chapter 7 Onership of Real Estate

Question 1

owners free to devise property to any heir

Answer 1

tenancy in common

Question 2

legal entity considered to be an artificial person

Answer 2

Corporation

Question 3

business owned by one person or entity

Answer 3

Sole proprietorship

Question 4

court ordered sale and division

Answer 4

Partition

Question 5

process by which co-owner automatically receives share of co-owner who dies

Answer 5

Right of survivorship

Question 6

group with each partner completely liable

Answer 6

General partnership

Question 7

co-owners joined together to carry on a business

Answer 7

Partnership

Question 8

nonmarried person with right of survivorship

Answer 8

join tenancy

Question 9

person name in a will to inherit real estate

Answer 9

devisee

Question 10

group with only general partner fully liable

Answer 10

Limited partnership

Question 11

ownership

Answer 11

Title

Question 12

real estate ownership by only ONE

Answer 12

tenancy in severalty (one owner)

Question 13

special ownership by married couple

Answer 13

Tenancy by Entirety

Question 14

all owners in one condominium complex

Answer 14

Homeowners’ association (condominium)

Question 15

regulates the creation of condominiums

Answer 15

Horizontal Property Act

Question 16

apartment house change to condos

Answer 16

Conversion

Question 17

architectural term

Answer 17

Town house

Question 18

apartment whose buyer receives a proprietary lease/ stock in corporation

Answer 18

Cooperative

Question 19

co-op owner’s right to apartment

Answer 19

Proprietary lease

Question 20

group elected to manage a cooperative

Answer 20

Board of directors

Question 21

fee simple of ownership of living unit

Answer 21

Condominium

Question 22

money set aside for future repairs

Answer 22

Reserves

Question 23

ownership for part of the year

Answer 23

Time-share

Question 24

Stairwells, roofs, etc., Owned by all

Answer 24

Common elements