Chapter 5 - Key Terms
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| 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)
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| co-ownership | ownership of real estate in which two or more people have undivided interests (page 79)
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| corporation | desirable business association as an investment vehicle because the investors (stockholders) enjoy limited liability (page 88)
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| fiduciary duty | a trustee's responsibility to act solely in the best interests of the owner or beneficiary of the trust (page 95)
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| 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)
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| joint venture | a business entity in which two or more persons agree to carry out a single undertaking for profit (page 93)
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| 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)
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| 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)
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| 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)
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| partnership | an association of two or more persons to organize a business venture and divide the profits (page 89)
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| 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)
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| S corporation | a corporation that has elected to be treated as a partnership for tax purposes (page 89)
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| 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)
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| 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)
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| tenancy in partnership | a form of co-ownership in which each partner owns partnership property along with all other partners (page 84)
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| 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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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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