Modern Real Estate Practice 19Th Edition Unit 5

Front 1

Administrator

Back 1

A court-selected person who assists with the settlement of an estate of a person who died without leaving a will.

A woman might be called an administratrix, although administrator is the term used most often to refer to either man or a woman.

Front 2

Co-ownership

Back 2

Title ownership held by two or more persons.

Front 3

Codicil

Back 3

A supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.

Front 4

Common Elements

Back 4

Part of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents.

Each condominium owner has an undivided ownership interest in the common elements.

Front 5

Community Property

Back 5

A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.

A holdover of Spanish law found predominantly in the western U.S. states; the system was unknown under English common law.

Front 6

Condominium

Back 6

The absolute ownership of a unit in a multi unit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multi unit development, plus an undivided interest in the ownership of the common elements in the building or development, which are owned jointly with the other condominium unit owners.

Front 7

Conveyance

Back 7

A term used to refer to any document that transfers title to real property. The term is also used in describing the act of transferring.

Front 8

Cooperative

Back 8

A residential multi-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit.

Front 9

Corporation

Back 9

An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.

Front 10

Curtesy

Back 10

A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife.

Most states have recognized other marital property rights and abolished curtesy.

Front 11

Decedent

Back 11

A person who has died.

Front 12

Descent

Back 12

Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.

Front 13

Determinable Fee Estate

Back 13

A fee simple estate providing that the property returns to the original grantor or heirs when a specified condition occurs, indicating that the property is no longer being used for the purpose prescribed.

Front 14

Dower

Back 14

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husband's lifetime, the right is only a possibility of an interest; upon his death, it can become an interest in land.

Front 15

Executor

Back 15

An appointed person who carries out the directions of a will.

A woman might be referred to as executrix, although executor is the term most commonly used to refer to either a man or a woman.

Front 16

Heir

Back 16

One might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will.

Front 17

Holographic Will

Back 17

A will that is written, dated and signed in the testator's handwriting.

Front 18

Incorporeal Right

Back 18

A nonpossessory right in real estate (e.g., An easement or a right of way).

Front 19

Joint Tenancy

Back 19

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants.

Upon the death of a joint tenant, the decedent's interest usually passes to the surviving joint tenant or tenants by the right of survivorship.

Front 20

Land Trust

Back 20

A trust in which property is conveyed, and in which real estate is the only asset.

Front 21

Legacy

Back 21

A disposition of money or personal property by will.

Front 22

Legally Competent Parties

Back 22

People are recognized by law as being able to contract with others; those of legal age and sound mind.

Front 23

Life Tenant

Back 23

A person in possession of a life estate.

Front 24

Limited Liability Company (LLC)

Back 24

A form of business organization that combines the most attractive features of limited partnerships and corporations.

Front 25

Minor

Back 25

A person who has not reached the age of majority and, therefore, does not have legal capacity to transfer title to real property.

Front 26

Model Real Estate Timeshare Act

Back 26

An act that governs the management, use and termination of time - share units.

Front 27

Nuncupative Will

Back 27

An oral will declared by the testator in his final illness, made before witnesses and afterward reduced to writing; not permitted by all states.

Front 28

Partition

Back 28

The division of cotenants' interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through a court procedure.

Front 29

Partnership

Back 29

An association of two or more individuals who carry on a continuing business for profit as co-owners.

Under the law, a partnership is regarded as a group of individuals rather than as a single entity separate from the individual owners.

A general partnership is a typical form of joint venture in which each general partner shares in the administration, profits, and losses of the operation.

A limited partnership is a business arrangement whereby the operation is administered by one or more General Partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments.

Front 30

PITT

Back 30

The four unityies of tenants in a joint tenancy: possession, interest, time and title.

Front 31

Power of Attorney

Back 31

They're it's an instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument.

Front 32

Public Ownership

Back 32

Government-owned property.

Front 33

Separate Property

Back 33

Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance during the marriage, or purchased with separate funds after the marriage.

Front 34

Severalty

Back 34

Ownership of real property by one person only; also called sole ownership.

Front 35

Tenancy by the Entirety

Back 35

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.

Front 36

Tenancy in Common (TIC)

Back 36

A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner.

Each individual owner has the right to partition.

Unlike joint tenants, tenants in common have the right of inheritance.

Front 37

Testamentary Trust

Back 37

A trust that is established by will after one's death.

Front 38

Timeshare

Back 38

A form of ownership interests that may include an estate interest in property and that allows use of the property for a fixed or variable time period.

Front 39

Townhouse

Back 39

A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall or walls. Title to the unit and lot vest in the owner who shares a fractional interest with other owners in any common areas.

Front 40

Trust

Back 40

A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary.

The one who conveys the trust is called the trustor.

Front 41

Trustee

Back 41

One to whom something is entrusted and who holds legal title to property and administers the property for the benefit of a beneficiary.

Can also be a member of a board entrusted with the administration of an institution or organization, such as a cooperative

Front 42

Uniform Partnership Act

Back 42

Law that provides for the continuation of an existing business if a partner in a general partnership dies, withdraws, or goes bankrupt.

Front 43

Unity of Ownership

Back 43

The four unities that are traditionally needed to create a joint tenancy -unity of title, time, interest and possession.

Front 44

Unity of Possession

Back 44

Co-owners of a tenancy in commonand are each entitled to possession and use of the entire property, even though each hold only a fractional ownership interest.