Il Real Estate Ch#8

Front 1

Name 3 types of ownership:

Back 1

1)severality
2)co-ownership
3)in-trust

Front 2

Name 3 types of co-ownership:

Back 2

1)tenancy in common
2)joint tenancy
3)tenancy by the entirety

Front 3

Name 4 unities for joint tenancies:

Back 3

Possession
Interest
Time
Title

Front 4

Name 5 ways of terminating a tenancy by the entirety:

Back 4

Judgement
Sale
Death
Agreement
Divorce

Front 5

Name 3 participants in a trust:

Back 5

1)trustor
2)trustee
3)beneficiary

Front 6

Name 4 forms of business ownership:

Back 6

1)partnership
2)corporation
3)syndicate
4)limited-liabilty company(LLC)

Front 7

According to IL Condominium Property Act,can a building designated a cond be built on leased land?

Back 7

NO

Front 8

Define time-share estate:

Back 8

a fee simple interest in a time-share property

Front 9

Define time-share use:

Back 9

a right of occupancy in a time-share property,less than a fee simple interest

Front 10

Define proprietary lease:

Back 10

a leae given by the corporation that owns a copperative apartment building to the shareholders right as a tenant to an individual apartment

Front 11

Define joint venture:

Back 11

the joining of 2 or more people to conduct a specific business enterprise

Front 12

Define time-sharing:

Back 12

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

Front 13

Define limited liability company (LLC):

Back 13

a corporation form of ownership which enjoy the limited liability offered by a corporate form of ownership and the tax advantages of a partnership

Front 14

Define trust:

Back 14

a fuduciary arrangement whereby property is conveyed to a person or instition(trustee) to be held and administed on behalf of another person(beneficiary)

Front 15

Define community property:

Back 15

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

Front 16

Define separate property:

Back 16

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

Front 17

Define marital property:

Back 17

property that will be divided between the 2 parties in the event of a divorce

Front 18

Define parntership:

Back 18

an association of 2 or more individuals who carry on a continuing business for profit as co-owners

Front 19

Define general partnership:

Back 19

an association of 2 or more individuals who carry on a continuing business for profit as co-owners

Front 20

Define limited partnership:

Back 20

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

Front 21

Define syndicate:

Back 21

a combination of people or firms formed to accomplis a business venture of mutual interest by pooling resources

Front 22

Define common elements:

Back 22

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

Front 23

Define Condominuim:

Back 23

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

Front 24

Define cooperative:

Back 24

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

Front 25

Define tenancy in common:

Back 25

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

Front 26

Define co-ownership:

Back 26

title ownership held by 2 or more persons

Front 27

Define severalty:

Back 27

ownership of real property by 1 person only

Front 28

Define joint tenancy:

Back 28

ownership of real estate bteween 2 or more parties who have been named in one conveyance as joint tenants

Front 29

Define right of suvivorship:

Back 29

Upon death of a joint tenant,the decendants interset passes to the surviving joint tenant or tenants

Front 30

Define tenancy by the entirety:

Back 30

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

Front 31

Define partition:

Back 31

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

Front 32

According to the Illinois Condominium Property Act, how and when may a condominium remove its condominium status?

Back 32

may be removed at anytime by unanimous consent of all owners and all lienholders

Front 33

In a cooperative, who owns the building?

Back 33

a corporation holds the title to the land and the building