Chapter 08 - Property Rights- Estates, Tenancies, and Multiple Ownership Interests

Question 1

Bylaws

Answer 1

A recorded document that consists of the rules and regulations of a condominium.

Question 2

Common elements

Answer 2

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.

Question 3

Concurrent ownership

Answer 3

Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, or tenants in common.

Question 4

Condominium documents

Answer 4

A set of papers describing the condominium and the association.

Question 5

Condominium ownership

Answer 5

A single unit consisting of the vertical and horizontal space in a multiunit structure plus a proportionate share of the common elements.

Question 6

Cooperative

Answer 6

A multiunit project consisting of individual dwelling units owned by the corporation. Owners purchase shares in the corporation and receive a proprietary lease.

Question 7

Declaration

Answer 7

A recorded document that creates the condominium.

Question 8

Elective share

Answer 8

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.

Question 9

Estate for years

Answer 9

A written lease with a definite termination date.

Question 10

Estate in severalty

Answer 10

Occurs when title to property is held by one person.

Question 11

Fee simple estate

Answer 11

The most common type of ownership; it is the most comprehensive collection of property rights and may be inherited.

Question 12

Fixture

Answer 12

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.

Question 13

Freehold estate

Answer 13

An ownership interest for an indefinite period of time.

Question 14

Homestead

Answer 14

Law provides certain types of protection and benefits to homeowners regarding their permanent residence.

Question 15

Joint tenancy

Answer 15

An ownership interest between two or more persons with right of survivorship.

Question 16

Land

Answer 16

The surface of the earth and everything attached to it by nature.

Question 17

Leasehold estate

Answer 17

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).

Question 18

Life estate

Answer 18

A freehold estate that ends with the death of a named person; ownership for the life of a person.

Question 19

Littoral rights

Answer 19

Legal rights associated with land abutting bodies of water such as an ocean, sea, or lake.

Question 20

Marital assets

Answer 20

Real and personal property acquired during marriage.

Question 21

Personal property

Answer 21

Also known as chattel, it is any tangible item that is not real property and is moveable.

Question 22

Proprietary lease

Answer 22

The document that entitles a shareholder in a cooperative to possession of a unit.

Question 23

Prospectus

Answer 23

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.

Question 24

Real estate

Answer 24

Land and all improvement permanently attached to land.

Question 25

Real property

Answer 25

All real estate plus the legal bundle of rights inherent in the ownership of real estate.

Question 26

Remainderman

Answer 26

The third party to whom property is transferred at the end of a life estate.

Question 27

Right of survivorship

Answer 27

When one co-owner dies, his or her share goes to the surviving co-owner(s) and not to the deceased tenant’s heirs.

Question 28

Riparian rights

Answer 28

Rights associated with land abutting the banks of a river, stream, or other watercourse.

Question 29

Separate property

Answer 29

Nonmarital assets.

Question 30

Tenancy at sufferance

Answer 30

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).

Question 31

Tenancy at will

Answer 31

A leasehold in which the tenant holds possession of the premises with the owner’s permission but without a fixed term.

Question 32

Tenancy by the entireties

Answer 32

An estate created by husband and wife who take title together at the same time.

Question 33

Tenancy in common

Answer 33

An interest in real property in which two or more persons hold title to the property with equal or unequal interests in the estate.

Question 34

Time-share

Answer 34

Ownership that involves an undivided interest in a living unit according to the number of weeks purchased.

Question 35

Trade fixture

Answer 35

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.

Question 36

Undivided interest

Answer 36

An interest in the entire property, rather than ownership of a particular part of the property.