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
