Group ownership, Condos, and cooperatives

Question 1

Laws regulating the sale of securities intended to protect consumers from fraud

Answer 1

Blue sky laws

Question 2

The land and improvements in a condominium, cooperative, other development that all residents use and own as tenants in common, such as the parking lot, hallways, and recreational facilities

Answer 2

Common areas

Question 3

A property developed for co-ownership, with each co-owner having a separate interest in an individual unit, combined with an undivided interest in the common areas of the property

Answer 3

Condominium

Question 4

A shareholder interest in a corporation that owns the property, entitling the shareholder to exclusive use of a unit in the property as a proprietary tenant

Answer 4

Cooperative

Question 5

A legal entity owned by its shareholders that has limited liability

Answer 5

Corporation

Question 6

A form of business ownership in which each partner has an equal right to manage the business and share in the profits, as well as an equal responsibility for debts

Answer 6

General partnership

Question 7

A type of business structure that shares some characteristics of both a corporation and a partnership (or sole proprietorship if just one owner)

Answer 7

Limited liability company (LLC)

Question 8

A partnership made up of one or more general partners who are responsible for the partnership and one or more limited partners who are investors and whose liability is limited

Answer 8

Limited partnership

Question 9

A special type of zoning that may combine non-residential uses with residential uses, or otherwise depart from ordinary zoning and subdivision regulations

Answer 9

Planned unit development (PUD)

Question 10

Joint venture with at least 100 investors through which real estate is purchased; if 90% of the income is distributed to the investors, it qualifies for single taxation

Answer 10

Real estate investment trust (REIT)

Question 11

Property developed for coownership where each co-owner has a separate fee simple interest in an individual unit – including its roof, the basement, and the ground directly beneath the unit, patio space - plus undivided interest in the common areas of the property

Answer 11

Townhouse (townhome)

Question 12

A fiduciary relationship in which one party gives another party the right to hold title to property or assets for the benefit of a third-party

Answer 12

Trust