Unit 11: How Home Ownership is Held

Question 1

severity

Answer 1

title is held by one owner

Question 2

co-ownership

Answer 2

title is held by 2 or more persons or 2 or more legal entities

Question 3

trust

Answer 3

title held by a 3rd person for the benefit of another

Question 4

tenancy in common

Answer 4

each owner holds undivided interest in real property as if the sole owner

Question 5

undivided interest

Answer 5

unity of possession among co-owners or co-tenants

Question 6

joint tenancy

Answer 6

ownership of RE by 3 or more people

Question 7

right of survivorship

Answer 7

right for surviving joint tenants to acquire the interest of the deceased joint tenant

Question 8

partition

Answer 8

division of co-tenants interests in real property when the parties do not agree to terminate the co-ownership voluntarily

Question 9

separate property

Answer 9

owned solely by either spouse before marriage or acquired by gift or inheritance after marriage

Question 10

community property

Answer 10

system based on the theory that each spouse has equal interest in the property acquired by the efforts of either spouse during marriage

Question 11

community property right of survivorship

Answer 11

declaration made by husband or wife that community property will go to the survivor upon the death of one party; eliminate probate

Question 12

deed in trust

Answer 12

form of deed by which RE is conveyed to a trustee

Question 13

trustor

Answer 13

person who creates the trust

Question 14

beneficiary

Answer 14

person who benefits from the trust

Question 15

trustee

Answer 15

holds legal title to the trust party & must carry out the trustors instructions

Question 16

syndicate

Answer 16

combo of people or firms formed to accomplish a business venture of mutual interest by pooling resources

Question 17

cooperative

Answer 17

a residential multiunit building whose title is held by a corporation that is owned & operated for the benefit of persons living w/in