NJ Real Estate Unit 7: Ownership of Real Estate

Corporation

legal entity considered to be an artificial person

Devisee

Person named in a will to inherit real estate

General Partnership

group with each partner completely liable

Joint Tenancy

nonmarried persons with right of survivorship

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

Right of Survivorship

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

Sole Proprietorship

business owned by one person or entity

Tenancy by the Entirety

special ownership by married couple

Tenancy in Common

owners free to devise property to any heir

Tenancy in severalty

real estate ownership by only one

Title

ownership

Board of Directors (BOD)

group elected to manage a cooperative

Common Elements

Stairwells, roofs, etc., owned by all

Condominium

fee simple ownership of living unit

Conversion

apartment house changed to condos

Cooperative

apartment whose buyer receives a proprietary lease/stock in corporation

Homeowners Association (HOA)

all owners in one condominium complex

Horizontal Properties Act

regulates the creation of condominiums

Proprietary Lease

co-op owner's right to apartment

Reserves

money set aside for future repairs

Time-sharing

ownership for part of a year

Town house

architectural term

tenants in common, each owning a one-half undivided interest.

When buying a property, one party paid one-third of the cost and the other paid the balance. The seller's deed received at the closing conveyed the property to the two parties without further explanation. As a result, the two owners are

heirs or whoever is designated under the deceased owner's will.

If property is held by two or more owners as tenants in common, upon the death of one owner the ownership of his or her share passes to the

tenancy by the entirety.

In New Jersey, a deed conveying a property to a married couple creates a

The survivor becomes complete owner.

Which of the following statements applies equally to joint tenants and tenants by the entirety?

sue for partition.

Two cousins inherited their grandfather's farm. The cousin who lives on the farm does not pay rent and refuses to pay taxes. The non occupant cousin can

Person C and Owner B become tenants in common.

Owners A and B own an apartment building as joint tenants. If Owner A sells his interest to Person C,

tenants by the entirety.

Shortly after their marriage, a couple buys a home together. If the deed states nothing to the contrary, they are

tenants in common.

Two people buy a small shopping plaza together. If the deed states nothing of the contrary, they are

X and Y are now the only owners of the property.

X, Y, and Z are joint-tenant owners of a hunting lodge. Z dies, leaving everything to his wife. Which statement is TRUE?

joint tenants.

Two friends want to buy a house together and ensures if one dies the other inherits automatically. They should take title as

in severalty.

Two friends buy a store together as joint tenants. One party dies, leaving everything she owns to her daughter. The original owner now owns the store

corporation.

An artificial person created by legal means is known as a

partnership.

The four unities required to created a joint tenancy in New Jersey include all of the following EXCEPT

As limited partners, X and Y are liable only to the extent of their investment.

X, Y, and Z each invest $1,000 in a new business. X and Y do not participate in the operation of the new venture, but agree to let Z make all the decisions regarding its day-to-day management. If the business experiences a $6,000 loss, how is liability shared under these facts?

Stairwells, the swimming pool, foyers.

Common elements include

covenants, conditions, and restrictions.

The term CC&R refers to

shares in a corporation.

The owner of a cooperative apartment receives

cooperative.

The right to reject prospective new owners is held by the board of directors of a

condominium.

A man owns a fee simple interest in his apartment, together with a specified undivided percentage of common elements. The man's building is organized as a

cooperative.

The buyer of an apartment received shares in a corporation and a proprietary lease to her apartment. Her building is organized as a

cooperative.

A board of directors commonly reserved the right to approve or disapprove of potential buyers in which form of joint ownership?

personal property.

Stock in a cooperative apartment is usually considered

funds set aside for major repairs in the future.

The term reserves refers to

a cooperative.

Long-term stability of residence is most characteristic of

a time-share.

A couple has the right to live in unit 6B only between March 3 and March 15 of every year. For the rest of the year, others have the exclusive right to live in the unit. The type of ownership arrangement described by these facts is most likely