Etc

Question 1

3 unique physical characteristics of land

Answer 1

Indestructibility, immobility, non-homogeneity

Question 2

3 forms of ownership

Answer 2

Ownership in severalty, co-ownership, ownership in trust

Question 3

Co-ownership concepts

Answer 3

Undivided interest and right of survivorship

Question 4

Types of co-ownership

Answer 4

Tenancy in common, joint tenancy, tenancy by the entirety

Question 5

4 co-ownership unities

Answer 5

possession, interest, time, and title

Question 6

Sole Proprietorship

Answer 6

1 person (or married couple), unlimited liability

Question 7

General Partnership

Answer 7

at least 2 people, unlimited liability, if one dies partnership dissolves

Question 8

Limited Partnership

Answer 8

at least 1 general, one limited partners; GP-UL, LP-LL

Question 9

LLC

Answer 9

Unlimited people, limited liability, owners are called members

Question 10

LLP

Answer 10

unlimited people, limited liability, common for medical practices

Question 11

S Corp

Answer 11

<100 shareholders, limited liability, can only issue one class of stock

Question 12

C Corp

Answer 12

unlimited people, limited liability, can have international shareholders