(Ch. 5) Vocab (Methods of Ownership)

Question 1

In a condominium, land and all parts of a building usually used by all the owners for their mutual convenience or safety; also called “common area”

Answer 1

Common Expense

Question 2

In a condominium, the expenses of operation; all sums designated as such by the declaration or bylaws.

Answer 2

Common Expense

Question 3

condominiums, timeshares, planned developments, along with other titles and descriptions.

Answer 3

Common Interest

Question 4

The individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of that property.

Answer 4

Condominium

Question 5

Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses.

Answer 5

Cooperative Apartment (Co-Op)

Question 6

A vehicle used to carry on business, with its owners having liability only to the extent of their stock ownership; considered being an individual or separate entity.

Answer 6

Corporation

Question 7

A partnership in which all partners are personally liable for part nership debts that exceed parnership assets.

Answer 7

General Partnership

Question 8

The name given to the laws that recognize condominium ownership in New Jersey; horizontal layers of ownership.

Answer 8

HORIZONTAL PROPERTY ACT

Question 9

Ownership by two or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property. Each owner is possessed of an undivided part of the whole.

Answer 9

JOINT TENANCY

Question 10

A joining of two or more people in a specific business enterprise; similar to a partnership, and generally with no intention of a continuing relationship beyond the original purpose.

Answer 10

JOINT VENTURE

Question 11

A partnership composed of general and limited partners whose con tribution and liability are limited and specifically defined.

Answer 11

Limited Partnership

Question 12

The instrument that establishes a condominium.

Answer 12

Master Deed

Question 13

Court proceedings by which co- owners of commonly owned property seek to sever their common ownership

Answer 13

Partition

Question 14

A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions.

Answer 14

PARTNERSHIP

Question 15

A lease in a cooperative apartment between the owner-corporation and the tenant stockholder.

Answer 15

PROPRIETARY LEASE

Question 16

The right of a co-owner automatically to receive the title of a decease co-owner immediately without probate

Answer 16

Right Of Survivorship

Question 17

A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner.

Answer 17

TENANCY BY THE ENTIRETY

Question 18

Ownership by only one person

Answer 18

Severalty

Question 19

Ownership by two or more persons who hold undivided interest, with out right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interests need not be equal, and each owner is possessed of the whole of an undivided part.

Answer 19

TENANCY IN COMMON

Question 20

Necessities usually required in the formation of a joint tenancy or tenancy by the entirety: time, title, interest and possession.

Answer 20

UNITIES OF TITLE