Unit 4: Forms Of Real Estate Ownership Flashcards
What is ownership in severalty?
Occurs when property is owned by one individual, corporation, or other entity.
When title to a parcel of real estate is held by two or more individuals it is…..
Co- ownership
Concurrent owners is also known as….
Co-ownership
What is Tenancy in common(TIC)?
Each tenant holds an undivided interest in the property. However, each owners have right of possession.
What is Joint tenancy?
Property owned by two or more people, whether married or unmarried.
What is right of survivorship?
Upon the death of a joint tenant, the deceased’s interest transfers directly to the surviving joint tenant or tenants.
What are the four elements or unities needed to create a joint tendency? (PITT)
PITT
Unity of…
Possession, interest, time, title
What does PITT stand for?
Unity of Posession,
Unity of Interest,
Unity of time; and
Unity of Title
Joint tenancy is destroyed when…
Any one of the four unities of joint tenancy is terminated
What is partition?
A legal way to dissolve the relationship between co- owners of real estate when the parties do not voluntarily agree to its termination.
Recognized in half of the states, is a special from of co- ownership used in some states that allows a spouse to inherit the other spouses ownership interest upon death.
Tenancy by the entirety
Community property
Property laws, any property acquired during marriage is considered to be obtained by mutual effort.
Generally real or personal property that was owned solely by either spouse before marriage.
Separate property
What is a trust?
A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.
An association of tow or more persons who carry on a business for profit as co owners is a…
Partnership
In a general partnership….
All the partners participate in the operation of management of the business and share full liability for business loses and gains.
A corporation is…
A legal entity- an artificial person- created under the authority of the laws of the state from which it receives its charter.
With a condominium?
The owner of each unit holds a fee simple title to the unit and holds a percentage of the recreational facilities
When the individual unit owners also own a specified share of the undivided interest in the remainder of the building and land its known as…
Common elements
In a cooperative…
A corporation holds title to the land and the building.
