Chapter 7: Ownership Of Real Estate Key Terms Part 1 Flashcards Preview

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Flashcards in Chapter 7: Ownership Of Real Estate Key Terms Part 1 Deck (14)
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1
Q

Corporation

A

A legal entity considered to be an artificial person. Ownership is in the form of stock.

2
Q

Devisee

A

Person named in a will to inherit real estate.

3
Q

General partnership

A

A group with each part of completely liable.

4
Q

Joint tenancy

A

Nonmarried persons with right of survivorship. Which means: Partners agreement to surrender their ownership to other partners upon death. 4-unities are required to create a joint tenancy. Possession, interest, title and time. Also known as PITT.

5
Q

The FOUR unities required to create a joint tenancy are?

A

(PITT)… POSSESSION: all joint tenants hold undivided possession of the property. INTEREST: all joint tenants old equal ownership interests. TITLE: all joint tenants must acquire their interest by the same deed. TIME: all joint tenants must acquire their interest at the same time. These for unities a present on title is required by one deed.

6
Q

Limited partnership

A

A group with only the general partner fully liable. The limited partners are only liable for their investment.

7
Q

Partition

A

Court ordered sale and division.

8
Q

Partnership

A

Co-owners join together to carry on a business.

9
Q

Right of survivorship

A

Process by which co-owner automatically receive’s the share of the co-owner who dies.

10
Q

Sole proprietorship

A

A business owned by one person or entity.

11
Q

Tenancy by entirety

A

Special ownership by married couples.

12
Q

Tenancy in common

A

Owners free to devise property to any Heir.

13
Q

Tenancy in Serveralty

A

Real estate owned by only one. Single ownership

14
Q

Title

A

Ownership

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