Ch 1: Real Property & Property Ownership

About This Chapter

Gain a more thorough understanding of real property and property ownership with lessons on condominiums, timeshares, cooperatives, and more. These lessons can simplify your study process when preparing for an exam or expanding your professional scope.

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.

10 Lessons in Chapter 1: Real Property & Property Ownership
Test your knowledge with a 30-question chapter practice test
Legal Description of Property: Definition, Importance & Example

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.

Real Property and Personal Property: Definition and Differences

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.

Types of Concurrent Estates

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.

Timeshares: Definition & Considerations

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.

Condominium Ownership: Definition & Considerations

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.

Cooperatives: Definition & Requirements

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.

Entity Ownership of Real Estate: Types, Pros & Cons

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.

Real Estate Sales Contract: Definition & Characteristics

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.

Types of Contracts in Real Estate Transactions

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.

Residential & Commercial Lease Provisions

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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