(Ch. 5) Vocab (Methods of Ownership) Flashcards
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”
Common Expense
In a condominium, the expenses of operation; all sums designated as such by the declaration or bylaws.
Common Expense
condominiums, timeshares, planned developments, along with other titles and descriptions.
Common Interest
The individual outright ownership of a single unit in a multi-unit property, together with an interest in the common elements of that property.
Condominium
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.
Cooperative Apartment (Co-Op)
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.
Corporation
A partnership in which all partners are personally liable for part nership debts that exceed parnership assets.
General Partnership
The name given to the laws that recognize condominium ownership in New Jersey; horizontal layers of ownership.
HORIZONTAL PROPERTY ACT
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.
JOINT TENANCY
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.
JOINT VENTURE
A partnership composed of general and limited partners whose con tribution and liability are limited and specifically defined.
Limited Partnership
The instrument that establishes a condominium.
Master Deed
Court proceedings by which co- owners of commonly owned property seek to sever their common ownership
Partition
A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions.
PARTNERSHIP
A lease in a cooperative apartment between the owner-corporation and the tenant stockholder.
PROPRIETARY LEASE
The right of a co-owner automatically to receive the title of a decease co-owner immediately without probate
Right Of Survivorship
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.
TENANCY BY THE ENTIRETY
Ownership by only one person
Severalty
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.
TENANCY IN COMMON
Necessities usually required in the formation of a joint tenancy or tenancy by the entirety: time, title, interest and possession.
UNITIES OF TITLE
