Term
|
Definition
| The system where a king owned the land and in turn gave the right called a feud to sue large tracts of land to select individuals called lords. |
|
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Term
|
Definition
| a system of land ownership under which individuals were give the right to own land. |
|
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Term
|
Definition
| under the feudal system governments financed themselves by requiring lords and vassals to share a portion of the benefits they received from the use of the kings land. When people were able to own land the need for government finance did not end, so the gov retained the right to collect property taxes from land owners |
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Term
|
Definition
| The right of gov. to take ownership of privately held real estate regardless of the owners wishes. |
|
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Term
|
Definition
| The right of gov. to enact laws and enforce them for the order, safety, health, morals and general welfare of the public (ie. Zoning laws, planning laws, building, health and fire codes, and rent control). Difference btw police power and eminent domain, is that there is no monetary recovery for police power because there is no taking of the land. |
|
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Term
|
Definition
| is when a person dies and has no heirs and leaves no instruction on how to dispose of real estate, it reverts back to the state or county. |
|
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Term
|
Definition
| The largest, most complete bundle of rights one can hold in land ownership. |
|
|
Term
|
Definition
| is synonymous with bundle of rights. Estate refers to one’s legal interest or rights in land, not the physical quantity of land as shown on a map. |
|
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Term
|
Definition
| refers to the ownership of something, also the evidence of ownership, such as a deed or bill of sale. |
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Term
|
Definition
| Any impediment to a clear title, such as a lien, lease or easement (also encroachments, deed restrictions, leases). |
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Term
|
Definition
| is the right or privilege one party has to use land belonging to another for a special purpose not inconsistent with the owner’s use of the land. |
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Term
|
Definition
| one cannot sell a parcel of land that is land locked without an easement |
|
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Term
|
Definition
| The driveway leading to a back lot. If the lot is sold then the easement is conveyed. |
|
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Term
|
Definition
| easement by constant use. If one uses land in open, obvious and without permission of the property owner long enough. |
|
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Term
|
Definition
| the front lot that serves the back lot. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| differs from easement appurtenant because there is a servient estate but no dominant estate. Ie. Telephone, electricity and gas line easements are all easements in gross |
|
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Term
|
Definition
| is when a single wall separates two parcels of land (fence or wall of a building). |
|
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Term
|
Definition
| Easements may be terminated when the need for the easement no longer exists (a public road is built granting access to a back lot, or when two pieces of property are merged). |
|
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Term
|
Definition
| unauthorized intrusion of a building or other form of real property onto another’s land (tree overhang, fence line, roof overhang). |
|
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Term
|
Definition
| private agreements that govern the use of land |
|
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Term
|
Definition
| A hold or claim that one person has on the property of another to secure payment of a debt or other obligation |
|
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Term
|
Definition
| results from the right of gov to collect taxes from property owners. |
|
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Term
|
Definition
| arise from lawsuits for which money damages are awarded. Usually only on property in the county where the judgment was awarded, however the creditor can extend the lien to property in other counties by filing a notice of lien in each of those additional counties. If the lien is not satisfied the creditor can ask the court to issue a writ of execution and the sheriff will sell off enough property to satisfy the lien. |
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Term
|
Definition
| when property is offered by its owner as security for the repayment of a debt. |
|
|
Term
| Voluntary and Involuntary Liens |
|
Definition
| voluntary is when the owner volunteers (ie mortgage), involuntary is when the gov. or a judge puts a lien. |
|
|
Term
| Special and General Liens |
|
Definition
| Special is when it is on a particular property, a general is on all property a person owns in a given jurisdiction |
|
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Term
|
Definition
| the party holding the lien. |
|
|
Term
|
Definition
| the party whose property is subject to the lien |
|
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Term
|
Definition
| an estate that is subject to certain limitations imposed by the person creating the estate. 3 categories |
|
|
Term
| Fee simple determinable estate |
|
Definition
| indicates that the duration of the estate can be determined from the deed itself. Key words are “So long as”. |
|
|
Term
|
Definition
| is the person that the fee simple determinable estate reverts to if the “so long as” is not up held. |
|
|
Term
| Fee simple subject to condition subsequent |
|
Definition
| gives the grantor the right to terminate the estate. |
|
|
Term
| Fee simple upon condition precedent |
|
Definition
| means that title will not take effect until a condition is performed. |
|
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Term
|
Definition
| conveys an estate for the duration of someone’s life. |
|
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Term
|
Definition
| is when the life estate tenant dies and you want the property back |
|
|
Term
| Life estate pur autrie vie |
|
Definition
|
|
Term
|
Definition
| – are created by law. They include dower (wife) rightes in her husbands real property and curtesy (husband) rights in his wifes real property. |
|
|
Term
|
Definition
| Ten states recognize the legal theory that each spouse has an equal interest in all property acquired by their joint efforts during the marriage. |
|
|
Term
|
Definition
| To provide some legal protection for the homestead claimants from debts and judgments against them. To provide a home for a widow and sometimes a widower for life. |
|
|
Term
|
Definition
| there must be actual ownership of the land, the estate must be of unpredictable duration. Fee estates, life estates and estates created by statute are free hold estates. |
|
|
Term
|
Definition
| Rent – although there is possession of the land there is no ownership and the estate is of definite duration. |
|
|
Term
|
Definition
| is somewhat misleading, it implies a lease for a number of years. The key criterion is that the lease has a specific starting and ending time. Even as short as less than a day. |
|
|
Term
|
Definition
| has an original lease period with fixed length, when it runs out, unless one party acts to terminate it, renewal is automatic for another like period. |
|
|
Term
|
Definition
| has all the rights of landlord – tenant except that the estate may be terminated by either party at any time. Ie renting a home that is for sale. |
|
|
Term
|
Definition
| occurs when a tenant stays beyond his legal tenancy without permission |
|
|
Term
|
Definition
| is not a right or an estate in land, but a personal privilege given to someone to use land. Ie a parking lot |
|
|
Term
|
Definition
| is an article of personal property |
|
|
Term
|
Definition
| derives its authority from usage and custom over long periods of time. |
|
|
Term
|
Definition
| is created by the enactment of legislation. |
|
|
Term
|
Definition
| is sole ownership, not as severalty sounds. One person owns |
|
|
Term
|
Definition
| ownership by two or more persons at the same time. |
|
|
Term
|
Definition
| each person owns undivided interest in the whole property |
|
|
Term
|
Definition
| ownership by two or more that gives each the right to use the entire property, not just their share. |
|
|
Term
|
Definition
| the remaining co-owners do not acquire the deceased’s interest unless they are named in the deceased’s last will and testament to do so. |
|
|
Term
|
Definition
| Equal shares. Most distinguishing characteristic is the right of survivorship. To create joint tenancy their must be four unities present; Unity of time (each tenant must acquire their ownership at the same time), Unity of title (each tenant acquire their interest from the same source deed), Unity of interest (tenants own one interest together and each tenant has exactly the same right in that interest), and Unity of possession (tenants must enjoy the same undivided possession of the whole property). |
|
|
Term
|
Definition
| because of survivorship, joint tenancy has loosely been labeled a poor man’s will. Also, it can be used to defeat dower or curtesy rights. |
|
|
Term
|
Definition
| is a form of joint tenancy specifically for married persons. It requires the 4 unities plus one Unity of Person. 2 key characteristics are the surviving spouse becomes the sole owner of the property upon the death of the other and neither spouse has a disposable interest in the property during the lifetime of the other. This can only be terminated by both tenants. |
|
|
Term
|
Definition
| underlying concept is that the husband and wife contribute equally in their marriage and should share equally in any property purchased during marriage. |
|
|
Term
|
Definition
| Property acquired before marriage, gift, inheritance or purchase with separate funds. |
|
|
Term
|
Definition
| exists when two or more persons, as partners, unite their property, labor and skill as a business to share the profits and losses created by it. |
|
|
Term
|
Definition
any form of land development, such as building, roads, fences, and
pipelines
a. It includes anything affixed to land with the intent of being permanent |
|
|
Term
| Personal property or personalty |
|
Definition
a right or interest in things of temporary or movable nature;
anything not classified real property.
a. It includes items like tables, chairs and beds and a bill of sale are issued with these |
|
|
Term
whether the object was affixed or
installed with the Intention of permanently improving the land |
|
Definition
| Whether an object becomes real estate depends on |
|
|
Term
the manner of attachment
the adaptation of the object
the existence of an agreement
the relationship of the parties involved
prior liens agains fixtures |
|
Definition
| Intention is evidenced by Four Tests: (fixture) |
|
|
Term
|
Definition
refers to how the object is attached to the land.
Concrete on the truck is personal property but once poured as a driveway it
becomes part of the real estate. |
|
|
Term
| The adaptation of the object |
|
Definition
How are the articles adapted to the building?
Drapes made for a special window. |
|
|
Term
| The existence of an agreement |
|
Definition
The seller can in advance clarify what is
intended as being with the property and what is not. |
|
|
Term
| The relationship of the parties involved |
|
Definition
A grocery store moves into a rented
building and puts down a large cooler. This is known as a trade fixture and is
not part of the real estate when the store moves out. |
|
|
Term
| Prior Liens against Fixtures |
|
Definition
there are also priorities given in the law that can create
a lien on fixtures if that lien is timely and properly recorded. |
|
|
Term
|
Definition
Trees, cultivated perennial plants, and uncultivated vegetation of any sort are
considered |
|
|
Term
| annual cultivated crops (emblements) |
|
Definition
most courts of law regard
them as personal property even though they are attached to the soil. |
|
|
Term
|
Definition
is a right or privilege or improvement that belongs to and passes with land but
is not necessarily a part of the land. |
|
|
Term
|
Definition
the ownership of land that borders on a river or stream carries with it
the right to use that water in common with the other landowners whose lands border
the same watercourse. |
|
|
Term
| Doctrine of prior appropriation |
|
Definition
the first owner to divert water for his own use may
continue to do so, even though it is not equitable to the other landowners along the
watercourse. |
|
|
Term
|
Definition
| where water is not confined to a defined underground waterway |
|
|
Term
|
Definition
refers to the upper limit of percolating water below the earth�s surface,
also know as groundwater level. |
|
|
Term
-metes and bounds
-rectangular survey system
-recorded plat
-reference to documents
-informal reference
-assessor's parcel number
1-4 are considered to be legal descriptions |
|
Definition
| Six Methods of Describing Land |
|
|
Term
|
Definition
Early land descriptions in America depended heavily on convenient
natural or manmade objects called |
|
|
Term
|
Definition
will typically be an iron pin or pipe one to two
inches in diameter driven several feet into the ground. To guard
against the possibility that the monument might later be destroyed or
removed, it is referenced by means of a connection line to a nearby
permanent reference mark established by a government survey agency.
The surveyor then describes the parcel in terms of distance and
direction from that point. This is known as metes and bounds
surveying, which means distance (metes) and direction (bounds).
Distance measured in feet and direction measured in degrees, minutes,
and seconds. |
|
|
Term
| metes and bounds description |
|
Definition
you start from a permanent
reference mark and travel to the nearest corner of the property. This is
where the survey begins and is called the point of beginning or point
of commencement. |
|
|
Term
|
Definition
| are a fixed mark of known location and elevation. |
|
|
Term
| rectangular survey system |
|
Definition
was authorized by Congress in May 1785 and was
designed to provide a faster and simpler method than metes and bounds. Also
known as government survey or U.S. Public Lands Survey is based on
imaginary lines. These lines that run east and west are known as latitude lines
and those that run north and south are longitude lines, also known as
meridians. |
|
|
Term
|
Definition
24-by�24-mile area created by the guide meridians and correction lines is
called a |
|
|
Term
|
Definition
Every six miles east and west of each principal meridian, parallel
imaginary lines are drawn. The resulting six-mile-wide columns are called
ranges and are numbered consecutively east and west of the principal
meridian. The first range west is called Range 1 West and abbreviated R1W.
The next range west is R2W and so forth. |
|
|
Term
| Certain longitude lines were selected as principal meridians |
|
Definition
For each of these
an intercepting latitude line was selected as a base line. Every 24 miles north
and south of a base line, correction lines or standard parallels were
established. Every 24 miles east and west of a principal meridian, guide
meridians were established to run from one standard parallel to the next. Each (rectangular survey system) |
|
|
Term
|
Definition
Every six miles north and south of a base line, township lines are
drawn. They intersect with the range lines and produce 6-by-6-mile imaginary
squares called townships. Townships lying in the first tier north of a base line |
|
|
Term
|
Definition
Each 36-square-mile township is divided into 36 one-square-mile
units called sections. Sections are numbered 1 through 36, starting in the
upper-right corner of the township. With this numbering system, any two
sections with consecutive numbers share a common boundary. |
|
|
Term
|
Definition
Each square-mile section contains 640 acres, and each acre contains
43,560 square feet. Any parcel of land smaller than a full 640-acre section is
identified by its position in the section. |
|
|
Term
|
Definition
When a tract of land is ready for subdividing into lots for homes and
businesses, reference by recorded plat provides the simplest and most
convenient method of land description. |
|
|
Term
|
Definition
is a map that shows the location and boundaries of individual
properties. Also know as the lot-block-tract system, recorded map, or recorded
survey, this method of land description is based on the filing of a surveyor�s
plat in the public recorder�s office of the county where the land is located. |
|
|
Term
| Assessor�s Parcel Numbers |
|
Definition
In many counties in the US the tax assessor assigns an assessor�s parcel
number to each parcel of land in the county |
|
|
Term
|
Definition
A common used system is to divide the county into map books. Each book is
given a number and covers a given portion of the county. On every page of the
map book are parcel maps, each with its own number. Each parcel of land is
assigned a parcel number by the assessor. |
|
|
Term
| Reference to Documents other than Maps |
|
Definition
Land can also be described by referring to another publicly recorded
document, such as a deed or a mortgage, that contains a full legal description
of the parcel in question. |
|
|
Term
Can another person, reading what I
have written or drawn, understand my description and go out and locate the
boundaries of the parcel?. |
|
Definition
| The key test of a land description is: |
|
|
Term
|
Definition
state-sponsored survey points to which metes and bounds surveys can be
referenced. |
|
|
Term
| vertical land description |
|
Definition
| Describing land in terms of vertical measurements |
|
|
Term
|
Definition
| The most commonly used datum plane in the US is |
|
|
Term
|
Definition
(a space over a given parcel of land) is described by identifying both the
parcel of land beneath the air lot and the elevation of the air lot above the parcel. |
|
|
Term
| Contour maps (topographic maps) |
|
Definition
indicated elevations. On these maps, contour lines
connect all points having the same elevation. |
|
|
Term
|
Definition
a street that is closed at one end with a circular turnaround. The pie-
shaped lots fronting on the turnaround are called ___lots |
|
|
Term
|
Definition
lot shaped like a flag on a flagpole. This is a popular method of creating
a build able lot out of the land at the back of a larger lot. |
|
|
Term
|
Definition
a lot that fronts on two or more streets. Because of added light and
access, a corner lot is usually worth more than an inside lot, i.e., a lot with only one
side on a street |
|
|
Term
|
Definition
a lot that adjoins the side or rear property line of a corner lot. The key lot
has added value if it is needed by the corner lot for expansion. |
|
|
Term
|
Definition
| a lot at the end of a T intersection |
|
|
Term
immobility, indestructibility, and non-
homogeneity this makes land different from other commodities |
|
Definition
| The physical characteristics of land are |
|
|
Term
|
Definition
| A parcel of land cannot be moved |
|
|
Term
|
Definition
Land is indestructible, that is, durable. Today one can travel to the
Middle East and walk on the same land that was walked on in Biblical days. |
|
|
Term
|
Definition
The fact that no two parcels of land are exactly alike because no
two parcels can occupy the same position on the glove is known as non-homogeneity
(heterogeneity). Courts of law recognize this characteristic of land and consequently
treat land as a non-fungible commodity; that is, non-substitutable |
|
|
Term
-scarcity
-modification
-fixity
-situs or location preference |
|
Definition
There are four economic
characteristics generally recognized: |
|
|
Term
|
Definition
Land use and value are greatly influenced by modification�
that is, improvements made by man to surrounding parcels of land. The
construction of an airport will increase the usefulness and value of land
parallel to runways but will have a negative effect on the use and value of land
at the ends of runways because of noise from landings and takeoffs. |
|
|
Term
| Situs or location preference |
|
Definition
refers to location from an economic rather than
a geographic standpoint. It has been said that the single most important word
in real estate is location, location, location. Refers to the preference of people
for a given area. |
|
|
Term
|
Definition
the legal action in eminent domain
1. If the agent and the property owner can arrive at a mutually acceptable
price, the property is purchased outright. |
|
|
Term
|
Definition
compensation paid for the loss in market value that
results from splitting up a property in a condemnation proceeding. |
|
|
Term
|
Definition
a legal action in which an owner demands that a
public agency buy his land. |
|
|
Term
|
Definition
an award to a property owner whose land is not
taken but which suffers because of nearby public land use. |
|
|
Term
|
Definition
the right of government to enact laws and enforce them for the order,
safety, health, morals, and general welfare of the public. |
|
|
Term
|
Definition
| the largest, most complete bundle of rights one can hold in land. |
|
|
Term
|
Definition
| any impediment to a clear title, such as a lien, lease, or easement. |
|
|
Term
| right or interest or claim. |
|
Definition
what is one person�s
encumbrance is another person�s |
|
|
Term
| a fee simple subject to a lease and a mortgage |
|
Definition
A property that is encumbered with a lease
and a mortgage is called |
|
|
Term
|
Definition
an easement created by law usually for the right to
travel to a landlocked parcel of land. |
|
|
Term
|
Definition
| acquisition of an easement by prolonged use. |
|
|
Term
|
Definition
| an easement that runs with the land. |
|
|
Term
|
Definition
the land on which an easement exists in favor of a
dominant estate. |
|
|
Term
|
Definition
| the parcel of land which benefits from an easement. |
|
|
Term
|
Definition
the right or privilege to travel over a designated
portion of another person�s land. |
|
|
Term
|
Definition
an easement given to a person or business.
1. It differs from an easement appurtenant because there is a servient
estate but no dominant estate. The servient estate is the parcel on
which the telephone, electric, and gas companies have the right to run
their lines.
2. Examples: telephone, electric, and gas companies |
|
|
Term
|
Definition
a fence or wall erected along a property line for the
mutual benefit of both owners.
2. Each lot owner owns that portion of the wall on his land, plus an
easement in the other half of the wall for physical support. |
|
|
Term
| Deed restrictions or deed covenants |
|
Definition
provisions placed in deeds to control how
future landowners may or may not use the property.
i. A buyer would still obtain fee simple ownership, but at the same time would
voluntarily give up some of his rights to do as he pleases. |
|
|
Term
|
Definition
| always superior to other liens. |
|
|
Term
|
Definition
the filing of a lien statement within the required
time limit. |
|
|
Term
|
Definition
allows a creditor to extend the lien to property in other
counties |
|
|
Term
|
Definition
a court document directing the county sheriff to
seize and sell a debtor�s property |
|
|
Term
|
Definition
| a lien created by the property owner; mortgage liens. |
|
|
Term
|
Definition
| a lien on a specific property |
|
|
Term
|
Definition
a fee simple estate subject to certain limitations imposed by its
grantor. |
|
|
Term
| Fee simple determinable estate |
|
Definition
a fee estate limited by the happening of a certain
event. i. The term .as long as. is the key. |
|
|
Term
|
Definition
| one who is entitled to take an estate in remainder. |
|
|
Term
|
Definition
If you want the property to go to someone else, you can name that
person |
|
|
Term
|
Definition
| a life estate created for the life of another. |
|
|
Term
|
Definition
Since a life estate arrangement is temporary, the life tenant must not
commit waste by destroying or harming the property. Furthermore,
the life tenant is required to keep the property in reasonable repair and
to pay any property taxes, assessments, and interest on debt secured by
the property. |
|
|
Term
|
Definition
| abuse or destructive use of property. |
|
|
Term
| dower, curtesy, and community property |
|
Definition
| Statutory estates are created by state law. They include |
|
|
Term
|
Definition
state laws that protect against the forced sale of a person�s
home.
i. It was created with two purposes in mind:
1. To provide some legal protection for the homestead claimants from
debts and judgments against them that might result in the forced sale
and loss of the home.
2. To provide a home for a widow, and sometimes a widower, for life. |
|
|
Term
|
Definition
restrict one spouse from acting without the other when
conveying the homestead or using it as collateral for a loan. |
|
|
Term
. There must be actual ownership of the land.
ii. The estate must be of unpredictable duration. |
|
Definition
| The two distinguishing features of a freehold estate are: |
|
|
Term
i. Although there is possession of the land, there is no ownership
ii. The estate is of definite duration. |
|
Definition
| The distinguishing features of a leasehold estate are: |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
a tenancy that provides for continuing automatic renewal
until canceled, such as a month-to-month rental. |
|
|
Term
-estate for years
-sublessor
-sublessee
-periodic estate |
|
Definition
| Four Categories of Leasehold Estates: |
|
|
Term
|
Definition
a tenant who stays beyond his lease period and who
can be evicted or given a new lease. |
|
|
Term
|
Definition
| an article of personal property. |
|
|
Term
|
Definition
| a personal privilege to use land on a nonexclusive basis |
|
|
Term
|
Definition
| a pledge of personal property to secure a note. |
|
|
Term
|
Definition
law that develops from custom and usage over long periods of
time. |
|
|
Term
|
Definition
Fee simple air lots are sold to individual apartment owners in a condominium
apartment building. |
|
|
Term
|
Definition
the grantor�s statement that he is making a grant to the
grantee |
|
|
Term
|
Definition
| what form of ownership has no survivorship |
|
|
Term
|
Definition
divides the property into distinct portions so that each person can
hold his proportionate interest in severalty. |
|
|
Term
it allows two or more
persons to achieve goals that one person could not accomplish alone. |
|
Definition
| The major advantage of tenancy in common is that |
|
|
Term
|
Definition
| a form of property co-ownership that features the right of survivorship. |
|
|
Term
|
Definition
each joint tenant must acquire his or her ownership interest at
the same moment. It is not possible to add new joint tenants later unless an
entirely new joint tenancy is formed among the existing co-owners. |
|
|
Term
|
Definition
all joint tenants must acquire their interest form the same deed
or will. |
|
|
Term
|
Definition
| all joint tenants own one interest together. |
|
|
Term
|
Definition
all co-tenants must enjoy the same undivided possession
of the whole property. |
|
|
Term
|
Definition
Upon the death of a joint tenant, that interest in the property is extinguished.
The death of one joint tenant does not destroy that unit � it only reduces the
number of persons owning the unit. |
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Definition
As a joint tenant, you cannot will your joint tenancy interest to someone else
because your interest ends upon your death.
ii. Joint tenancy can be used to defeat dower or curtesy rights.
iii. In community property states (LA), one spouse cannot take community funds
and establish a valid joint tenancy with a third party |
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Definition
| only a ______ can be a joint tenant. corporations cannot |
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Definition
a form of joint ownership reserved for married persons;
right of survivorship exists and neither spouse has a disposable interest during the
lifetime of the other. |
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Definition
includes the four unities of a joint tenancy and unity of
person. |
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Term
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Definition
Two key characteristics: (1) the surviving spouse becomes the sole owner of the
property upon the death of the other, and (2) neither spouse has a disposable interest
in the property during the lifetime of the other. |
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Term
| joint action of (or joint judgment |
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Definition
| A tenancy by the entirety can be terminated only by |
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Term
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Definition
. Advantages: (1) it protects against one spouse conveying or mortgaging the
couple�s property without the consent of the other, (2) it provides in many
states some protection from the forced sale of jointly held property to satisfy a
debt judgment against one of the spouses, and (3) it features automatic
survivorship. |
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Term
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Definition
Disadvantages: (1) tenancy by the entirety provides for no one except the
surviving spouse, (2) it may create estate tax problems, and (3) it does not
replace the need for a will to direct how the couple�s personal property shall
de disposed. |
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Definition
property owned before marriage and property acquired after
marriage by gift, inheritance, or purchase with separate funds, can be exempted from
the couple�s community property |
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Definition
a form of co-ownership for business purposes wherein all
partners have a voice in its management and unlimited liability for its debts. |
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Term
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Definition
an act that introduces clarity and uniformity into
general partnership laws. |
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Term
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Definition
a partner who organizes and operates the partnership,
contributes capital, and agrees to accept the full financial liability of the
partnership. |
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Term
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Definition
a partner who provides capital but does not take personal
financial liability or participate in management |
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Term
| Limited Liability Partnership |
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Definition
a form of ownership that attempts to limit the liability
of general partners from the misconduct of other general partners.
i. It limits the liability of a partner, so that if one partner commits malfeasance
or malpractice.
ii. Only the partners who have direct supervisory control over the conduct will
have the liability for it. |
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Term
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Definition
an association of two or more persons or firms in order to carry out a
single business project.
i. A joint venture is treated as a partnership for tax purposes.
ii. If more than one project is undertaken, the relationship becomes more like a
general partnership than a joint venture. |
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Definition
is the more important negative factor in the corporate form of
ownership. |
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Term
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Definition
| allows limited liability with profit-and-loss pass-through. |
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Term
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Definition
the liability protection of a corporation with the profit-and-loss pass-
through of a partnership. |
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Term
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Definition
form of ownership can be used to provide for the well-being of another
person |
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Definition
| the borrower in a deed of trust arrangement; one who creates a trust. |
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Term
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Definition
| one who holds property in trust for another. |
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Term
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Definition
| the lender in a deed of trust arrangement |
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Term
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Definition
| a trust that takes effect during the life of its creator. |
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Term
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Definition
| a trust that takes effect after death. |
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Term
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Definition
a real estate trust wherein the person who creates the trust (the trustor) is
also its beneficiary.
i. Since the beneficial interest created by the trust is considered personal
property, the land trust effectively converts real property to personal property. |
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Term
| Real Estate Investment Trusts |
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Definition
a method of pooling investor money using
the trust form of ownership and featuring single taxation of profits. |
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Term
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Definition
a unit of ownership in a real estate investment.
ii. For single taxation, a REIT must confines its activities to real estate, have at
least 100 beneficiaries, and distribute 95% of its net income. |
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Term
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Definition
organization of members or managers with little formal
organization and limited liability.
i. All of the personal and real property shall be held and owned in the name of
the limited liability company.
ii. A member or manager of a LLC is not liable for debts, obligations, or
liabilities of the LLC. |
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Definition
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