cooperative becomes a shareholder in the corporation by virtue of stock ownership and receives a proprietary lease to the apartment for the life of the corporation.

Question 13

Reversionary interest

Answer 13

The owner of a fee simple estate who conveys the real estate but reserve the life estate in the entire property for himself has a?

Question 14

severalty

Answer 14

title is held by one individual

Question 15

Syndicate

Answer 15

Two or more people are ferns join together to make and operate a real estate investment

Question 16

Tenancy by the entirety

Answer 16

Each spouse has an equal, undivided interest in the property

Question 17

Tenancy in common

Answer 17

Each tenant hold an undivided fractional interest in the property

Question 18

testamentary trust

Answer 18

established by will after the owner’s death

Question 19

trust

Answer 19

where a third individual hold title for the benefit of another