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

Chapter 7 (KT) Flashcards

1
Q

legal-entity considered to be an artificial person

A

Corporation

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2
Q

Person named in a will to inherit real estate

A

Devisee

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3
Q

Group with each partner completely liable

A

General Partnership

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4
Q

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

A

Joint Tenancy

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5
Q

Group with only general partner fully liable

A

Limited Partnership

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6
Q

Court-ordered sale and division

A

Partition

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7
Q

Co-owners joined together to carry on a business

A

Partnership

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8
Q

Non-married person with right of survivorship

A

Right of Survivorship

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9
Q

Business owned by one person or entity

A

Sole Proprietorship

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10
Q

Special ownership by married couple

A

Tenancy by the entirety

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11
Q

Owners free to devise property to any heir

A

Tenancy in common

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12
Q

Real Estate ownership by only one

A

Tenancy in serveralty

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13
Q

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

A

Title

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14
Q

P.I.T.T

A

Position, Interest, Time, Title

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15
Q

Group elected to manage a cooperative

A

Board of directors

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16
Q

Stairwells, roofs, etc., owned by all

A

Common elements

17
Q

Fee simple ownership of living unit

A

Condominium

18
Q

Apartment house changed to condos

A

Conversion

19
Q

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

A

Cooperative

20
Q

All owners in one condominium complex

A

Homeowners’ association

21
Q

Regulates the creation of condominiums

A

Horizontal Properties Act

22
Q

Co-op owner’s right to apartment

A

Proprietary Lease

23
Q

Money set aside for future repeairs

A

Reserves

24
Q

Ownership for part of a year

A

Time-Sharing

25
Q

Architectural term

A

Town House

NJ Real Estate Study [2020] (2 decks)

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