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
