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Real Estate- Chapter 03 Vocab
Real Estate- Chapter 03 Vocab
20
Law
Post-Graduate
06/06/2014

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Term
concurrent ownership
Definition
When two or more legal entities have an ownership interest in the same property at the same time
Term
partnership or general partnership
Definition
the voluntary association of two or more individuals or legagl entities for carrying on a business as co-owners
Term
limited partnerships
Definition
a special form of partnership, created by statute. Unlike general partnerships, they are considered legal entities distinct from their individuals
Term
corporation
Definition
a legal entity, sometimes referred to as an artifical person, created by statue
Term
joint venture
Definition
an unincorporated association created by the co-owners of a business venture, usually to carry out a particular venture
Term
Real Estate Investment Trust (REIT)
Definition
a company that buys, develops, manages, and sells real estate assets
Term
contenant
Definition
two or more parties that have an ownership interest in the same property at the same time
Term
Unity of Time
Definition
the ownership or title interst are received at the same time, upon the creation of the ownership freehold
Term
Unity of Time
Definition
the ownership or title interest are received at the same time, upon the creation of the ownership freehold
Term
Unity of Possession
Definition
An equal right to possess the whole property for possessory purposes only
Term
Unit of Person
Definition
Concurrent ownership by husband and wife
Term
tenants in common
Definition
a form of concurrent ownership that may, but is not required to, have all five unities
Term
contribution
Definition
the legal right of cotenants to enforce the obligation of each of the other contenants to enforce the obligation of each of the other cotenants to pay his or her fair share of expenses
Term
partition
Definition
a cause of action to resolve the disputes concerning ownership, use, and possessory interests that the cotenants are unable to resolve
Term
joint tenants with rights of survivorship
Definition
concurrent ownership in which surviving contenants automatically succeed to the ownership interst of a decease cotenant
Term
tenants by entireties
Definition
a form of concurrent ownership, like joint tenancy with a right of survivorship, but limited to married individuals
Term
community property
Definition
a statutory provision that defines assets that are the property of a marital unit
Term
condominium
Definition
a creation of statute that allows legal entities to own individual unites in a building with common elements in fee simple and a percentage of common elements as tenants in common with other unit owners
Term
Unity of Title
Definition
Each of the cotentant or owners acquired the title from the same source
Term
Unity of Interest
Definition
Each cotenant has the same or equal ownership interst; for exampl each is an owner in fee as opposed to one owner in fee and the other being a tenant of a leashold interest.
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