Ownership of Real Estate Flashcards
tenancy in severalty
aka sole ownership
when one person holds a title
devisee
person named in a will
tenancy in common
form of co-ownership by which each owner holds undivided interest in real property as if they were sole owners
board of directors
elected managing body of a corporation, specifically of a cooperative apartment building
common elements
parts of a property that are necessary/convenient to the existence, maintenance, and safety of a condo
condominium
absolute ownership of an apartment plus undivided interest in the ownership of common elements, owned jointly with other condo owners
conversion
process of changing a rental apartment building into a condominium
cooperative
residential multi-unit building who title is held by a corporation owned by and operated for the benefit of those living in the building
corporation
organization created by operation of law whose rights of doing business are essentially the same as those of an individual
general partnership
partnership in which each partner shares complete liability, even beyond their initial investment
homeowner’s association
nonprofit group of homeowners that administers common elements and enforces covenants, conditions, and restrictions
Horizontal Properties Act
law regulating the creation of condominiums
joint tenancy
ownership of real estate between two or more parties
upon death of a joint tenant, interest passes to surviving joint tenants
limited liability company
organization that combines simplicity and tax treatment of a partnership with protection and liability offered by a corporation
limited partnership
administered by one or more general partners and funded by limited partners who are responsible for losses only to the extent of their investments
partition
division that is made of real property between those who own it in undivided shares
partnership
association of two or more individuals who carry on a continuing business for profit as co-owners
proprietary lease
written lease in a coop apartment building, held by tenant, giving the right to occupy a particular unit
reserves
funds saved that can be used for future repairs and emergency payments in a cooperative
right of survivorship
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.
sole proprietorship
ownership of a business by one person
tenancy by the entirety
joint ownership of property acquired by married couples during marriage
time-sharing
ownership of real state for a protein of the year
title
evidence that the owner of land is in lawful possession thereof
four unities required to create a joint tenancy
- unity of time: joint tenant acquire interests at the same time
- unity of title: acquire interest by same deed
- unity of interest: hold equal ownership interests
- unity of possession: hold undivided possession
syndicate
combination of people or firms formed to accomplish a joint venture of mutual interest
joint venture
joining of two or more people to conduct a specific business enterprise
real estate investment trust
trust ownership of real estate by at least 100 individuals who purchase certificates of ownership
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
