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4 Cards in this Set
- Front
- Back
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What are (2) other names for Severalty Ownership?
---- - Define the term Severalty Ownership. ---- - A severalty owner has sole control over _____, as well as unlimited liability for ___________. |
Sole Ownership | Tenancy in Severalty
---- - when an estate is owned by ONE (1) PERSON or SINGLE LEGAL ENTITY, such as a corporation ---- - the use and possession of property / all financial obligations arising out of ownership |
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The law considers a corporation to be ______. Therefore, real estate is _____ by a corporation.
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- a single legal entity
- usually held in severalty |
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Before a corporation can buy, sell, or lease real estate, ______.
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- the BOARD OF DIRECTORS must ADOPT a RESOLUTION authorizing certain officers to act on behalf of the corporation.
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Corporations are generally considered _______, meaning they are thought to "last forever".
This characteristic prevents corporations from ___ , but they can ____. |
perpetual entities
---- prevents corporations from owning real estate in Joint Tenancy (but they can share ownership with another corporation; referred to as tenants in common) |
