unit 4 Flashcards
tenants in common co-owners ___________ have the right of survivorship
do not
Property owned by _____________is ownership in severalty
an individual person
a form of concurrent ownership in whic each tenant owns an undivided ownership share in the entire property and has no right of survivorship is
tenants in common
a form of concurrent ownership in which all owners have equal sahres in the property and the right of survivorship is
join tnenacy
an undivided interest in a resort condominium as a tenant in common for a specific period each eyar is a
time-share
________does not require co-owners to go through probate to obtain title beacuse join tenancy overids a _______
Joint tenancy
will
a person who holds a proprietary lease and owns shares of stock ina. corporation that owns the building is someone who owns a
cooperative
tenancy in common owners allow for ______ shares of ownership
unequal
in join tenancy the co-owners have the ____ meaning that upon the death of one of the co-owners, the deceased co-owners share is automatically transferred to the surviving co-owners
right of surviovorship
condominiums are created by recording a
declaration
the roof,swimming pool, structure, hallways, and elevators in a condominium complex are _______, which means they are owned by all and sued by all
common elements
condominium features such as a belconies and storage lockers are _________ which are owned by all, and used by one
limited common elements
a condominium owner holds a sole and separate freehold interest in the ______ plus _______ ownership of the common elements as a tenant in common
unit, shared
condominiums, cooperatives and planned unit developments (PUDs) are _______ communities
common interest
All condominium owners are required to be members of the _______ which collects dues and manages the common elements
owners association
Joint tenancy is:
co-owners have the right to survivorship
upon death, interests go to co-owners without going through probate
-this overrides a will**
Concurrent ownership
two or more parties share ownership with undivided interest
their shares or interests are fractional but undevided
what is PITT
Possession, interest, title and time
Tenants in common
co-ownership with no right of survivorship
CIC
common interest community
what is a CIC
condominiums, cooperatives, planned unit developments and time shares
is an association of owners with the authority to levy mandatory assessments on its members.
HOA
common elements are owned
