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AMP Exam Prep
Ownership
31
Real Estate & Planning
Undergraduate 1
09/01/2013

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
A partnership formed for the purpose of carrying out a particular business project without an intent to establish a permanent business relationship
Definition
Joint Venture
Term
An Arrangement in which title to property is held by a trustee on befalf of a beneficiary
Definition
Trust
Term
A group of persons or firms who combine their resources for the purpose of investing or dealing in real estate.
Definition
Syndicate
Term
A trust in which the beneficiary retains control over the property held by the trustee. the trustee's duty is simply to sign at the beneficiary's request all documents which are necessary to convey, mortgage, or lease the property
Definition
Land Trust
Term
One for whom title is held under a trust and is entitled to receive income from the trust.
Definition
Beneficiary
Term
A type of partnership that allows each partner to participage in the management of the business but holds the partners jointly and personally liable to obligations incurred by the partnership
Definition
General Partnership
Term
One who creates a trust by conveying title to a trustee
Definition
Trustor
Term
Regulate the use of property held under condominium ownership and other sub divisions.
Definition
Covenants, Conditions, Restrictions
Term
A form of concurrent ownership of a multiple unit building in which a corporation holds title to the land and improvements. Each unit owner buys stock in the corporation for the exclusive right to use a particular unit for the life of the corporation. The unit owner is assured of the right through a proprietary lease
Definition
Cooperative
Term
In order to create a joint tenancy, most states require that four events occur simultaneously. First all joint tenants must acquire their interest at the same time,.. Second, all co-owners must share the same title to the property. Next, all co-owners must share equal interest. Finally, each co-owner must have the equal right to possession
Definition
Unities of Joint Tenancy
Term
A special form of joint tenancy between husband and wife. Both own an equal undivided interest in the entire property with the right of survivor-ship. Any instrument to convey or transfer an interest in the property must be signed by both parties
Definition
Tenancy of the entirety
Term
A trust created by a will
Definition
Testamentary Trust
Term
A legal action to divide or sell property held as tenancy in common or in joint tenancy. This legal procedure is available to co-tenants who are unable to mutually agree on an acceptable plan of division or sale
Definition
Partition Suit
Term
A person or institution which holds title to property for the benefit of another under specific instructions for the use and distribution of that property
Definition
Trustee
Term
One who co-owns property in joint tenancy
Definition
Joint Tenant
Term
Ownership by one person or a single legal entity, Also known as sole ownership
Definition
Severalty ownership
Term
Those areas in a condominium that each unity owner has the right to use in common with the other owners
Definition
Common Elements
Term
On who owns an interest in property simultaneously with another. also known as co-tenant
Definition
Co-owner
Term
A form of concurrent ownership where co-owners hold an equal or unequal undivided interest without the right of surviorship
Definition
Tenancy in Common
Term
A form of con-current ownership in which each occupant of a multiple unit building holds fee simple title to an individual unit. Common area like land and recreational facilities are co-owned bu the unit owners as tenants in common
Definition
Condominium
Term
A partnership made up of general and limited partners. Investors who do not participate in the management and are liable on;y to the extent of their investments.
Definition
Limited Partnerships
Term
A form of concurrent ownership in which title is held by either a general or limited partnership in a registered trade name
Definition
Tenancy of Partnership
Term
A type of concurrent ownership between husband and wife which entitles each spouse to one-half of all property acquired by their mutual efforts during marriage
Definition
Community Property
Term
A special form of condominium ownership which allows multiple owners to use (share) the same unit but during different specified times of the year.
Definition
Time-sharing
Term
A right which allows a deceased co-owner's interest in property to pass to the surviving co-owners rather than to the estate of the deceased
Definition
Term
A form of concurrent ownership involinv on;;y one title that shared equally by the co-owners. Upon the death of a co-owner, the decedents interest passes equally to the remaining co-owners.
Definition
Joint tenancy
Term
A turst created by a property owner during his/her life time for the purpose of providing financial care for the family or self
Definition
Living Trust
Term
A turust which must be managed by a board of trustees who in vest in real estate for at least one hundred beneficiaries (Investors in order to qualify for certain tax benefits.
Definition
Real estate Investment Trust (REIT)
Term
A form of ownership where more then one person has an interest in the same property at the same time
Definition
Concurrent ownership
Term
A lease used with cooperative ownership to assure the tenant of the exclusive right to use a particular unit in a multiple unit building
Definition
Proprietary Lease
Term
A unique form of ownership not classified as a corporation, but an association similar to that of a limited partnership. Management responsibilities are vested in its members and members are not personally liable for debts of the company. Member are not stick holders and therefore, profits are not taxed at the corporate level
Definition
Limited Liability Company (LLC)
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