Chapter 7 (KT) Flashcards Preview

NJ Real Estate Study [2020] > Chapter 7 (KT) > Flashcards

Flashcards in Chapter 7 (KT) Deck (25)
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1

legal-entity considered to be an artificial person

Corporation

2

Person named in a will to inherit real estate

Devisee

3

Group with each partner completely liable

General Partnership

4

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

Joint Tenancy

5

Group with only general partner fully liable

Limited Partnership

6

Court-ordered sale and division

Partition

7

Co-owners joined together to carry on a business

Partnership

8

Non-married person with right of survivorship

Right of Survivorship

9

Business owned by one person or entity

Sole Proprietorship

10

Special ownership by married couple

Tenancy by the entirety

11

Owners free to devise property to any heir

Tenancy in common

12

Real Estate ownership by only one

Tenancy in serveralty

13

Evidence that the owner of land is in lawful possession thereof; evidence of ownership.

Title

14

P.I.T.T

Position, Interest, Time, Title

15

Group elected to manage a cooperative

Board of directors

16

Stairwells, roofs, etc., owned by all

Common elements

17

Fee simple ownership of living unit

Condominium

18

Apartment house changed to condos

Conversion

19

Apartment whose buyer receives a proprietary lease/stock in corporation.

Cooperative

20

All owners in one condominium complex

Homeowners' association

21

Regulates the creation of condominiums

Horizontal Properties Act

22

Co-op owner's right to apartment

Proprietary Lease

23

Money set aside for future repeairs

Reserves

24

Ownership for part of a year

Time-Sharing

25

Architectural term

Town House