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Chapter 5
Chapter 5 - Key Terms
| Question | Answer |
|---|---|
| community property | a form of co-ownership between husband and wife in which each has a one-half interest in property acquired through the labor of either during marriage (page 85) |
| co-ownership | ownership of real estate in which two or more people have undivided interests (page 79) |
| corporation | desirable business association as an investment vehicle because the investors (stockholders) enjoy limited liability (page 88) |
| fiduciary duty | a trustee's responsibility to act solely in the best interests of the owner or beneficiary of the trust (page 95) |
| joint tenancy | co-ownership in which the entire estate passes to the survivor on the death of the other joint tenant or tenants (page 79) |
| joint venture | a business entity in which two or more persons agree to carry out a single undertaking for profit (page 93) |
| limited liability company | a business entity that resembles and is usually taxed like a partnership, but offers the advantages of limited liability for the owners, like a corporation (page 89) |
| limited partnership | A partnership formed according to the provisions of a state limited partnership act. The liability of a limited partner is limited to the amount invested. (page 89) |
| partition | A legal action in which a co-owner obtains a division of real property, terminating any interest of the co-owners in the divided portion. Each former co-owner's share is now owned individually. (page 82) |
| partnership | an association of two or more persons to organize a business venture and divide the profits (page 89) |
| real estate syndicate | a group of investors who combine funds and managerial resources to develop, manage, or purchase real estate for a profit or as a tax shelter (page 88) |
| S corporation | a corporation that has elected to be treated as a partnership for tax purposes (page 89) |
| tenancy by the entirety | Co-ownership of real property by husband and wife. The right of survivorship is a characteristic of a tenancy by the entirety (page 83) |
| tenancy in common | A form of co-ownership in which each owner possesses an undivided right to the entire property. Shares of co-owners need not be equal, and no right of survivorship exists (page 84) |
| tenancy in partnership | a form of co-ownership in which each partner owns partnership property along with all other partners (page 84) |
| trust | a legal relationship in which a person transfers legal title to property to a trustee who manages it for the beneficiaries of the trust (page 94) |
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