Chapter 3 - Concepts & Responsibilities of Home Ownership Flashcards
The absolute ownership of an apartment or a unit (generally in a multiunit building based on a legal description of the airspace the unit actually occupies plus an individual interest in the ownership of the common elements which are owned jointly w/the other condominium unit owners.
condominium
A residential multiunit building whose title is held by a corporation that is owned by and operated for the benefit of persons living within the building, who are stockholders of the corporation, each possessing a proprietary lease.
cooperative
A clause in an insurance policy that limits the exposure to loss for an insured homeowner.
deductible clause
A government agency that sets program standards for flood insurance.
Federal Emergency Management Agency (FEMA)
prefab or kit homes - constructed w/large wall and roof components that are build in factories.
modular
A form of ownership where permission is given to use certain property for certain intervals of time; may be fee simple title or merely a right to use (license). Multiple purchasers share ownership
time-share
A planned combination of diverse land uses, such as housing, recreation, and shopping in once contained development or subdivision.
planned unit development
Property that accommodates more than one sue, such as commercial use and residential use.
mixed use
A manufactured home is a single family house constructed entirely in a controlled factory environment, build to the federal Manufactured Home Construction & Safety Standards (better known as the HUD code).
manufactured home
A standardized package insurance policy that covers a residential real estate owner against financial loss on a dwelling & its contents & includes liability coverage, & loss of use.
homeowners insurance policy
Money directed toward the purchase, improvement, and development of an asset in expectation of income or profit.
investment
1) An additional document attached to an original insurance policy that amends the original; a rider. 2) Writing one’s name: with or without additional words, on a negotiable instrument.
endorsement
parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condo - minimum residents. Each condominiums owner has an undivided interest in the general & limited common elements.
common elements
Income earned from the sale of an asset.
capital gain
A provision in insurance policies covering real property that required the policyholder to maintain coverage generally equal to 80% of the property’s replacement cost.
coinsurance clause
