Ch 32 Multiple Ownership of Real Property

Question 1

Common Areas

Answer 1

the part of a condominium or apartment building that is owned, as tenants in common, by all the unit owners

Question 2

Community Property

Answer 2

property other than a gift or inheritance, acquired by a husband or wife during marriage, that belongs to both spouses equally

Question 3

Concurrent Ownership

Answer 3

ownership by more than one person

Question 4

Condominium

Answer 4

a parcel of real property portions of which are owned separately in fee simple by individual owners and the remainder of which is owned as tenants in common by all the unit owners

Question 5

Condominium Association

Answer 5

a group of people consisting of condominium unit owners that manages and maintains a condominium

Question 6

Cooperative Apartment

Answer 6

a dwelling unit in which the occupants lease individual units and at the same time own share of stock in the corporation that owns the building

Question 7

Co-ownership

Answer 7

ownership by more than one person

Question 8

Co-tenants

Answer 8

two or more owners of real property

Question 9

Covenants, Conditions, and Restrictions

Answer 9

part of a dead used to regulate the appearance and use of a property that is part of a condominium or cooperative that are stricter that local ordinances or zoning laws.

Question 10

Creditors

Answer 10

people to whom money is owed

Question 11

Homeowners Association

Answer 11

a non-profit organization for the purpose of marketing and managing a house development

Question 12

Interval ownership

Answer 12

a fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval, such as a week or two each year

Question 13

Joint Tenancy

Answer 13

the estate owned by joint tenants

Question 14

Joint Tenancy with the Right of Survivorship

Answer 14

the estate owned by joint tenants

Question 15

Joint Tenants

Answer 15

two or more persons holding one and the same interest, accruing by one and the same conveyance commencing at one and the same time and held by one and the same undivided possession

Question 16

Levy on Execution

Answer 16

to collect a sum of money by putting into effect the judgment of a court

Question 17

Master Deed

Answer 17

a deed to a condominium that describes the entire property that is owned by the condominium association

Question 18

Moiety

Answer 18

a part, portion, or fraction

Question 19

Partition

Answer 19

the division of land, held by joint tenants or tenants in common, into distinct portions so that they may hold them separately

Question 20

Proprietary Lease

Answer 20

a lease to an owner of the property

Question 21

Several

Answer 21

separate, individual, and independent

Question 22

Tenancy by the Entirety

Answer 22

a type of joint tenancy held by a husband and wife that offers protection against attachment and that cannot be terminated by one spouse alone

Question 23

Tenancy in Partnership

Answer 23

ownership in which each person has an interest in partnership property and is a co-owner of such property

Question 24

Tenants in Common

Answer 24

two or more persons holding an undivided interest in property, with each owners interests going to his or her heirs on death rather than to the surviving co-owners

Question 25

Timesharing

Answer 25

a fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval such as a week or two each year

Question 26

Unit Deed

Answer 26

a deed to an individual condominium unit being transferred

Question 27

Units

Answer 27

the individual portions of a condominium that are owned separately in fee simple by individual owners

Question 28

Unity of Interest

Answer 28

equal interest in a property by all owners

Question 29

Unity of Possession

Answer 29

equal rights to possession of the entire property by all owners

Question 30

Unity of Time

Answer 30

the condition that exists when all owners of a property take title at the same time

Question 31

Unity of Title

Answer 31

the condition that exists when all owners of a property receive title from the same instrument