Form of Business Ownership

Question 1

REIT

Answer 1

Real Estate Investment Trusts

Question 2

2 types of REIT’s

Answer 2

Mortgage and Equity

Question 3

5 Common Interest Ownership Properties

Answer 3

Townhomes
Condos
Co-ops
Timeshares
PUDs

Question 4

PUD

Answer 4

Planned Unit Development

Question 5

MUD

Answer 5

Mixed Unit Development

Question 6

Multi-unit structure made up of individually owned units with separate deeds and shared ownership of common areas

Answer 6

Condominiuim

Question 7

Form of property ownership in which the owner is a member of an association that owns the building, and shares stock in that association

Answer 7

Cooperative

Question 8

Ownership by two or more persons who hold undivided interest without right of survivorship; interests need not be equal

Answer 8

Tenancy in common

Question 9

Form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship (must have equal shares, right to partition)

Answer 9

Joint tenancy

Question 10

Marital estate (akin to a joint tenancy) between husband & wife with the right of survivorship

Answer 10

Tenancy by the entirety

Question 11

Trust in which you assign the management of your assets to a trustee while you are living

Answer 11

Living trust

Question 12

Express trust created by a will

Answer 12

Testamentary trust

Question 13

Trust created by a trustor who will also be the beneficiary, and will retain control over management of the property

Answer 13

Land trust

Question 14

Planned combination of diverse land uses—such as housing, recreation, and shopping—in one contained development or subdivision

Answer 14

Planned unit development (PUD)

Question 15

One person owns the property and all other interests are severed

Answer 15

Estate in severalty

Question 16

Describes and defines the units and their uses and is recorded

Answer 16

Master deed

Question 17

Non-lawful possession after the expiration of a lease

Answer 17

Estate at sufferance

Question 18

Type of defeasible estate recognized by the words “but if.” The estate continues unless a specific event occurs, in which case it terminates

Answer 18

Fee on condition

Question 19

Time, title, interest, and possession

Marriage is a unity of interest only in tenancy by the entirety.

Answer 19

Unities of interest

Question 20

Invests in real-estate debt vs. purchases properties and make money primarily from properties’ rents

Answer 20

Mortgage real estate investment trust (REIT) vs. equity REIT

Question 21

Townhome vs. condo vs. co-op

Answer 21

Townhome: Attached residential building in which owners own both the structure and the land
Condo: Attached residential building in which owners own units in a structure but not the structure itself or the land
Co-op: Attached residential building in which residents own no real estate but instead own shares in the corporation and have a proprietary lease on their home

Question 22

A piece of real estate with multiple shared ownership or multiple shared use

Answer 22

Time share

Question 23

Type of timeshare ownership that allows buyers to pay a one-time purchase price and and annual maintenance fee, in return for selecting a vacation time and place for a certain number of years

Answer 23

Vacation ownership