Chapter 7: Ownership of Real Estate KEY TERMS REVIEW 2 Flashcards
1
Q
Board of directors
A
group elected to manage a cooperative
2
Q
Common elements
A
stairwells, roofs, etc., owned by all
3
Q
Condominium
A
fee simple ownership of living unit
4
Q
Conversion
A
apartment house changed to condos
5
Q
Cooperative
A
apartment whose buyer receives a proprietary lease/stock in corporation
6
Q
Homeowners’ association
A
all owners in one condominium comple
7
Q
Horizontal Properties Act
A
regulates the creation of condominiums
8
Q
Proprietary lease
A
co-op owner’s right to apartment
9
Q
Reserves
A
money set aside for future repairs
10
Q
Time-sharing
A
ownership for part of a year
11
Q
Town house
A
architectural term
