Forms Of Real Estate Ownership

Question 1

Primary feature of property held in joint tenancy

Answer 1

There is no right of survivorship

Question 2

Real property interest that takes the form of personal property

Answer 2

Cooperative unit ownership

Question 3

Shareholders in a cooperative receive shares of stock that entitle them to

Answer 3

A proprietary lease

Question 4

A device by which one person transfers ownership of property to someone else to hold or manage for a third party

Answer 4

A trust

Question 5

One who manages a trust

Answer 5

Trustee

Question 6

Property is owned by one individual, corporation, or other entity, has sole rights to the property, and sole discretion to sell, will, lease, or transfer ownership.

Answer 6

Ownership in severalty

Question 7

Forms of property ownership are controlled by

Answer 7

The state

Question 8

Tenants have undivided rights of possession in the entire property but may have different shares of ownership and don’t need to take title via the same instrument

Answer 8

Tenants in common

Question 9

Type of partnership limited in liability to the original investment

Answer 9

Limited partnership

Question 10

Evidence of ownership in a cooperative

Answer 10

Shareholder stock

Question 11

Ownership interest based on annual occupancy intervals

Answer 11

Time share

Question 12

Legal entity that takes ownership of a piece of property at the behest of the property owner. A living trust that allows for management of property while alive.

Answer 12

Land trust

Question 13

A trust which arises upon the death of a testator and specified in his or her will.

Answer 13

Testamentary Trust

Question 14

A trust while an individual is still alive

Answer 14

Living trust

Question 15

Legal action brought by one or more of the tenants in common to force division or sale of property

Answer 15

Partition

Question 16

Tenancy available only to spouses which carriers a right of survivorship

Answer 16

Tenancy by the entirety

Question 17

Property acquired during marriage that is not separate property and requires agreement of both spouses to be conveyed

Answer 17

Community property

Question 18

Property owned by one spouse before marriage, or acquired by one spouse during marriage by gift or inheritance

Answer 18

Separate property

Question 19

Person creating the trust

Answer 19

Trustor

Question 20

A fiduciary acting on behalf of the trust carrying out the wishes of the trustor

Answer 20

Trustee

Question 21

The beneficiary of a type of trust who is also the trustor, but the public record will not identify the beneficiary

Answer 21

Land trust

Question 22

All partners participate in operations and management, and partners share full liability for business losses and obligations

Answer 22

General partnership

Question 23

Partners that do not participate in the business and are only liable for business losses only up to the amount of the individuals investment.

Answer 23

Limited partners

Question 24

Partners that run the business in a limited partnership

Answer 24

General partners

Question 25

Owner holds fee simple title to airspace of a unit, as well as undivided share in the remainder of the building and land

Answer 25

Condominium

Question 26

Title to land and building is held by a corporation which sells shares of stock to prospective tenants. Shareholder receives a proprietary lease to the apartment for the life of the corporation.

Answer 26

Cooperative