Unit 7: Ownership of Real Estate

Question 1

Corporation

Answer 1

legal entity considered to be an artificial person

Question 2

Devisee

Answer 2

person named in a will to inherit real estate

Question 3

General Partnership

Answer 3

group with each partner completely liable

Question 4

Joint Tenancy

Answer 4

nonmarried persons with right of survivorship

Question 5

Limited Partnership

Answer 5

group with only general partner fully liable

Question 6

Partition

Answer 6

court-ordered sale and division

Question 7

Partnership

Answer 7

co-owners joined together to carry on a business

Question 8

Right of Survivorship

Answer 8

process by which co-owner automatically receives share of co-owner who dies

Question 9

Sole Proprietorship

Answer 9

business owned by one person or entity

Question 10

Tenancy by the Entirety

Answer 10

special ownership by married couple

Question 11

Tenancy in Common

Answer 11

default form of ownership for those who are unmarried and not in a civil union

Question 12

Tenancy in Severalty

Answer 12

real estate ownership by only one

Question 13

Title

Answer 13

Ownership

Question 14

Board of Directors

Answer 14

group elected to manage a cooperative

Question 15

Common Elements

Answer 15

stairwells, roofs, etc., owned by all

Question 16

Condominium

Answer 16

fee simple ownership of living unit

Question 17

Conversion

Answer 17

apartment house changed to condos

Question 18

Cooperative

Answer 18

apartment whose buyer receives a proprietary lease/stock in corporation

Question 19

Homeowner’s Association

Answer 19

all owners in one condominium complex

Question 20

Horizontal Properties Act

Answer 20

regulates the creation of condominiums

Question 21

Propreitary Lease

Answer 21

co-op owner’s right to apartment

Question 22

Reserves

Answer 22

money set aside for future repairs

Question 23

Time-sharing

Answer 23

ownership for part of a year