Unit 8 Key Terms Flashcards
bundle of legal rights
An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.
common elements
The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.
concurrent ownership
When two or more persons own property at the same time, such as joint tenants, tenants by entirety, or tenants in common.
condominium
A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.
condominium documents
A set of papers describing the condominium and the association.
cooperative
A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.
declaration of condominium
The legal document that the developer of a condominium must file and record in order to create a condominium under state law.
estate for years
A tenancy with a specific starting and ending time.
estate in severalty
Ownership of property vested in one person alone, also called sole ownership.
fee simple estate
The most comprehensive and complete interest one can hole in real property; freehold estate. Also called fee simple absolute.
fixture
An object that was once considered personal property but has become real property because of attachment to, or use in, improvements to real property.
freehold estate
A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.
homestead
Term used to describe three separate but related situations: (1) a tax exemption, (2) a track of land limited in size, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendants.
joint tenancy
An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.
land
The surface of the earth and everything attached to it by nature.
leasehold estate
A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold.
life estate
Tenancies whose durations are limited to the life of some person; freehold
littoral rights
Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.
nonfreehold estate
An estate in real property in which ownership is for a determinable time period, as in a lease.
personal property
Tangible and movable property (transferred by bill of sale); property not classified as real property. Also called pesonalty or chattel.
proprietary lease
A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.
prospectus
A document prepared by a developer of more than 20 new condominium units that summarizes some of the major points contained in the condominium documents.
real estate
Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.
real property
Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.
remainderman
The party designated to receive an estate at the end of a life estate.
right of survivorship
A legal concept whereby the surviving owners of a joint interest in real property are entitled to the interest formerly owned by one or more deceased owners without the need for probate proceedings.
riparian rights
Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.
separate property
Real property owned by a spouse before the marriage with the spouse having no present rights in such property; property owned individually.
tenancy at sufferance
An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.
tenancy at will
An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.
tenancy by the entities
An estate created by spouses jointly owning real property with instant and complete right of survivorship.
tenancy in common
A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.
time-share
An individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks per year.
trade fixture
An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.
undivided interest
An interest in the entire property, rather than ownership of a particular part of the property.
An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.
bundle of legal rights
The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.
common elements
When two or more persons own property at the same time, such as joint tenants, tenants by entirety, or tenants in common.
concurrent ownership
A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.
condominium
A set of papers describing the condominium and the association.
condominium documents
A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.
cooperative
The legal document that the developer of a condominium must file and record in order to create a condominium under state law.
declaration of condominium
A tenancy with a specific starting and ending time.
estate for years
Ownership of property vested in one person alone, also called sole ownership.
estate in severalty
The most comprehensive and complete interest one can hole in real property; freehold estate. Also called fee simple absolute.
fee simple estate
An object that was once considered personal property but has become real property because of attachment to, or use in, improvements to real property.
fixture
A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.
freehold estate
Term used to describe three separate but related situations: (1) a tax exemption, (2) a track of land limited in size, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendants.
homestead
An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.
joint tenancy
The surface of the earth and everything attached to it by nature.
land
A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold.
leasehold estate
Tenancies whose durations are limited to the life of some person; freehold
life estate
Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.
littoral rights
An estate in real property in which ownership is for a determinable time period, as in a lease.
nonfreehold estate
Tangible and movable property (transferred by bill of sale); property not classified as real property. Also called pesonalty or chattel.
personal property
A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.
proprietary lease
A document prepared by a developer of more than 20 new condominium units that summarizes some of the major points contained in the condominium documents.
prospectus
Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.
real estate
Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.
real property
The party designated to receive an estate at the end of a life estate.
remainderman
A legal concept whereby the surviving owners of a joint interest in real property are entitled to the interest formerly owned by one or more deceased owners without the need for probate proceedings.
right of survivorship
Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.
riparian rights
Real property owned by a spouse before the marriage with the spouse having no present rights in such property; property owned individually.
separate property
An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.
tenancy at sufferance
An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.
tenancy at will
An estate created by spouses jointly owning real property with instant and complete right of survivorship.
tenancy by the entities
A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.
tenancy in common
An individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks per year.
time-share
An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.
trade fixture
An interest in the entire property, rather than ownership of a particular part of the property.
undivided interest
