Chapter 7: Ownership of Real Estate

Question 1

elected managing body of a corporation, specifically of a cooperative apartment building

Answer 1

board of directors

Question 2

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

Answer 2

common elements

Question 3

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

Answer 3

condominium

Question 4

apartment house changed to condos

Answer 4

conversion

Question 5

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

Answer 5

cooperative

Question 6

an entity or organization created by operations of law whose rights of doing business are essentially the same as those of an individual

Answer 6

corporation

Question 7

person named in a will to inherit real estate

Answer 7

devisee

Question 8

group in which each partner shares complete liability

Answer 8

general partnership

Question 9

a nonprofit group of homeowners in a condominium, cooperative, or PUD that administers common elements and enforces covenants, conditions and restrictions

Answer 9

homeowners association

Question 10

law regulating the creation of condominiums

Answer 10

Horizontal Properties Act

Question 11

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.

Answer 11

joint tenancy

Question 12

organization that combines the simplicity and tax treatment of a partnership with the protection from liability offered by a corporation

Answer 12

limited liability company (LLC)

Question 13

group with only general partner fully liable

Answer 13

limited partnership

Question 14

the division that is made of real property between those who own it in undivided shares

Answer 14

partition

Question 15

an association of two or more individual who carry on a continuing business for profit as co-owners (general/limited)

Answer 15

partnership

Question 16

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

Answer 16

proprietary lease

Question 17

money set aside for future repairs

Answer 17

reserves

Question 18

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

Answer 18

right of survivorship

Question 19

ownership of a business by one person

Answer 19

sole proprietorship

Question 20

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

Answer 20

tenancy by entirety

Question 21

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

Answer 21

tenancy in common

Question 22

ownership of property by one person only

Answer 22

tenancy in severalty

Question 23

ownership of real estate for only a portion of the year

Answer 23

time sharing

Question 24

evidence that the owner of land is in lawful possession thereof; evidence of ownership

Answer 24

title