Real Estate License Exams For Dummies with Online Practice Tests, 4th Edition

Chapter 7

Understanding Forms of Real Estate Ownership

IN THIS CHAPTER

Finding out about owning real estate alone and with others

Checking out special ownership of cooperatives, condominiums, and more

Real estate ownership comes in many forms. You can own real estate by yourself. You can own it with your spouse. You can own it with partners. You can be part of a corporation that owns real estate. You also may own real estate in the form of a condominium or cooperative. In each of these situations, ownership issues and forms are slightly different. Attorneys usually handle the form of ownership of a property. In some states, especially those where attorneys are less involved in real estate transactions, you may, as an agent, have to deal more directly with these issues. And speaking of states, there may be slight differences from state to state with respect to some of these forms of ownership. Pay attention in class and note anything that might be unique to your state.

Regardless of how much or how little you’re involved in form-of-ownership issues in a real estate transaction, state examiners expect you to know something about the various types of ownership. In this chapter, I give you some basic terminology and key features of the various forms of real estate ownership, such ...