Unit 3 Forms of Real Estate Ownership TREES Flashcards

Front

common elements

Back

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. Each condominium owner has an undivided ownership interest in the common elements.

Front

community property

Back

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. A holdover of Spanish law found predominantly in the western U.S. states; the system was unknown under English common law.

Front

condominium

Back

The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, plus an undivided interest in the ownership of the common elements in the building or development, which are owned jointly with the other condominium unit owners.

Front

cooperative

Back

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 who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit.

Front

general partnership

limited partnership

Back

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 who carry on a continuing business for propfit 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. A general partnership is a typical form of joint venture in which each general partner shares in the administration, porofits, and losses of the operation.

Front

joint tenancy

Right of Survivorship

Back

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.

Front

limited liability company (LLC)

Back

A form of business organization that combines the most attractive features of limited partnerships and corporations.

Front

partition

Back

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.

Front

PITT

Back

The four unities of tenants in a joint tenancy: possession, interest, time, and title.

Front

separate property

Back

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.