Chapter 5 - Methods of Ownership Flashcards
What is a common element?
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”
What is a common expense?
In a condominium, the expenses of operation; all sums designated as such by the declaration or bylaws
What is a tenancy in common?
this type of co-ownership exists when an estate of land is held by two or more persons, with the outstanding feature that upon death of one party there is no right of survivorship among the owners
What is a condominium?
is a system of ownership of individual units in a multi-unit structure, combined with co-ownership of common areas
What is a cooperative apartment?
a cooperative apartment, commonly called a co-op, is a form of ownership in which a corporation is established to hold title to property and to lease the property to shareholders in the corporation.
What is the Horizontal Property Act?
legislation authorizing the creation and regulation of condominiums in NJ is embodied in two acts – the Horizontal Property Act of 1963 and the Condominium Act of 1969
What is joint tenancy?
a joint tenancy is an interest in land held by two or more persons with survivorship rights
What is a joint venture?
is an agreement between two or more parties who invest in a single business or property
What is a partition?
A partition is a legeal proceeding by which an estate held by tenants in common or joint tenancy is divided and title in severalty to a designated portion given to each of the previous owners. If the owners cannot agree to an equitable subdivision of their interests (partition in kind), the court has the power to direct a sale and will divide the proceeds among the co-owners according to their respective interests (judicial partition)
What is a proprietary lease?
Persons wishing to occupy units in a co-op which are owned by the corporation sign a subscription agreement for stock and receive a proprietary lease on a specific unit, subject to certain conditions and obligations as to its use and right to sublease
What is the right of survivorship?
Survivorship rights means that if one or more of the co-owners dies, the surviving owner or owners automatically receive the interest of the deceased co-owner
What is a tenancy by the entirety?
is similar to joint tenancy, with the exception that there are only two persons in the ownership and they must be husband and wife or a civil union couple.
What is a tenancy by severalty?
When one person, single or married, or a legal entity such as a corporation owns property, it is referred to as a sole ownership, or ownership/tenancy in severalty
What are the unities of title?
The four unities or simultaneous happenings are necessary to create a joint tenancy. aka PITT: (1) title, (2) time, (3) interest, and (4) possession
