Chapter 7 - Ownership of Real Estate

Question 1

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 condominium residents are considered ___ ___.

Answer 1

Common Elements

Question 2

The absolute ownership of an apartment or a unit plus an undivided interest in the ownership of the common elements is know as a ___, Which are owned jointly with the other ___ owners.

Answer 2

Condominium

Question 3

A landlord who desires to convert a rental apartment building into a condominium must obtain approval of the planned conversion by the state of New Jersey at least three years and two months before ___ may start. Certain tenants with disabilities and those aged 62 or older may not be evicted during a conversion. Tenants so protected must have occupied premises for at least two years before the conversion and have incomes no higher than three times their county’s per capita income or in any case, no higher than $50,000. If they meet the qualifications they are allowed to continue for up to 40 years. This change of use is know as a ___.

Answer 3

Conversion

Question 4

Title that is held by a corporation. each purchaser of an apartment in a building receives stock in the corporation and a proprietary lease. which gives the purchaser the right to occupy his or her apartment. Accumulation of funds or reserves for future repairs and emergency payments offer some protection to the ___ as a whole.

Answer 4

Cooperative

Question 5

The form of ownership of cooperatives is in the form of a ___.

Answer 5

Corporation

Question 6

A person named in a will where title to property passes is the ___.

Answer 6

Devisee

Question 7

Group in which each partner shares complete liability is a ___ ___.

Answer 7

General partnership

Question 8

The law regulating the creation of condo’s, is the ___ ___ __.

Answer 8

Horizontal Properties Act

Question 9

Ownership of real estate between two or more parties who have been named in one conveyance specifically as ___ tenants. Upon the death of a ___ tenant, his or her interest passes to the surviving ___ tenants or tenant. This is known as ___ ___.

Answer 9

Joint/Joint tenancy

Question 10

An organization that combines the simplicity and tax treatment of a partnership with the protection from liability offered by a corporation is a ___ ___ ___ or __.

Answer 10

Limited liability company or LLC.

Question 11

The division is made of real property between those who own an undivided interest. If a tenant wants to dissolve a co-ownership but the other tenants do not want to voluntarily agree to its termination, he or she may file a suit. if possible the land would be divided into separate parcels (physical partition). If the court determines that the land cannot be divided into parts, it orders the real estate to be sold and the proceeds divided among the co-owners, according to their fractional interests. This division is also known as a ___.

Answer 11

Partition

Question 12

An association of two or more individuals who carry on a continuing business for profit as co-owners. A general ___ is a typical form of joint venture , in which the general partner shares in the administration, profits, and losses of the operations. A limited ___ is administered by one or more general partners and funded by limited silent partners who are responsible for losses only to the extent of their investments.

Answer 12

Partnership

Question 13

A written lease in a cooperative apartment building, held by the tenant/shareholder, giving the right to occupy a particular unit is a ___ ___.

Answer 13

Proprietary lease

Question 14

Funds held by a cooperative corporation to fund emergency and other needs of the cooperative apartment building, the are the ___.

Answer 14

Reserves

Question 15

Main feature of joint tenancy is that it carries the ___ _ ___. The death of one joint tenant of a property simply means there is one less person in the group; the remaining joint tenants receive the share owned by the deceased tenant. This transfer occurs automatically. In contrast to tenants in common, the surviving joint tenants cannot devise their interest in a property. As each successive tenant dies, the surviving joint tenants acquire the interests of the deceased joint tenant. Only the last joint tenant survivor can dispose of the property by will, because that person now has the estate in severalty.

Answer 15

Right of survivorship

Question 16

Ownership of a business by one person is a ___ ___.

Answer 16

Sole proprietorship

Question 17

The joint ownership of property by husband and wife during marriage. Upon death of one spouse, the survivor becomes the owner of the property a ___ __ __ ___.

Answer 17

Tenancy by the entirety

Question 18

A form of joint co-ownership by which each own has an undivided interest in real property as if she or he were sole owner. Each owner has the right of partition. tenants in ___ have no rights of survivorship. Each owner can sell or convey or transfer that interest without the consent of the other co-owners. This type of ownership is called a ____ _ ___.

Answer 18

Common/Tenancy in common

Question 19

Tittle is held by one person (or entity). the term ___ means all interest is broken off from others. When that person dies, title will pass to their heirs or devisees. This is known as a ___ _ ___

Answer 19

Severalty/Tenancy in severalty

Question 20

Ownership of real estate for only a portion of the year is a ___ -___

Answer 20

Time-share

Question 21

Evidence that the owner of land is in lawful possesion there of; evidence of ownership is a ___. A ___ is transferred by a Deed.

Answer 21

Title

Question 22

Term used to describe an architectural style in which buildings share a party wall. Town house developments can be condominiums,or elements can be fee simple,including the land beneath the building. In some cases, the town house owners owns a share in the commom elements is a ___.

Answer 22

Townhouse

Question 23

This elected managing body of a corporation, specifically of a cooperative apartment building, is called a ___ _ ___.

Answer 23

Board of directors

Question 24

Condominiums set up bylaws regarding ___, ____, _____. Also known as _,_ and _’s

Answer 24

Covenants, conditions and restrictions.