Chp 8 Forms of Real Estate Ownership

  1. 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 of the condominium residents. Each condominium
    owner has an undivided ownership interest in the common elements.
    Common elements
  2. 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.
    Community property
  3. The absolute ownership of a unit in a multiunit
    building based on a legal description of the airspace the unit actually
    occupies, plus an undivided interest in the ownership of the common elements,
    which are owned jointly with the other condominium unit owners.
  4. A residential multiunit building whose title is
    held by a trust or corporation that is owned by and operated for the benefit of
    people living within the building who are the beneficial owners of the trust or
    shareholders of the corporation, each possessing a proprietary lease.
  5. Title ownership held by two or more persons.
  6. An entity or organization, created by operation
    of law, whose rights of doing business are essentially the same as those of an
    individual. The entity has continuous existence until it is dissolved according
    to legal procedures.
  7. See partnership.
    General partnership
  8. Ownership of real estate between two or more
    parties who have been named in one conveyance as joint tenants. Upon the death
    of a joint tenant, the decedent’s interest passes to the surviving joint tenant
    or tenants by the right of survivorship.
    Joint tenancy
  9. A form of business organization that combines
    the most attractive features organization that combines the most attractive
    features of limited partnerships and corporations.
    Limited Liability Company (LLC)
  10. See partnership.
    Limited partnership
  11. The division of cotenants’ interest in real
    property when the parties do not all voluntarily agree to terminate the
    co-ownership; takes place through court procedures.
  12. Joint tenancy, where tenants enjoy the four
    unities: possession, interest, time, and title.
  13. See joint tenancy.
    Right of survivorship
  14. Under community property law, property owned
    solely by either spouse before the marriage, acquired by gift or inheritance
    after the marriage, or purchased with separate funds after the marriage.
    Separate property
  15. Ownership of real property by one person only;
    also called sole ownership.
  16. The joint ownership, recognized in some state,
    of property acquired by husband and wife during marriage. Upon the death of one
    spouse, the survivor becomes the owner of the property
    Tenancy by the entirety
  17. A form of co-ownership by which each owner holds
    an undivided interest in real property as if each were sole owner. Each
    individual owner has the right to partition. Unlike joint tenants, tenants in
    common have right of inheritance.
    Tenancy in common
  18. A form of ownership interest that may include an
    estate interest in property and that allows use of the property for a fixed or
    variable time period
  19. The principal unit of the rectangular
    (government) survey system. A township is a square with 6-mile sides and an
    area of 36square miles.
    Town house
  20. A fiduciary arrangement whereby property is
    conveyed to a person or institution, called a trustee, to be held and
    administered on behalf of another person, called a beneficiary. The one who
    conveys the trust is called the trustor.
Card Set
Chp 8 Forms of Real Estate Ownership
Real Estate