About This Chapter
Real Property & Property Ownership - Chapter Summary
Enhance your knowledge of real property and property ownership with these concise lessons. Legal structures for entity property ownership is one of many topics covered in this self-paced chapter. You can also learn about standard clauses in real estate purchase contracts and provisions found in commercial leases. After reviewing the lessons, you should be ready to:
- Discuss methods used by surveyors to confirm legal descriptions of properties
- Outline the difference between personal property and real property
- Explain how different people can simultaneously own the same parcel of land
- Detail key characteristics of a timeshare
- Recount how owning a condo is different than owning a detached house
- List different types of cooperatives
- Recall the pros and cons of entity ownership in real estate
- Explain why different types of contracts are used in real estate
Enjoy the studying process with the help of our knowledgeable instructors as they teach you about real property and property ownership with engaging lessons. There are short quizzes available for each lesson to ensure you comprehend the many concepts covered. You can easily track your quiz results from your personal Dashboard.
1. Legal Description of Property: Definition, Importance & Example
The legal description of a property provides a clear and lawful definition of a property's boundaries. We will cover the importance of this document, the essential elements, and the methods surveyors use to create and confirm legal descriptions.
2. Real Property and Personal Property: Definition and Differences
Much of business law deals with property. There are actually two different types of property: personal property and real property. This lesson explains the differences between these two types of property.
3. 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.
4. Timeshares: Definition & Considerations
Perhaps one of the most exotic and controversial property ownership structures is the timeshare. In this lesson, you'll learn about what a timeshare is and its key characteristics. You'll also have a chance to take a short quiz after the lesson.
5. 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.
6. Cooperatives: Definition & Requirements
Sometimes you don't own your home, but you own the entity that owns your home. In this lesson, you'll learn about cooperatives, their general characteristics, and different types. A short quiz follows the lesson.
7. Entity Ownership of Real Estate: Types, Pros & Cons
In this lesson we'll discuss types of entity property ownership. We'll also discuss the different kinds of legal structures available for holding real estate for business or investment purposes as well as the pros and cons of each.
8. Real Estate Sales Contract: Definition & Characteristics
How well do you understand the real estate purchase contract? In this lesson, learn about the real estate purchase contract, its characteristics, standard clauses and provisions, and the rights and obligations of each party.
9. Types of Contracts in Real Estate Transactions
Contracts are ever-present in real estate transactions. In this lesson, you'll learn about several different types of contracts used in real estate, including what they are used for and how they work.
10. 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.
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Other chapters within the Ohio General Appraiser Exam: Study Guide & Practice course
- Real Estate Value
- Government Powers in Real Estate
- Surveying Property in Real Estate
- Building Components & Structures
- Liens & Encumbrances in Real Estate
- Rights to Use in Real Estate
- Land & Site Valuation
- Statistics, Valuation Models & Finance for Real Estate
- Common Real Estate Calculations
- Sales Comparison Approach in Real Estate
- Cost Approach in Real Estate
- Income Approach in Real Estate
- Reconciliation in Real Estate Appraisal
- USPAP Compliance
- Real Estate Appraisal Report Writing