Property Ownership Flashcards
Scarcity
Economic characteristic
Improvements
Economic characteristic
Permanence of investment
Economic characteristic
Location or area preference
Economic characteristic
Definition of Situs
The site or location where something exists or originates.
Immobility
Physical characteristic
Indestructibility
Physical characteristic
Uniqueness
Physical characteristic
Personal Property
Everything is not attached
A free standing hot tub is an example of what?
Personal property
Real Property
Land and everything attached to the land
A built-in hot tub is an example of what?
Real property
Disposition
Real Property Ownership Rights
Possession
Real Property Ownership Rights
Enjoyment
Real Property Ownership Rights
Exclusion
Real Property Ownership Rights
Control
Real Property Ownership Rights
What are the 4 common interest property types?
Townhomes
Co-ops
Condos
Time shares
Townhomes
The owner owns both the structure and the land
CO-OPS
Shareholders donʼt own any real estate, only shares in the corporation
Condos
The owner owns a unit within the structure, but no land
Time-shares
Ownership of property allows purchaser to use for periods through the year
Sole Poprietorship
Business that owns real estate
Partnership
Business that owns real estate
