Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests

Question 1

Common elements

Answer 1

Items such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with units when they are sold.

Question 2

Concurrent ownership

Answer 2

means ownership by two or more persons at the same time

Question 3

Condominium Documents

Answer 3

set of papers describing the condominium and association

Question 4

Condominium ownership

Answer 4

is a single unit consisting of the vertical and horizontal space in a multi-unit structure including a proportionate share of the common elements

Question 5

Cooperative

Answer 5

a multiunit dwelling owned by a corporation; owners purchase shares in the corporation and receive a proprietary lease

Question 6

Declaration

Answer 6

A recorded document that creates a condominium

Question 7

Elective share

Answer 7

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

Question 8

Estate for years

Answer 8

A wrritten lease with a definite termination date

Question 9

Estate in severalty

Answer 9

Occurs when title to a property is held by one person

Question 10

Fee simple estate

Answer 10

The most common type of ownership.

It is the most comprehensive collection of property rights and can be inherited

Question 11

Fixtures

Answer 11

objects that were personal property but have been permanently attached to or made part of real property by attachment

Question 12

Freehold estate

Answer 12

ownership interest for an indefinite period of time

Question 13

Homestead

Answer 13

Law provides that types of protection and benefits o homeowners regarding their permanent residence

Question 14

Joint tenancy

Answer 14

is an ownership interest between two or more persons with right of survivorship

Question 15

Land

Answer 15

refers to boththe surface of the earth and everything attached to it by nature

Question 16

Leasehold estate(tenancy)

Answer 16

is an interest in real property that a tenant possess(measured in calendar time)

Question 17

Life estate

Answer 17

is a freehold estate that ends with the death of a named person; ownership for an individual’s natural lifespan

Question 18

Littoral rights

Answer 18

are associated with land abutting tidal bodies of water, such as an ocean, sea, or lake

Question 19

Marital assets

Answer 19

Assets acquired during marriage

Question 20

Nonfreehold estates

Answer 20

have known duration and do not involve ownership interest

Question 21

Personal property

Answer 21

(also called chattel) Any tangible item that is NOT real property and that is movable

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

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

Question 24

Real Estate

Answer 24

Refers to the land and all improvements permanently attached to land

Question 25

Real property

Answer 25

includes 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 a property is transferred at the end of a life estate (vested if named; contingent if not named)

Question 27

Right of survivorship

Answer 27

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

Question 28

Riparian rights

Answer 28

Associated with land abutting the banks of a river, stream, or other watercourse

Question 29

Seperate property

Answer 29

Nonmarital assets

Question 30

Tenancy at sufferance

Answer 30

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

Question 31

Tenancy in common

Answer 31

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

Question 32

Tenants in common

Answer 32

Is the most frequently used form of co-ownership except for husband-and-wife ownership

Question 33

Time-share

Answer 33

ownership involves an undivided interest in a living unit according to the number of weeks perchased

Question 34

Trade fixture

Answer 34

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

Question 35

Undivided Interest

Answer 35

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

Question 36

Nature of Property

Answer 36

- Land - Real Estate - Real property

Question 37

Tests to decide if an item is a fixture

Answer 37

IRMA I - Intent of the parties R - Relationship of the parties M - Method of annexation A - Adaptation of the article

Question 38

Bundle of rights (real property ownership rights)

Answer 38

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)

Question 39

Notice to cancel a time-share contract

Answer 39

10 days

Question 40

Notice required to cancel a month-to-month tenancy at will

Answer 40

15 days

Question 41

Notice required to cancel resale cooperative or condominium contract

Answer 41

3 business days

Question 42

Notice required to cancel a week-to-week tenancy at will

Answer 42

7 days

Question 43

Subsurface rights

Answer 43

Consists of an owner's rights to underground minerals, petroleum, and natural gas (also called mineral rights)

Question 44

Condominium disclosures (New residential units sold by developer)

Answer 44

- Prospectus - Estimated operating budget - Declaration of condominium - Articles of incorporation - By laws - FAQ

Question 45

Condominium disclosures (Resale units/private party sales)

Answer 45

- Most recent year-end financial report - Rules of the association - Declaration - Articles of incorporation - By laws - FAQ - Governance Form

Question 46

Tenancy at will

Answer 46

A lease hold in which the tenant holds possession of the premises with the owner's permission, but without a fixed term

Question 47

Estate in Reversion

Answer 47

created when a life estate returns to the original owner

Question 48

Property owned before marriage

Answer 48

Considered separate property and owned independently of the other spouse

Question 49

Annexation

Answer 49

Test to see if removing an item results in damage to real property

Question 50

Tenancy of entreties

Answer 50

Joint tenancy between a husband and a wife

Question 51

Accretion

Answer 51

Process of land build up from water-borne rock, sand, and soil