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chapter 4 pt 1

forms of real estate ownership

QuestionAnswer
the ownership of real estate by one individual severalty
a form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs tenancy in common
a form of ownership in which multiple owners hold property with a right of survivorship joint tenancy
a legal method for dissolving a co -ownership partition
a special form of co-ownership for married couples tenancy by the entirety
a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party trust
a form of trust established by will after the owner's death testamentary trust
an association of two or more persons who carry on a business for profit as co-owners partnership
the evidence of the right to occupy a unit in a cooperative proprietary lease
the rules determining the operation and management of a cooperative bylaws
a business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations general partnership
a business organization that is a legal entity managed and operated by a board of directors corporation
on death of a joint tenant , the deceased's interest transfers directly to the remaining joint tenants right of survivorship
a business organization that combines tax advantages of limited partnerships and the limited liability of corporations llc limited liability company
in a community property state , real or personal property that was owned solely by either spouse, or acquired by inheritance or gift during the marriage separate property
a form of property ownership in which each owner holds an undivided interest in certain common elements in addition to holding individual property in fee simple condominium
special payments required of condominium unit owners to address specific expenses assessments
recurring fees required of condominium unit owners to cover basic maintenance and operations homeowners association fees
a real property interest in a specified unit for a particular period of the year time-share estate
a contract under which a developer retains ownership of property and the purchaser receives the right to occupy and use the facilities for a certain period time share use
 

 



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