Unit 4: Forms of Real Estate Ownership Flashcards
Common Elements
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
Community Property
A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in the western U.S. States; the system was unknown under English common law.
Condominium
Cooperative
Co-ownership
Corporation
General Partnership
Joint Tenancy
Limited Liability Company (LLC)
Limited Partnership
Partition
Partnership
PITT
Right of Surviorship
Separate Property