In this chapter:
(1) "Business entity" means a partnership, corporation, joint venture, limited liability company, or other business organization or business association, however organized.
(2) "Managing entity" means a business entity that owns residential property used in a residential arrangement.
(3) "Residential arrangement" means an arrangement in which the purchaser of an interest in a business entity is entitled to exclusive possession of residential property owned by the entity as long as the purchaser holds the interest in the business entity.
(4) "Residential property" means the real property and improvements for a single-family house, duplex, triplex, or quadruplex.