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level: How Home Ownership is Held

Questions and Answers List

level questions: How Home Ownership is Held

Question	Answer
a form of property ownership in which one person is the owner of a property and has absolute control over the distribution and use of the land	Individual Ownership
describes undivided ownership of an estate, with an interest that is exclusive from other owners	In Severalty
ownership of a property by more than one person	Co-Ownership
co-ownership in which the parties have the right of survivorship — when one dies, the others receive that person’s portion of the estate	Joint Tenancy
co-ownership in which each co-owner of the property holds their individual portion of the ownership interest in severalty	Tenancy in Common
property owned by a married couple in which each spouse has half ownership of any property obtained during the marriage, plus a right of survivorship ownership after the death of either spouse	Community Property
a trust created during someone’s life to manage their assets in life and in death	Living Trust
a trust created through the use of a will when someone dies	Testamentary Trust
a trust in which land is purchased to be held for a long period of time for the benefit of a named party	Land Trust
an account in which 100 people or more place funds for the trust to invest in real property and then return the profits back to the investors	Real Estate Investment Trust (REIT)
an entity that is doing business	Corporation
two or more people or companies that join together to create and run a real estate investment	Syndicate
a type of corporation in which none of the owners of the company can be held personally liable for debt	Limited Liability Corporation (LLC)