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Real Estate Terms > Unit 7: Ownership of Real Estate > Flashcards

Unit 7: Ownership of Real Estate Flashcards

1
Q

board of directors

A

group of people elected to manage a cooperative

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2
Q

common elements

A

parts of a property owned/used by all living in the property (stairwell, rooftop, etc.)

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3
Q

condominium

A

an individually owned living unit

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4
Q

conversion

A

apartment house changed to condos

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5
Q

cooperative

A

apartment whose buyer receives a proprietary lease/stock in corporation

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6
Q

corporation

A

legal entity considered to be an artificial person

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7
Q

devisee

A

person named in a will to inherit real estate

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8
Q

general partnership

A

group with a completely liable partner

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9
Q

homeowners’ association

A

all owners in one condominium complex

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10
Q

Horizontal Properties Act

A

regulates the creation of condominiums

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11
Q

joint tenancy

A

non-married persons with the right of survivorship

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12
Q

limited liability company (LLC)

A
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13
Q

limited partnership

A

group with only general partner fully liable

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14
Q

partition

A

court-ordered sale and division

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15
Q

partnership

A

co-owners joined together to carry on a business

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16
Q

proprietary lease

A

co-op owner’s right to a specific apartment

17
Q

reserves

A

money set aside for future repairs

18
Q

right of survivorship

A

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

19
Q

sole proprietorship

A

business owned only by one person

20
Q

tenancy in common

A

each owner has undivided interest in the property, but do not necessarily have equal shares

21
Q

tenancy in severalty

A

real estate ownership (title) is only held by one person (sole ownership_

22
Q

time-sharing

A

ownership for part of a year

23
Q

title

A

ownership

24
Q

town house

A

architectural term

Real Estate Terms (12 decks)

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