Ch 32 Multiple Ownership of Real Property Flashcards
Common Areas
the part of a condominium or apartment building that is owned, as tenants in common, by all the unit owners
Community Property
property other than a gift or inheritance, acquired by a husband or wife during marriage, that belongs to both spouses equally
Concurrent Ownership
ownership by more than one person
Condominium
a parcel of real property portions of which are owned separately in fee simple by individual owners and the remainder of which is owned as tenants in common by all the unit owners
Condominium Association
a group of people consisting of condominium unit owners that manages and maintains a condominium
Cooperative Apartment
a dwelling unit in which the occupants lease individual units and at the same time own share of stock in the corporation that owns the building
Co-ownership
ownership by more than one person
Co-tenants
two or more owners of real property
Covenants, Conditions, and Restrictions
part of a dead used to regulate the appearance and use of a property that is part of a condominium or cooperative that are stricter that local ordinances or zoning laws.
Creditors
people to whom money is owed
Homeowners Association
a non-profit organization for the purpose of marketing and managing a house development
Interval ownership
a fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval, such as a week or two each year
Joint Tenancy
the estate owned by joint tenants
Joint Tenancy with the Right of Survivorship
the estate owned by joint tenants
Joint Tenants
two or more persons holding one and the same interest, accruing by one and the same conveyance commencing at one and the same time and held by one and the same undivided possession
Levy on Execution
to collect a sum of money by putting into effect the judgment of a court
Master Deed
a deed to a condominium that describes the entire property that is owned by the condominium association
Moiety
a part, portion, or fraction
Partition
the division of land, held by joint tenants or tenants in common, into distinct portions so that they may hold them separately
Proprietary Lease
a lease to an owner of the property
Several
separate, individual, and independent
Tenancy by the Entirety
a type of joint tenancy held by a husband and wife that offers protection against attachment and that cannot be terminated by one spouse alone
Tenancy in Partnership
ownership in which each person has an interest in partnership property and is a co-owner of such property
Tenants in Common
two or more persons holding an undivided interest in property, with each owners interests going to his or her heirs on death rather than to the surviving co-owners
Timesharing
a fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval such as a week or two each year
Unit Deed
a deed to an individual condominium unit being transferred
Units
the individual portions of a condominium that are owned separately in fee simple by individual owners
Unity of Interest
equal interest in a property by all owners
Unity of Possession
equal rights to possession of the entire property by all owners
Unity of Time
the condition that exists when all owners of a property take title at the same time
Unity of Title
the condition that exists when all owners of a property receive title from the same instrument
