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24 Cards in this Set
- Front
- Back
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legal entity considered to be an artificial person
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Corporation
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person named in a will to inherit real estate
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Devisee
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group with each partner completely liable
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General partnership
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nonmarried persons with right of survivorship
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Joint tenancy
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group with only general partner fully liable
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Limited partnership
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court-ordered sale and division
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Partition
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co-owners joined together to carry on a business
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Partnership
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process by which co-owner automatically receives share of co-owner who dies
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Right of survivorship
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What kind of business is owned by one person or entity? |
Sole proprietorship |
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What kind of tenancy is a special ownership by married couple? |
Tenancy by the entirety |
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owners free to devise property to any heir
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Tenancy in common
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What kind of tenancy is real estate ownership by only one? |
Tenancy in severalty |
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ownership
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Title
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group elected to manage a cooperative
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Board of directors
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stairwells, roofs, etc., owned by all
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Common elements
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fee simpe ownership of living unit
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Condominium
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apartment house changed to condos
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Conversion
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apartment whose buyer receives stock in corporation
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Cooperative
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all owners in one condominium complex
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Homeowners' association
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regulates the creation of condominiums
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Horizontal Properies Act
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co-op owner's right to apartment
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Proprietary lease
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money set aside for future repairs
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Reserves
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ownership for part of a year
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Time-sharing
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architectural term
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Town house
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