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15 Cards in this Set
- Front
- Back
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Common-Interest Development (CID) |
housing such as condominiums, cooperatives, townhouses, planned unit developments and timeshares |
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Condominiums |
a legal concept meaning joint dominion or joint ownership |
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Master Deed |
Establishes the horizontal property regime |
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By-Laws |
Provide for internal operation by the homeowners' association |
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Plot Plan |
shows the location of the buildings and other improvements |
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Floor Plans |
shows the area, dimension, and location of each unit and the location of the common elements affording acces to each unit |
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Securities Act of 1933 |
covers any investment contract to transaction or scheme whereby a person invests money in a common enterprise and is led to expect profits from the efforts of a promoter or third party |
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Cooperative |
an apartment or dwelling unit in which the tenant buys shares of stock in the corporation that holds title to the entire building |
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Townhouses |
a form of wonership where the owner owns the physical structure and the land and is characterized by two story constructin with a common wall or walls bordering neighboring dwellings |
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Planned Unit Development (PUD) |
describes a subdivision in which the standard zoning classification do not apply |
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Time Share |
Properties that are typically resort condominium units, in which multiple parties hold rights to use the property, and the sharer is allotted a period of time in which they may use the property. |
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C Corporation |
Profits are taxed at the corporate level and stockholders are taxed on dividends |
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S Corporations |
Each stocholder is taxed on his/her share of the profits whether distributed to him/her or not |
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Real Estate Investment Trust (REIT) |
offers the flow through tax advantage of the partnership and retains many of the advantages of the corporation |
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Limited Liability Company (LLC) |
Offers the liability protection of a corportion and the tax advantage of a partnersip |
