Section 1 - Chapter 8

Question 1

severalty

Answer 1

title is held by one individual or corporation

Question 2

co-ownership

Answer 2

title held by two or more individuals (as tenants in common, joint tenants, tenants by entirety, or community property)

Question 3

trust

Answer 3

a third individual holds title for the benefit of another

Question 4

tenancy in common

Answer 4

each person hold undivided fractional interest in the property (ownership interest, not the property, that is divided) - can sell their interest without permission

Question 5

joint tenancy

Answer 5

property held by multiple owners with “unity of ownership” (title held as though all owners, colletively, are one unit) - includes “right of surivorship” where current tenants absorb deceseased tenants rights. expressing joint tenancy must be done specifically in writing in the agreement

Question 6

4 unities to create joint tenancy:

Answer 6

PITT: possession, interest, time, title - joint tenancy destroyed when you remove one of these 4

Question 7

partition suit:

Answer 7

termination of cotenants when not all agree on how to do it

Question 8

tenancy by the entirety

Answer 8

for married couples on their personal residence: equal, undivided interest - have rights of survivorship

Question 9

land trust:

Answer 9

real estate is only asset and considered personal property

Question 10

real estate investment trust

Answer 10

investors take advantage of same tax benefits as mutual fund investors

Question 11

partnership

Answer 11

business exists with 2 or more co-owners

Question 12

corporation:

Answer 12

legal entity maanged by board of directors

Question 13

syndicate

Answer 13

2 or more firms or people joined together to make a real estate investment

Question 14

limited liability company

Answer 14

combine features of limited partnership and corporations

Question 15

condominium ownership:

Answer 15

own fee simple interest in unit and specified share of common elements

Question 16

cooperative ownership

Answer 16

corporation owns the title to land and building; corporation offers shares of stock to prospective tenants

Question 17

townhouse

Answer 17

any type of housing connected by common walls

Question 18

time share

Answer 18

multiple purchasers to buy interests in real estate