Chapter Eight Flashcards
parts of the property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest. 32
common elements
a system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in the western U.S. states. 129-130
community property, The system was unknown under English common law.
the absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other unit owners. 32
condominiums
a residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease. 33
cooperative
Title ownership held by two or more persons. 126
co-ownership
an entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. 132
corporation
an association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law; a partnership is regarded as a group of individuals rather than as a single entity. A relationship where each shares in the administration profits, and losses of the operation. 132
partnership, general partnership
ownership of real estate between two or more parties who have been named in one conveyance. Upon death of one tenant, the decedent’s interest passes to the surviving tenant by the right of survivorship. 127-128
joint tenancy
a form of business organization that combines the most attractive features of limited partnerships and corporations. 133
limited liability company (LLC)
the division of co-tenants interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes the place through court procedures. 128-129
partition
Joint tenancy, where tenants enjo the four unities: possession, interest, time, and title. 127
PITT
under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage. 139
separate property
ownership of real property by one person only; also called sole ownership. 138
severalty
the joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon death of one spouse, the survivor becomes the owner of the property. 129
tenancy by the entirety
a form of co-ownership by which each owner holds an individed interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, these tenants have right of inheritance. 126-127
tenancy in common
