Chapter 7: Ownership Of Real Estate Key Terms Part 2 Flashcards Preview

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Flashcards in Chapter 7: Ownership Of Real Estate Key Terms Part 2 Deck (11):
1

Board of directors

The group elected to manage a corporation.

2

Common elements

Stairwells, groups, etc., Owned by all

3

Condominium

Fee simple ownership of a living unit

4

Conversion

Apartment house changed to condos. The landlord must obtain an approval of the planned conversion by the state of New Jersey at least three years and two months before the conversion may start. Tenant Protection; they must have occupied the premise for at least two years before the conversion and have incomes no higher than $50,000, if they meet these qualifications they are allowed to continue as tenants for up to 40 years.

5

Cooperative

An apartment who's buyer receives stock in a corporation.

6

Homeowners association

All owners in one condominium complex.

7

Horizontal Properties Act

Regulates the creation of condominiums. Also known as the condominium act.

8

Proprietary lease

Ownership of a cooperative gives shares in the corporation as well as a proprietary lease. The proprietary lease gives the purchaser the right to occupy his or her apartment.

9

Reserves

Money set-aside for future repairs.

10

Time-sharing

Ownership for part of the year. Also known as a fraction of the year ownership this is a true fee simple interest in the real estate.

11

Town house

An architectural term to define A dwelling in which buildings share a party wall.