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  1. Title
    Title is the legally recognized evidence of ownership. The term alienation means to transfer title. Title can be transferred voluntarily by gift,sale or devise. Involuntary alientation can result from foreclosures, adverse possession, court action, and eminent domain.
  2. Severalty
    Ownership in Severalty is a type of ownership, also known as is separate ownership by one individual (or one corporation)
  3. Concurrent estate or co tenancy
    A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. There are three kinds of concurrent estate: that come up on the state exam:  tenancy in common, joint tenancy, and community property.
  4. Trusts
    a trust is created when a property owner transfers title to a trustee who holds the tilte for one or more beneficiaries. A trustee has legal title to the property while the beneficiasry has an equitable interest in the property. The trustor may be the beneficary. In a land trust, the identity of the beneficary may not be known.
  5. Tenancy in Common A2B
    Tenancy in Common is formed as the result of two or more persons owning an undivided interest in the property. Unity of Possession is the only unity required for a tenancy in Common. No Automatic Right of Survivorship: A Tenant in Common may bequeath his interest by will.
  6. Joint Tenancy
    Joint Tenancy can be summarized with the word unity, unity of time, title, interest and possession. No matter how many joint tenants there are, there is still only One Title to the entire property. Each tenant must hold an Equal Interest in the property.  If one Joint Tenant dies, the surviving Joint Tenants take the decedent’s interest automatically.
  7. Community Property
    Community Property; it is assumed that when the deed designates the co-owners of the property as “husband and wife” that Community Property applies. In other words, each spouse owns fifty percent (50%) of the property.
  8. Tenancy by entireties
    Tenancy by the entireties is a form of ownership that can only be held by husband and wife. the law treats the married couple as one, therefore upon death, the survior owns the property in severalty. A tenancy by the entirety cannot be terminated without the consent of both parties.
  9. syndication
    is not a form of ownership; it is an arrangement to raise capital.
  10. General partnership
    All general partners participate in the operation of the partnership and have personal liability. General partnerships usually dissolve upon the death or withdrawal of a partner or upon bankruptcy.
  11. Limited Partnership
    the limited partners cannot participate in the operation of the partnership and have limited liability. In a limited partnership, the limited partners are entitled to an accounting from the general partners, profits, and limited liability
  12. partition
    is a court action to divide ownership interests. Partition allows tenant in common or joint tenants to seek legal action to dissolve ownership interest.
  13. conversion
    is a change from one form of ownership to another
  14. cooperative
    In a cooperative, title is held by a corporation. The tenant/ owners of a cooperative receive a share of stock and a proprietary lease. The purchase of a cooperative do not own real estate- they have a personal interest in the real estate.
Card Set:
2017-08-07 18:23:01
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