Fundamentals | Unit 6 Flashcards
1
Q
Tenancy in Common
A
Each tenant holds an undivided fractional interest.
Each interest can be sold, conveyed, mortgaged, or transferred.
2
Q
Joint Tenancy
A
Title is held by two or more owners as though all owners collectively constitute one unit
3
Q
Tenancy by the Entirety
A
Similar to a joint tenancy but can only exist between spouses.
Gives the surviving spouse sole ownership upon the death of the other owner.
4
Q
Cooperative Ownership
A
Title to real estate is held by a corporation
5
Q
Partition Suit
A
A legal way to dissolve a co-ownership when the parties do not voluntarily agree to its termination.
6
Q
What is the benefit of an S corporation?
A
No corporate taxes
7
Q
Uniform Partnership Act
A
A partnership is recognized as a legal entity and can hold title in the partnership’s name
