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33 Cards in this Set

  • Front
  • Back
Name 3 types of ownership:
Name 3 types of co-ownership:
1)tenancy in common
2)joint tenancy
3)tenancy by the entirety
Name 4 unities for joint tenancies:
Name 5 ways of terminating a tenancy by the entirety:
Name 3 participants in a trust:
Name 4 forms of business ownership:
4)limited-liabilty company(LLC)
According to IL Condominium Property Act,can a building designated a cond be built on leased land?
Define time-share estate:
a fee simple interest in a time-share property
Define time-share use:
a right of occupancy in a time-share property,less than a fee simple interest
Define proprietary lease:
a leae given by the corporation that owns a copperative apartment building to the shareholders right as a tenant to an individual apartment
Define joint venture:
the joining of 2 or more people to conduct a specific business enterprise
Define time-sharing:
permits multiple purchasers to buy interests in real estate,usually a resort property; each purchaser receives the right to use the facilities for a certain period of time
Define limited liability company (LLC):
a corporation form of ownership which enjoy the limited liability offered by a corporate form of ownership and the tax advantages of a partnership
Define trust:
a fuduciary arrangement whereby property is conveyed to a person or instition(trustee) to be held and administed on behalf of another person(beneficiary)
Define community property:
a system of property ownership based on the theory that each spouse has an equal interest in the property aquired by the efforts of either spouse during marriage
Define separate property:
Under community property law,proprty owned solely by either spouse before the marriage,aquired by gift, or inheritance after the mariage, or purchased with separate funds after the marriage
Define marital property:
property that will be divided between the 2 parties in the event of a divorce
Define parntership:
an association of 2 or more individuals who carry on a continuing business for profit as co-owners
Define general partnership:
an association of 2 or more individuals who carry on a continuing business for profit as co-owners
Define limited partnership:
a business arrangement whereby the operation is administed by 1 or more general partners & funded,by and large,by limited or silent partners,who are law responsible for losses only to the extent of thier investments
Define syndicate:
a combination of people or firms formed to accomplis a business venture of mutual interest by pooling resources
Define common elements:
parts of a property that are necessary or convenient to the existence,maintence, and satefy of a condominuim or are normally in common use by all of the condominuim residents
Define Condominuim:
the absolute ownership of a unit in a multiunit building based on legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements
Define cooperative:
a residental multiunit building whoe title is held by a trust or corporation that is owned by and operated for the benefit of the persons living within the building,who are the beneficial owners of the trust or shareholders of the corporation,each possessing a proprietary lease
Define tenancy in common:
a form of co-ownership by which each owner holds and undivided interest in real property as if he/she were a sole owner
each individual owner has the right to partition
tenants in common have right of inheritance
Define co-ownership:
title ownership held by 2 or more persons
Define severalty:
ownership of real property by 1 person only
Define joint tenancy:
ownership of real estate bteween 2 or more parties who have been named in one conveyance as joint tenants
Define right of suvivorship:
Upon death of a joint tenant,the decendants interset passes to the surviving joint tenant or tenants
Define tenancy by the entirety:
The joint ownership of property aquired by husband and wife during marriage--upon death of one spouse, the survivor becomes the owner of the property
Define partition:
a division of cotentants interests in real property when the parties DO NOT all voluntarily agree to terminate the co-ownership--takes place through court procedures
According to the Illinois Condominium Property Act, how and when may a condominium remove its condominium status?
may be removed at anytime by unanimous consent of all owners and all lienholders
In a cooperative, who owns the building?
a corporation holds the title to the land and the building