Flashcards in Chapter 7: Ownership Of Real Estate Key Terms Part 2 Deck (11):
Board of directors
The group elected to manage a corporation.
Stairwells, groups, etc., Owned by all
Fee simple ownership of a living unit
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.
An apartment who's buyer receives stock in a corporation.
All owners in one condominium complex.
Horizontal Properties Act
Regulates the creation of condominiums. Also known as the condominium act.
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.
Money set-aside for future repairs.
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.