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Real Estate Terms
Question | Answer |
---|---|
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 owner's hold property with a right of survivorship | joint tenancy |
a legal method for dissolving/dividing 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 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 an obligations | general partnership |
a business organization that is a legal entity managed and operated by a board of directors | cooperation |
on death of joint tenancy, the deceased interest transfers directly to remaining joint tenants | right of survivorship |
a business organization that combines the tax advantages of limited partnerships and limited liability of corporations | limited liability company |
in a community property state, real or personal property that was owned solely by either |