Chapter 08 - Property Rights- Estates, Tenancies, and Multiple Ownership Interests Flashcards
Bylaws
A recorded document that consists of the rules and regulations of a condominium.
Common elements
Elements such as roofs, elevators, and recreational facilities that are legally attached to condominium units and are transferred with the units when they are sold.
Concurrent ownership
Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, or tenants in common.
Condominium documents
A set of papers describing the condominium and the association.
Condominium ownership
A single unit consisting of the vertical and horizontal space in a multiunit structure plus a proportionate share of the common elements.
Cooperative
A multiunit project consisting of individual dwelling units owned by the corporation. Owners purchase shares in the corporation and receive a proprietary lease.
Declaration
A recorded document that creates the condominium.
Elective share
The right of a surviving spouse who has been excluded from the deceased spouse’s will to 30 percent of the net estate, in addition to homestead property.
Estate for years
A written lease with a definite termination date.
Estate in severalty
Occurs when title to property is held by one person.
Fee simple estate
The most common type of ownership; it is the most comprehensive collection of property rights and may be inherited.
Fixture
An object that was once considered to be personal property but has become real property because of attachment to, or use in, improvements to real property.
Freehold estate
An ownership interest for an indefinite period of time.
Homestead
Law provides certain types of protection and benefits to homeowners regarding their permanent residence.
Joint tenancy
An ownership interest between two or more persons with right of survivorship.
Land
The surface of the earth and everything attached to it by nature.
Leasehold estate
A less-than-freehold estate; it is an interest in real property in which ownership is for a definite time period (measured in calendar time).
Life estate
A freehold estate that ends with the death of a named person; ownership for the life of a person.
Littoral rights
Legal rights associated with land abutting bodies of water such as an ocean, sea, or lake.
Marital assets
Real and personal property acquired during marriage.
Personal property
Also known as chattel, it is any tangible item that is not real property and is moveable.
Proprietary lease
The document that entitles a shareholder in a cooperative to possession of a unit.
Prospectus
A developer is required to provide purchasers a prospectus if the condominium consists of more than 20 residential units, or is part of a group of residential condominiums that will be served by property to be used in common by unit owners of more than 20 units. The prospectus summarizes some of the major points detailed in the condominium documents.
Real estate
Land and all improvement permanently attached to land.
Real property
All real estate plus the legal bundle of rights inherent in the ownership of real estate.
Remainderman
The third party to whom property is transferred at the end of a life estate.
Right of survivorship
When one co-owner dies, his or her share goes to the surviving co-owner(s) and not to the deceased tenant’s heirs.
Riparian rights
Rights associated with land abutting the banks of a river, stream, or other watercourse.
Separate property
Nonmarital assets.
Tenancy at sufferance
Exists when the tenant, after rightfully being in possession of the rented property, continues possession after his or her right has ended (a holdover tenant).
Tenancy at will
A leasehold in which the tenant holds possession of the premises with the owner’s permission but without a fixed term.
Tenancy by the entireties
An estate created by husband and wife who take title together at the same time.
Tenancy in common
An interest in real property in which two or more persons hold title to the property with equal or unequal interests in the estate.
Time-share
Ownership that involves an undivided interest in a living unit according to the number of weeks purchased.
Trade fixture
An item of personal property attached to real property that is owned by the tenant and used in a business that is legally removable by the tenant.
Undivided interest
An interest in the entire property, rather than ownership of a particular part of the property.
