Chapter 8: Forms of Real Estate Ownership

12 terms by MAYHEEZY 

Create a new folder

Advertisement Upgrade to remove ads

Community Property

System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage

Co-Ownership

Title ownership held by two or more persons who must agree on how the property is used

Corporation

An artificial entity created by operation of law whose rights in business are similar to those of an individual. Continuous existence until it is legally dissolved

4 Unities of Joint Tenancy

PITT: Possession, Interest, Time and Title. All four must exist simultaneously

Joint Tenancy

Co-ownership of real estate; when one of the owners dies, that interest goes to the remaining owners (right of survivorship)

Partition

Court procedure dividing up cotenants' interest in real property when the parties do not all voluntarily agree to terminate the co-ownership

Partnership

Under law, a group of individuals who carry on a continuing business for profit as co-owners; regarded as a single entity

Right of Survivorship

When a joint tenant dies, his or her interest passes to the remaining owners of the property; becomes an issue only at death of one of the owners

Severalty

Ownership of real estate by one person only; although a corporation (single entity) can own in

Tenancy in Common

Form of co-ownership in which each owner holds an undivided interest as if he or where were sole owners; individual owners have right to partition, right of inheritance

Time Sharing

Form of ownership that allows use of the property for a fixed or variable time frame, often used in resorts

Trust

Fiduciary arrangement whereby the owner conveys property to a third party, to be held and administered on behalf of another person (beneficiary)

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set