Specialty Areas Flashcards
Lack of Liquidity
Not easily converted to cash
main disadvantage of real estate investment
Party Wall
shared wall
owners owe each other a duty of joint support
no action by one owner can harm the position of the other
Flipping
one party buys a property with the intention to quickly transfer (flip) it to the ultimate buyer
Developer
one who purchases undeveloped property and divides it into lots for building
Errors and Omissions Insurance
E&O
protection for agents in case of innocent agency violations
Condominium
A residential, commercial or industrial complex with individual ownership of units and tenancy in common ownership of common areas
Proprietary Lease
conveyance used to grant a co-op resident exclusive use of on of the units in the buildings
Emblements
annually cultivated crops
personal property
ownership transferred by a bill of sale
