Property Ownership, Transfer of Title & Land Use 14.6 Flashcards
1
Q
Limited Liability Companies (LLC) Combines?
A
Features of limited partnerships and corporations whereby members have the limited liability of a corporation plus the tax advantages of a partnership.
2
Q
When buying in a community of condominiums, the purchaser becomes
A
a fee simple owner and receives a deed to their own individual unit as well as their portion of interest in the common elements tenant-in-common with the co-owners within the community.
3
Q
Why is no land conveyed with a condo?
A
it is an air lot.
