Property Ownership, Transfer of Title & Land Use 14.0 Flashcards
1
Q
Title is synonymous with?
A
Ownership
2
Q
What are two way to take title?
A
Individual
Co-owners
3
Q
Vesting as an individual is called
A
Taking ownership “in severalty”
4
Q
What is a partnership?
A
Is two or more people who carry on a business for profit as co-owners.
5
Q
In Limited Partnerships,
A
The general partner or partners provide the management for the limited (nonparticipating) partners.
The limited partners are only liable to the extent of their investment while the general partners continue to be fully liable.
