Unit 7: Ownership of Real Estate Flashcards
board of directors
group of people elected to manage a cooperative
common elements
parts of a property owned/used by all living in the property (stairwell, rooftop, etc.)
condominium
an individually owned living unit
conversion
apartment house changed to condos
cooperative
apartment whose buyer receives a proprietary lease/stock in corporation
corporation
legal entity considered to be an artificial person
devisee
person named in a will to inherit real estate
general partnership
group with a completely liable partner
homeowners’ association
all owners in one condominium complex
Horizontal Properties Act
regulates the creation of condominiums
joint tenancy
non-married persons with the right of survivorship
limited liability company (LLC)
limited partnership
group with only general partner fully liable
partition
court-ordered sale and division
partnership
co-owners joined together to carry on a business
proprietary lease
co-op owner’s right to a specific apartment
reserves
money set aside for future repairs
right of survivorship
process by which co-owner automatically receives share of a co-owner who dies
sole proprietorship
business owned only by one person
tenancy in common
each owner has undivided interest in the property, but do not necessarily have equal shares
tenancy in severalty
real estate ownership (title) is only held by one person (sole ownership_
time-sharing
ownership for part of a year
title
ownership
town house
architectural term
