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Unit *7
| Term | Definition |
|---|---|
| Board of Directors | Elected managing body of a corporation, specifically, of a cooperative apartment building |
| Common Elements | Parts of a property that are necessary or convenient to the existence, maintenance and safety of a condominium or are normally in common use by all of the condo residents |
| Condominium | The absolute ownership of an apartment or a unit plus an undivided interest in the ownership of the common elements, which are jointly owned |
| Cooperative | A residential multi-unit building whose title is held by a corporation owned by and operated for the benefit of persons living within the building, who are stockholders of the corporation, each possessing a proprietary lease |
| Corporation | An entity or organization created by operation of law whose rights of doing business are essentially the same of those of an individual |
| Devisee | A gift of real property by will |
| General Partnership | Group in which each partner shares complete liability |
| Homeowners Association | A nonprofit group of homeowners in a condo, co-op, or PUD that administers common elements, and enforces covenants, conditions, and restrictions |
| Horizontal Properties Act | A law regulating the creation of condos |
| Joint Tenancy | Ownership of real estate between 2 or more parties who have been named in one conveyance specifically as joint tenants. Upon the death of a joint tenant, his or her interests passes to the surviving joint tenants or tenant. ALL PARTS EQUAL |
| Limited Liability Company (LLC) | Organization that combines the simplicity and tax treatment of a partnership with the protection from a liability offered by a corporation |
| Partition | The division that is made of real property between those who own it in undivided shares |
| Limited partnership | Administered by 1 or more general partners and funded by limited or silent partners who are by law responsible for losses only to the extent of their investment |
| Partnership | An association of 2 or more individuals who carry on a continuing business for profit as co-owners |
| Proprietary Lease | A written lease in a co-op apartment building, held by the tenant / shareholder giving the right to occupy a particular unit |
| Sole Proprietorship | Ownership of a business by 1 person |
| Tenancy by the Entierty | The joint ownership of property acquired by husband and wife during marriage; upon the death of one person the other becomes the owner of the property |
| Tenancy in Common | A form of co-ownership by which each owner holds an undivided interest in real property as if they were sole owner. Each individual owner has the right to partition. *NO SURVIVORSHIP |
| Tenancy in Severalty | Ownership of property by 1 person only |
| Time-Share | Ownership of real estate for only a portion of the year |
| Title | Evidence that the owner of land is in lawful possession thereof; evidence of ownership |
Created by:
MAK89
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