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Home Ownership

Principles 1 Chapter 11
Horizontales
Limits an individual partner's liability arising from negligence on the part of another partner
A combination of people or firms formed to accomplish a business venture of mutual interest by pooling resources. In a real estate investment syndicate, the parties own and/or develop property with the main profit generally arising from the sale of the property
An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures
A unity of possession among co-owners or cotenants
The division of cotenants' interest in real property when the parties do not agree to terminate the co-ownership voluntarily; takes place through court procedures
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of one joint tenant, the deceased's interest passes to the surviving joint tenant or tenants by right of survivorship. Not automatically created in Texas
A method of owning a business in which one person owns the whole business and reports all profits and losses on their personal income tax returns
An instrument used to create a mortgage lien by which the mortgagor (borrower) conveys title to a trustee, who holds it as security for the benefit of the lender (beneficiary)
The right of surviving joint tenant(s) to acquire the interest of a deceased joint tenant; also applies to the community property right of survivorship
A form of co-ownership by which each owner holds an undivided interest in real property as if the sole owner. Ownership shares need not be equal; and upon the death of an owner, the interest passes to heirs
A form of ownership where permission is given to use certain property for certain intervals of time; may be fee simple title or merely a right to use (license)
A broad category of ownership by more than one person. Examples are tenants in common and joint tenants
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents
The person for whom a trust operates or in whose behalf the income from a trust estate is drawn
Verticales
A business organization in which a member of a manager is not generally held liable for debts, obligations, or liabilities of the company
A fiduciary arrangement whereby property is conveyed by a trustor to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary.
The absolute ownership of an apartment of a unit (generally in a multiunit building) based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners
Each general partner shares in the administration, profits, and losses of the operation
The operation is administered by one or more general partners, and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments
A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage
Under community property law, property owned solely by either spouse before marriage; acquired by gift or inheritance during the marriage, by purchase from separate funds, by sale of separate property, by settlement or judgement for personal injury, or by written contract with a spouse
A residential multiunit building whose title is held by a corporation that is owned by an operated for the benefit of persons living within the building, who are stockholders of the corporation, each possessing a proprietary lease
Ownership of real property by one person or one legal entity only; also called sole ownership