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Chapter 5
Ownership
| Question | Answer |
|---|---|
| What is a TENANCY IN SEVERALTY? | sole ownership of a freehold estate |
| What is a TENANCY IN COMMON? | co-tenants enjoy an individually owned, undivided interest; any ownership share possible; no survivorship |
| What is a JOINT TENANCY? | equal, undivided interest jointly owned, with survivorship; requires the four unities to be created |
| What are the FOUR UNITIES? | ime, title, interest, possession |
| What is a PARTITION? | a partition suit is a legal avenue for an owner who wants to dispose of their interest against the wishes of other co-owners; the suit petitions the court to divide the property physically, according to the owner's respective rights and interests |
| What is a TENANCY BY THE ENTIRETIES? | equal, undivided interest jointly owned by husband and wife |
| What is COMMUNITY PROPERTY? | per state law, joint ownership of property by spouses as opposed to separate property; separate: acquired before marriage or by gift or inheritance |
| What is a TENANCY IN PARTNERSHIP? | ownership by business partners |
| What is a TRUST? | property granted by trustor to fiduciary trustee for benefit of beneficiary |
| What is a TRUSTOR? | an entity that creates and opens up a trust |
| What is a TRUSTEE? | an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified |
| What is a BENEFICIARY? | a person (or entity) who is designated to receive the benefits of property owned by someone else |
| What is a LIVING TRUST? | personal and real property ownership created to take effect during one's lifetime (living trust) or after one's lifetime (testamentary) |
| What is a LAND TRUST? | real property ownership where grantor and beneficiary are same party; beneficiary uses, controls property, does not appear on public records |
| What is a CONDOMINIUM? | freehold ownership of a unit of airspace plus an undivided interest in the common elements as tenant in common with other owners; may be sold, encumbered or foreclosed without affecting other unit owners; creation: by developer's declaration |
| What is AIRSPACE? | space contained within the outer walls, floors, and ceiling of the building unit |
| What are COMMON ELEMENTS? | all portions of the property that are necessary for the existence, operation, and maintenance of the condominium units |
| What is a COOPERATIVE? | ownership of shares in owning corporation, plus proprietary lease in a unit; corporation has sole, undivided ownership |
| What is a PROPRIETARY LEASE? | the binding occupancy agreement between the cooperative corporation and the shareholder to possess a rental unit in a building using cooperative shares |
| What is a TIME SHARE? | a lease or ownership interest in a property for the purpose of periodic use by the owners or tenants on a scheduled basis |
| What are co-owners? | if more than one person, or a legal entity such as a corporation, owns an estate in land, the estate is held in some form of co-ownership |
Created by:
alli-bohanon
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