Unit 4: Forms of Real Estate Ownership Flashcards

1
Q

Common Elements

A

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.

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2
Q

Community Property

A

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.

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3
Q

Condominium

A
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4
Q

Cooperative

A
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5
Q

Co-ownership

A
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6
Q

Corporation

A
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7
Q

General Partnership

A
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8
Q

Joint Tenancy

A
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9
Q

Limited Liability Company (LLC)

A
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10
Q

Limited Partnership

A
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11
Q

Partition

A
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12
Q

Partnership

A
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13
Q

PITT

A
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14
Q

Right of Surviorship

A
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15
Q

Separate Property

A
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16
Q

Severalty

A
17
Q

Tenancy by the Entirety

A
18
Q

Tenancy in Common (TIC)

A
19
Q

Time-share

A
20
Q

Town House

A
21
Q

Trust

A