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Forms of Ownership

Business Entity terms state uses for licensed as a business entity if at least one business representative is licensed as a broker
Common Elements those parts of a condominium development which are owned by grounds, recreation facilities, or hallways
Community Property each spouse has an equal interest in all property acquired by their joint efforts during the marriage upon the death of one spouse, one-half of the community property passes to their heirs. the other one-half is retained by the surviving spouse
Concurrent Ownership ownership by two or more persons at the same time
Condominium Individual ownership of a single unit in a multi-unit structure or group of buildings with joint ownership or common elements. ( in WI also known as "unit ownership" ).
Cooperative ownership of shares or stock in a corporation for which the owner obtains a proprietary lease from the corporation which owns the real estate
Corporation an entity created by law that holds the rights and privileges of a natural person.
Deferred Martial Property refers to all property acquired during a marriage by those parties who were married and living in WI before the determination date
Fiduciary one who acts in a position of confidence or trust and has a special legal relationship with the beneficiary.
General Partnership a form of partnership in which each general partner shares in the administration, profits, and losses of the operation. each partner is jointly and severalty liable for the expenses and claims against the partnership
Heirs the persons who take property at death of an owner who dies without a valid will.
Joint Tenancy a form of co-ownership of property with right of survivorship
Limited Common Elements those parts of a condominium development owned by all owners but controlled and possessed by one owner (patio, balcony).
Limited Liability Company (LLC) Works as a type of business entity that provides both liability protection for owners and members and pass-through taxation.
Limited Liability Partnership (LLP) a partnership in which some or all partners ( depending on the jurisdiction ) have limited liabilities. it therefore can exhibit elements of partnership and corporations. in a LLP each partner is not responsible or liable for another partner's misconduct or negligence.
Partition a division or real estate held by co-owners which results in each of the parties holding individual or severalty ownership if the property is sold and the proceeds are divided according to the percent share of the parties
Partnership Two or more parties join together in an enterprise
Probate the legal process by which a court determines the assets of a deceased person and who will inherit those assets
Proprietary Document received by owner of a cooperative giving her/him right to the unit
Real Estate Investment Trust ( REIT ) a company that owns, and in most cases operates, income-producing real estate ex: types of commercial real estate. office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands
Severalty ownership of a property by one person only- sole ownership
Survivorship the distinguishing feature of joint tenancy by which on the death of the joint tenant, the surviving tenant(s) acquire full ownership
Syndicate a group of people who pool their funds to invest in common enterprise
Tenancy By The Entirety a special form of joint tenancy limited to husband and wife, which places all of the legal ownership of the tenancy into the marital unit
Tenancy In Common an interest in real estate held by two or more persons without right of survivorship
Tenancy In Severalty ownership by one person alone ( deed in one person's name )
Created by: bunkiebaby