About This Chapter
Real Property Ownership - Chapter Summary
This chapter is all about different types of property ownership and the laws pertaining to them. You'll learn about key considerations for landlords, tenants, business owners, and estate owners, as well as related real estate terminology. By the end of the chapter you'll have strengthened your grasp of the following:
- Freehold and concurrent estates
- Condominium ownership
- Forms of real estate leases
- Distinguishing between residential and commercial lease provisions
- The rights and obligations of landlords
- Landlord and tenant rights when a lease is breached
- Business ownership and organizational composition
You can make use of the practice quizzes accompanying every lesson to monitor your understanding of each topic along the way. These interactive assessments are available to return to at any point, and are also printable as worksheets if you'd like to study with them offline. You can always seek help from our professional instructors through the teacher or help tab.
1. Freehold Estates: Definition & Key Terms
There is more than one way to own property, and not all types of ownership are equal. In this lesson, you'll learn what a freehold estate is and the different types of freehold estates one might encounter. A short quiz follows the lesson.
2. Types of Concurrent Estates
Real property may be owned by just one person or many. In this lesson, you'll learn about concurrent estates and the various ways multiple people can hold the same parcel of land. A short quiz follows.
3. Condominium Ownership: Definition & Considerations
Owning a condominium is significantly different than owning a detached house on your own lot. In this lesson, you'll learn about what exactly a condo is, it's key characteristics, and other considerations. A short quiz follows the lesson.
4. Types of Leases in Real Estate
A contract between a landlord and a tenant is a lease. In this lesson, you'll learn about different types of leases in typical real estate transactions including residential leases and commercial leases. A short quiz follows.
5. Residential & Commercial Lease Provisions
Real estate leases outline the rights and responsibilities of landlords and tenants in both residential and commercial rental properties. In this lesson, you'll learn about common provisions that are found in residential and commercial leases.
6. Landlord Rights & Responsibilities
In this lesson, we will explore a landlord's legal rights and responsibilities in regard to their rental properties and tenants. We will discuss warranty of habitability, disclosure issues and lease inclusions.
7. Landlord & Tenant Rights After a Breach of Lease
If either a landlord or tenant breaks a portion of the lease agreement they still retain specific rights. In this lesson we will explore a few examples of breaches of lease and how each person's rights are involved in those situations.
8. Organizational Structure & Ownership of a Business
There are four ways a business can be organized: sole proprietorship, partnership, limited liability, and corporation. Each form of ownership takes on a different structure with regards to tax liabilities, income, and risks.
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Other chapters within the North Carolina Real Estate Broker License: Study Guide course
- Agency Relationships
- Types of Contracts
- Real Estate Contracts
- Land Use: Restrictions, Regulations & Government Control
- Finance & Financing in Real Estate
- Government Oversight in Real Estate
- Real Property Measurement & Valuation
- Conveyance of Real Property
- Marketing Regulations in Real Estate
- Property Management & Tenant Rights
- Real Estate Calculations
- North Carolina Real Estate License Law
- General Real Estate Topics
- North Carolina Real Estate Broker License Flashcards