The flashcards below were created by user
leakinmysoul
on FreezingBlue Flashcards.
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Constructive Eviction
A landlord allows a building to deteriorate to the point that the tenants are forced to leave
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Gross Lease
A lease where the landlord pays all the expenses of the property and the tenants pay only rent
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Net Lease
The tenants pay rent plus some of the expenses of the property
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Time Share
Exclusive use of a property for a special number of days per year, with the privileges of ownership, but without the responsibility of sole or full ownership - interval ownership
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Cooperative or Co-op
Land and building owned by a corporation, occupied by shareholders in the corporation
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Proprietary Lease
The conveyance used to grant a co-op resident exclusive use of one of the units in the building
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Condominium
A residential, commercial or industrial complex with individual ownership of units and tenancy in common ownership of common areas
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Errors and Omissions Insurance
E&O - protection for agents in the case of innocent agency violations
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Developer
One who purchases undeveloped property and divides it into lots for building
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Party Wall
A shared wall - owners owe each other a duty of joint support - no action by one owner can harm the position of the other
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Flipping
One party buys a property with the intention to quickly transfer (flip) it to the ultimate buyer
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Lack of Liquidity
Not easily converted to cash - the main disadvantage of real estate investment
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Emblements
Annually cultivated crops - personal property - ownership transferred by a bill of sale
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