Chapter 7: Ownership of Real Estate Flashcards
elected managing body of a corporation, specifically of a cooperative apartment building
board of directors
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
common elements
the absolute ownership of an apartment or a unit (generally in a multi-unit building) plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners
condominium
apartment house changed to condos
conversion
a residential multi-unit building whose title is held by a corporation owned by and operated for the benefit of persons living within the building, who are the stockholders of the corporation, each possessing a proprietary lease
cooperative
an entity or organization created by operations of law whose rights of doing business are essentially the same as those of an individual
corporation
person named in a will to inherit real estate
devisee
group in which each partner shares complete liability
general partnership
a nonprofit group of homeowners in a condominium, cooperative, or PUD that administers common elements and enforces covenants, conditions and restrictions
homeowners association
law regulating the creation of condominiums
Horizontal Properties Act
ownership of real estate between two or more parties who have been named in one conveyance specifically as joint tenants. Upon the death of a join tenant, his or her interest passes to the surviving join tenant or tenants.
joint tenancy
organization that combines the simplicity and tax treatment of a partnership with the protection from liability offered by a corporation
limited liability company (LLC)
group with only general partner fully liable
limited partnership
the division that is made of real property between those who own it in undivided shares
partition
an association of two or more individual who carry on a continuing business for profit as co-owners (general/limited)
partnership
a written lease in a cooperative apartment building, held by the tenant/shareholder, giving the right to occupy a particular unit
proprietary lease
money set aside for future repairs
reserves
process by which co-owner automatically receives share of the co-owner who dies
right of survivorship
ownership of a business by one person
sole proprietorship
the joint ownership of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property
tenancy by entirety
a form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition but have no right of survivorship
tenancy in common
ownership of property by one person only
tenancy in severalty
ownership of real estate for only a portion of the year
time sharing
evidence that the owner of land is in lawful possession thereof; evidence of ownership
title
