Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests Flashcards
Common elements
Items such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with units when they are sold.
Concurrent ownership
means ownership by two or more persons at the same time
Condominium Documents
set of papers describing the condominium and association
Condominium ownership
is a single unit consisting of the vertical and horizontal space in a multi-unit structure including a proportionate share of the common elements
Cooperative
a multiunit dwelling owned by a corporation; owners purchase shares in the corporation and receive a proprietary lease
Declaration
A recorded document that creates a condominium
Elective share
The right of a surviving spouse who has been excluded from the deceased spouse’s will to 30% of the net estate, in addition to homestead property
Estate for years
A wrritten lease with a definite termination date
Estate in severalty
Occurs when title to a 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 can be inherited
Fixtures
objects that were personal property but have been permanently attached to or made part of real property by attachment
Freehold estate
ownership interest for an indefinite period of time
Homestead
Law provides that types of protection and benefits o homeowners regarding their permanent residence
Joint tenancy
is an ownership interest between two or more persons with right of survivorship
Land
refers to boththe surface of the earth and everything attached to it by nature
Leasehold estate(tenancy)
is an interest in real property that a tenant possess(measured in calendar time)
Life estate
is a freehold estate that ends with the death of a named person; ownership for an individual’s natural lifespan
Littoral rights
are associated with land abutting tidal bodies of water, such as an ocean, sea, or lake
Marital assets
Assets acquired during marriage
Nonfreehold estates
have known duration and do not involve ownership interest
Personal property
(also called chattel) Any tangible item that is NOT real property and that is movable
Proprietary lease
The document that entitles a shareholder in a cooperative to possession of a unit
Prospectus
Must be provided to purchasers if a 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.
It summarizes some of the major points detailed in the condominium documents
Real Estate
Refers to the land and all improvements permanently attached to land
Real property
includes all real estate plus the legal bundle of rights inherent in the ownership of real estate
Remainderman
The third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)
Right of survivorship
means that when a co-owner dies, that co-owner’s share goes to the surviving co-owners and NOT to the deceased tenant’s heirs
Riparian rights
Associated with land abutting the banks of a river, stream, or other watercourse
Seperate property
Nonmarital assets
Tenancy at sufferance
exists when a tenant, after rightfully being in possession off the rented property, continues possession after the tenant’s rights have ended; a holdover tenant
Tenancy in common
An interest in real property in which two or more persons hold title to a property with equal or unequal interests in the estate
Tenants in common
Is the most frequently used form of co-ownership except for husband-and-wife ownership
Time-share
ownership involves an undivided interest in a living unit according to the number of weeks perchased
Trade fixture
An item of personal property attached to real property that is owned by a 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
Nature of Property
- Land
- Real Estate
- Real property
Tests to decide if an item is a fixture
IRMA
I - Intent of the parties
R - Relationship of the parties
M - Method of annexation
A - Adaptation of the article
Bundle of rights (real property ownership rights)
DUPE
D - Disposition (right to sell or give away)
U - Use (right to control)
P - Possession (right to occupy)
E - Exclusion (right to quiet enjoyment)
Notice to cancel a time-share contract
10 days
Notice required to cancel a month-to-month tenancy at will
15 days
Notice required to cancel resale cooperative or condominium contract
3 business days
Notice required to cancel a week-to-week tenancy at will
7 days
Subsurface rights
Consists of an owner’s rights to underground minerals, petroleum, and natural gas (also called mineral rights)
Condominium disclosures (New residential units sold by developer)
- Prospectus
- Estimated operating budget
- Declaration of condominium
- Articles of incorporation
- By laws
- FAQ
Condominium disclosures (Resale units/private party sales)
- Most recent year-end financial report
- Rules of the association
- Declaration
- Articles of incorporation
- By laws
- FAQ
- Governance Form
Tenancy at will
A lease hold in which the tenant holds possession of the premises with the owner’s permission, but without a fixed term
Estate in Reversion
created when a life estate returns to the original owner
Property owned before marriage
Considered separate property and owned independently of the other spouse
Annexation
Test to see if removing an item results in damage to real property
Tenancy of entreties
Joint tenancy between a husband and a wife
Accretion
Process of land build up from water-borne rock, sand, and soil
