Ownership of Real Estate Flashcards

1
Q

tenancy in severalty

A

aka sole ownership

when one person holds a title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

devisee

A

person named in a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

tenancy in common

A

form of co-ownership by which each owner holds undivided interest in real property as if they were sole owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

board of directors

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

common elements

A

parts of a property that are necessary/convenient to the existence, maintenance, and safety of a condo

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

condominium

A

absolute ownership of an apartment plus undivided interest in the ownership of common elements, owned jointly with other condo owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

conversion

A

process of changing a rental apartment building into a condominium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

cooperative

A

residential multi-unit building who title is held by a corporation owned by and operated for the benefit of those living in the building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

corporation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

general partnership

A

partnership in which each partner shares complete liability, even beyond their initial investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

homeowner’s association

A

nonprofit group of homeowners that administers common elements and enforces covenants, conditions, and restrictions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Horizontal Properties Act

A

law regulating the creation of condominiums

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

joint tenancy

A

ownership of real estate between two or more parties

upon death of a joint tenant, interest passes to surviving joint tenants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

limited liability company

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

limited partnership

A

administered by one or more general partners and funded by limited partners who are responsible for losses only to the extent of their investments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

partition

A

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

17
Q

partnership

A

association of two or more individuals who carry on a continuing business for profit as co-owners

18
Q

proprietary lease

A

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

19
Q

reserves

A

funds saved that can be used for future repairs and emergency payments in a cooperative

20
Q

right of survivorship

A

a right granted to joint tenants that ensures the transfer of one owner’s stake to the remaining property owner(s) in the case of their death.

21
Q

sole proprietorship

A

ownership of a business by one person

22
Q

tenancy by the entirety

A

joint ownership of property acquired by married couples during marriage

23
Q

time-sharing

A

ownership of real state for a protein of the year

24
Q

title

A

evidence that the owner of land is in lawful possession thereof

25
four unities required to create a joint tenancy
1. unity of time: joint tenant acquire interests at the same time 2. unity of title: acquire interest by same deed 3. unity of interest: hold equal ownership interests 4. unity of possession: hold undivided possession
26
syndicate
combination of people or firms formed to accomplish a joint venture of mutual interest
27
joint venture
joining of two or more people to conduct a specific business enterprise
28
real estate investment trust
trust ownership of real estate by at least 100 individuals who purchase certificates of ownership
29
how much notice does the state of NJ need before rental apartment can be converted into a condominium?
at least three years and two months