Term
| A partnership formed for the purpose of carrying out a particular business project without an intent to establish a permanent business relationship |
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Definition
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| An Arrangement in which title to property is held by a trustee on befalf of a beneficiary |
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| A group of persons or firms who combine their resources for the purpose of investing or dealing in real estate. |
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| 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 |
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Term
| One for whom title is held under a trust and is entitled to receive income from the trust. |
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| 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 |
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| One who creates a trust by conveying title to a trustee |
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Term
| Regulate the use of property held under condominium ownership and other sub divisions. |
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Definition
| Covenants, Conditions, Restrictions |
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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 |
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Definition
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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 |
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Definition
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| 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 |
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| A trust created by a will |
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Definition
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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 |
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Definition
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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 |
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Definition
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| One who co-owns property in joint tenancy |
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Term
| Ownership by one person or a single legal entity, Also known as sole ownership |
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Definition
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Term
| Those areas in a condominium that each unity owner has the right to use in common with the other owners |
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Definition
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Term
| On who owns an interest in property simultaneously with another. also known as co-tenant |
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Definition
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| A form of concurrent ownership where co-owners hold an equal or unequal undivided interest without the right of surviorship |
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Definition
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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 |
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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. |
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| A form of concurrent ownership in which title is held by either a general or limited partnership in a registered trade name |
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| 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 |
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Definition
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| A special form of condominium ownership which allows multiple owners to use (share) the same unit but during different specified times of the year. |
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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 |
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Definition
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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. |
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Definition
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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 |
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Definition
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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. |
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Definition
| Real estate Investment Trust (REIT) |
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Term
| A form of ownership where more then one person has an interest in the same property at the same time |
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Definition
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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 |
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Definition
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| 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 |
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Definition
| Limited Liability Company (LLC) |
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