Ownership of Real Estate

Question 1

tenancy in severalty

Answer 1

aka sole ownership

when one person holds a title

Question 2

devisee

Answer 2

person named in a will

Question 3

tenancy in common

Answer 3

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

Question 4

board of directors

Answer 4

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

Question 5

common elements

Answer 5

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

Question 6

condominium

Answer 6

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

Question 7

conversion

Answer 7

process of changing a rental apartment building into a condominium

Question 8

cooperative

Answer 8

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

Question 9

corporation

Answer 9

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

Question 10

general partnership

Answer 10

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

Question 11

homeowner’s association

Answer 11

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

Question 12

Horizontal Properties Act

Answer 12

law regulating the creation of condominiums

Question 13

joint tenancy

Answer 13

ownership of real estate between two or more parties

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

Question 14

limited liability company

Answer 14

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

Question 15

limited partnership

Answer 15

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

Question 16

partition

Answer 16

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

Question 17

partnership

Answer 17

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

Question 18

proprietary lease

Answer 18

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

Question 19

reserves

Answer 19

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

Question 20

right of survivorship

Answer 20

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.

Question 21

sole proprietorship

Answer 21

ownership of a business by one person

Question 22

tenancy by the entirety

Answer 22

joint ownership of property acquired by married couples during marriage

Question 23

time-sharing

Answer 23

ownership of real state for a protein of the year

Question 24

title

Answer 24

evidence that the owner of land is in lawful possession thereof

Question 25

four unities required to create a joint tenancy

Answer 25

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

Question 26

syndicate

Answer 26

combination of people or firms formed to accomplish a joint venture of mutual interest

Question 27

joint venture

Answer 27

joining of two or more people to conduct a specific business enterprise

Question 28

real estate investment trust

Answer 28

trust ownership of real estate by at least 100 individuals who purchase certificates of ownership

Question 29

how much notice does the state of NJ need before rental apartment can be converted into a condominium?

Answer 29

at least three years and two months