Unit 6 Quiz - forms of real estate ownership

Ownership in Severalty refers to
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Terms in this set (22)
An ownership interest in real estate where in a purchaser receives the right to use the property for certain periods of time isA timeshareWhere are timeshares most common?Resort and vacation propertiesThe purchaser of a cooperative living unit does NOT receivedeedCondominium owners are required to do all of the following - belong to the owners association, pay association dues, follow association rules and regulations - exceptAttend the annual ownership Association meetingWhich of the following is least likely to be a common interest Community?Single-family home subdivisionCommon elements in a condominium complex include -The exterior roofing And siding, hallways, elevators, social rooms, pools, tennis courts, and any other amenitiesA condominium owners balcony and storage unit are best described aslimited common elementsWhich of these best describes a condominium ownership?Freehold ownership in severitly of the unit plus an undivided interest in the common elements as a tenant in common.Which of the following could not on a property in SeveraltyCo-ownersWhich of the following condominium features would be considered a limited common element?Reserved parking garageA form of coownership with no rights of survivorship is known asTenancy in commonTwo men were co-owners in fee simple of a small office building. One of them and died in state and left nothing to be distributed to his heirs. The surviving owner is neither related to the deceased owner not his creditor. How did the surviving owner acquire the deceased owners interest in the office building?Joint tendency