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Real Estate - Ch. 4
Forms of Real Estate Ownership
| Term | Definition |
|---|---|
| common elements | Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents. |
| community property | A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. |
| condominium | The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development. |
| cooperative | A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building. |
| co-ownership | Title ownership held by two or more persons. |
| corporation | An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. |
| general partnership | a typical form of joint venture in which each general partner shares in the administration, profits, and losses of the operation. |
| joint tenancy | Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest usually passes to the surviving joint tenant or tenants by the right of survivorship. |
| limited liability company (LLC) | A form of business organization that combines the most attractive features of limited partnerships and corporations. |
| limited partnership | a business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments. |
| partition | The division of cotenants’ interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through a court procedure. |
| partnership | An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law, a partnership is regarded as a group of individuals rather than as a single entity separate from the individual owners. |
| PITT | The four unities of tenants in a joint tenancy |
| separate property | Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance during the marriage, or purchased with separate funds after the marriage. |
| severalty | Ownership of real property by one person only; also called sole ownership. |
| tenancy by the entirety | The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property. |
| tenancy in common (TIC) | A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have the right of inheritance. |
| time-share | A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period. |
| town house | A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall or walls. Title to the unit and lot vest in the owner who shares a fractional interest with other owners in any common areas. |
| trust | A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person called C a beneficiary. The one who conveys the trust is called the trustor. |
Created by:
katiestapley
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