FRECI_8-5 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 8 – Lecture 5 Property Rights: Estates and Tenancies; Condos, Co-ops, and Time-Shares Copyright, 2004 2 Lecture Preview What will you learn from this lecture? Ownership by a single individual Indirect ownership by more than one person Direct ownership by more than one person Copyright, 2004 3 Vocabulary Terms Joint tenancy Right of survivorship Tenancy by the entireties Tenancy in common Copyright, 2004 4 Ownership By One Person Ownership interest is SEVERED from the interests of anyone else Fee Simple Estate in Severalty Copyright, 2004 5 Ownership By More Than One Person Indirect Co-ownership Limited Partnership Trust Limited Liability Co. General Partnership Entity holds title Ownership passes through the entity Undivided interest Corporation (Co-op) Copyright, 2004 6 Undivided Interest 3 Co-owners Divided Interest 1/3 1/3 1/3 Undivided Interest 1/3 1/3 1/3
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FRECI_8-5 - Lecture Preview Florida Real Estate Commission...

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