chapter 5

Question 1

common areas

Answer 1

the land and improvements in a condo or cooperative that all residents use and own as tenants in common, such as the parking lot, hallways, gym

Question 2

community property

Answer 2

in some states, property acquired during a marriage that is owned jointly by married couple

Question 3

condo

Answer 3

a property developed for co ownership with each co owner having seperate interest in their indiviudal unit, combined with an individual interest in common areas of the property and air space between floors walls and celing.

Question 4

co ownership

Answer 4

any form of ownership in which two or more people share title to a piece of property holding undivided interests. also called co tenancy, or cocurrent ownerhsip

Question 5

cooperative

Answer 5

a type of property ownership under which residents have the right to occupy a unit by purchasing a stock share in the corporation that owns property.

Question 6

corporation

Answer 6

an association organized according to strict regulations, in which individuals purchase ownership shares; regarded by the law as an artificial person, separate from the individual shareholders.

Question 7

joint tenancy with right of survivorship

Answer 7

a form of co ownership in which the co owner have equal undivided interests and the right of survivorship. requires the unities of time title interest and possession.

Question 8

limited common areas

Answer 8

areas in condo or cooperative owned by all but used by only one owner (a balcony or designated parking space)

Question 9

ownership in severalty

Answer 9

ownership by a single person or legal entity, as opposed to co ownership. also called sole ownership or separate ownership

Question 10

proprietary lease

Answer 10

an exclusive long term lease given to a person who lives in and owns stock in cooperative.

Question 11

real estate investment trust

Answer 11

a company that owns and often operate income producing real estate that is organized as a trust with investors as a beneficiaries

Question 12

right of survivorship

Answer 12

a characteristic of joint tenancy and tenancy by entirety; surviving co tenant automatically acquire a deceased co tenants interest in property.

Question 13

sole proprietorship

Answer 13

a business owned and managed by one person (or for tax purposes,legally married spouses) who is personally liable for all business debts. it could be organized under fictitious or assumed name.

Question 14

tenancy by entireties

Answer 14

a form of property co ownership by legally married spouses, in which each spouse has an undivided one half interest without the others consent and the right of survivorship. not recognized in Ohio

Question 15

tenancy in common

Answer 15

a form of co ownership in which two or more persons each have an undivided interest in the entire property (unity of possession) but not right of survivorship

Question 16

undivided interest

Answer 16

a co tenants interest giving them the right to possession of the whole property rather than a particular section of it

Question 17

unity of interest

Answer 17

each co owner has an equal interest in a piece of property (equal share of ownership)

Question 18

unity of person

Answer 18

both co owners are considered to be a single legal entity. applies only to married couples and is necessary for tenancy by the entirety.

Question 19

unity of possession

Answer 19

each co owner is equally entitled to possession of the entire property because the ownership interests are undivided.

Question 20

unity of time

Answer 20

each co owner acquires title at the same time

Question 21

unity of title

Answer 21

each co owner acquires title through the same instrument (deed, will, or court orders)