Ch 4: Types of Property Ownership

About This Chapter

This chapter on different types of property ownership cultivates a better understanding of timeshares, cooperatives and concurrent estates, among other topics. These brief lessons and quizzes offer a convenient way to learn, while helping you prepare for an exam or bolster your professional skills.

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.

7 Lessons in Chapter 4: Types of Property Ownership
Test your knowledge with a 30-question chapter practice test
Types of Concurrent Estates

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.

Timeshares: Definition & Considerations

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.

Condominium Ownership: Definition & Considerations

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.

Cooperatives: Definition & Requirements

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.

Entity Ownership of Real Estate: Types, Pros & Cons

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.

Life Estate: Definition, Example, Advantages & Remainderman

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.

Transferring Property Rights to a Personal or Family Trust

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.

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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