UNIT 4 FORMS OF REAL ESTATE OWNERSHIP Flashcards
COMMON ELEMENTS
Elements of a property in common use by each condominium owner who has an undivided interest in the common elements.
COMMUNITY PROPERTY
Assets that come into marriage during the marriage through any means other than inheritance or gift.
CONDOMINIUM
Ownership of a unit plus undivided interest of common elements.
COOPERATIVE
Type of ownership where title is held by a corporation that is owned by the people living in the building who possess a proprietary lease.
CORPORATION
An entity created by operation of law with rights of doing business is essentially the same as an individual.
GENERAL PARTNERSHIP
Each partner shares in the administration, profits and losses of the operation.
JOINT TENANCY
Ownership of two or more parties with the right of surviorship.
LIMITED LIABILITY COMPANY
Business organization that combines the most attractive features of a limited partnership and a corporation.
PARTITION
Division of interest through a court procedure.
PARTNERSHIP
Association of two or more individuals that do business for profit as co-owners.
PITT - what elements are necessary to create joint tenancy?
Principle
Interest
Time
Title
RIGHTS OF SURVIVORSHIP
The decadent’s interest that passes to the surviving tenant
SEPARATE PROPERTY
Property owned solely by either spouse.
SEVERALTY
Ownership of real property by one person only.
TENANCY BY THE ENTIRETY
Ownership recognized in some states by husband and wife which upon spouses death the other becomes the owner of the property.
