About This Chapter
Types of Property Ownership - Chapter Summary
These interactive lessons on types of property ownership can assist you with understanding the pros and cons of different legal structures when holding real estate for investment purposes. You'll also learn about the drawbacks of a life estate. After reviewing the chapter, you should be ready to:
- Explain how more than one person can own the same parcel of land
- List characteristics of a timeshare
- Describe how owning a condo is different than owning a detached house
- Recall various types of cooperatives
- Communicate the benefits of entity property ownership
- Recount the advantages of a life estate deed
- Discuss the different parties involved in a personal or family trust
These lessons can serve as a way to refresh your understanding of property ownership in your spare time. Significant vocabulary words are highlighted in bold for quick reference. To confirm that you comprehend the topics covered, you can take a short quiz after each lesson.
1. 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.
2. 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.
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. 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.
5. 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.
6. Life Estate: Definition, Example, Advantages & Remainderman
In this lesson, you'll learn about the life estate interest in real property and discover how to identify when someone has a life estate interest in land, and the advantages/disadvantages of the life estate interest.
7. Transferring Property Rights to a Personal or Family Trust
Property rights can be held in a trust. In this lesson, we will learn about types of trusts and their advantages and disadvantages. We will also learn about the parties involved in trusts. A short quiz follows the lesson.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards