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30 Cards in this Set
- Front
- Back
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Actual owner. One person transfers ownership to another to hold or manage for benefit of 3rd party |
Trust |
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Makes the trust |
Trustor |
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Person who benefits from the trust |
Beneficiary |
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Trustee |
Person who holds legal title and is entrusted in carrying out trustor instructions |
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Person who acts in confidence or trust and has special legal relationship with beneficiary. Trust can be established during trustor lifetime or after death. |
Fifuciary |
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Created while person is alive. Can be revoked |
Living trust |
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Created after owners death |
Testamentary trust |
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Real estate. Property conveyed to trustee. Beneficial interests belongs to beneficiary. Beneficiary is also trustor |
Land trust |
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Businesses hold property in severalty. 1 person is guided by shareholders. |
3 types. Partnership. General partnership. Limited partnership |
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Co owners |
Partnership |
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All partners participate in day to day operations and share full liability for losses and obligations. |
General partnership |
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1 or more general and limited partners. Run by General partner. Each can beheld liable for losses but only up to what they invested. |
Limited partnership |
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Artificial person creates a company. Managed and operated by board of directors who are assigned by owners/shareholders |
Corporations |
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Runs like a company and acts like a partnership |
Limited liability company. LLC |
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Owns unit fee simple. Owns portion of community property |
Condominium |
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Pool, parks, etc. Has HOA |
Common elements |
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Corporation holds title. Offers shares of stock to prospective tenants |
Cooperative ownership |
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Given in certain increments and own certain weeks |
Time share |
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Sole owner. Owned by one individual, corporation or entity or other entity. Has sole rights. |
Severalty |
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Ownership by 2 or more people. Individuals may Co own property as tenants in common or joint tenants |
Co ownership |
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Tenancy in common |
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Joint tenancy |
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Distinguishing feature-length one dies ownership is transferred to others (not heirs, not willed). When only one left then last one left can have a heir |
Right of survivorship |
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1. Tenancy by entirety. 2. Community property rights 3. Separate rights 4. Community property |
Ownership by married couples. 4 types |
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Co ownership. Spouse inherits everything. Everything is equal. Undivided interest in property |
Tenancy by entirety |
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Spouses are equal partners. Any property acquired during marriage is obtained by mutual effort |
Community property rights |
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Property owned by one person before marriage, acquired by gift or inheritance or bought with separate funds will remain that spouses property. Right of survivorship |
Separate property |
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Real and personal property acquired during marriage is community property. Spouses are equal partners. Conveyance requires both signatures. No right of ownership. When one spouse dies, survivor owns one half of community property. Other one half is distributed according to will or if no will according to state law. |
Community property |
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Terminating a joint tenancy |
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Legal way to dissolve relationship between Co owners when they disagree on termination. Property is sold and profit spkit |
Partition |
