Chpt. 5 Forms Of Real Estate Ownership Flashcards
A form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs
Tenancy in common
A form of ownership in which multiple owners hold property with a right of ownership
Joint tenancy
A legal method of dissolving a partnership
Partition
A special form of co-ownership for married couples
Tenancy by the entirety
A device by which one person transfer 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 owner’s death
Testamentary trust
An association of two or more persons who 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 organizations 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 legal entity managed and operated by a board of directors
Corporation
On the death of joint tenant, the deceased’s interest transfer directly to the remaining joint tenants
Right of survivorship
A business organization that combines the tax advantages of limited partnership and the limited liability of cooperations
Limited liability company
In a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or a heft during the marriage
Separate property
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
Assessment
Recurring fees required of condominium unit owners to cover basic maintenance and operations
Homeowners association fees
A real property interest in a specified unit for a particular period of the year
Time-share estate
A contract right under which a developer retains ownership of property and the purchaser receives the right to occupy and use the facilities for a certain period
Time-share use
The ownership of real estate by one individual
Severalty
