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Unit 2 Key Terms

Unit 2 Part 2 - Propery Ownership - Estates, Tenancy, Other Ownerships

TermDefinition
common elements Parts of a property commonly used by all condominium residensts. Ownership interest is undivided by all condo owners.
hybrid or common interest community ownership Ownership that contains elements of both ownership in severalty and concurrent ownership
fee simple absolute The maximun possible estate in real property; most complete and absolute ownership; indefinate in duration, freely transferable and inheritable.
fee simple defeasible New owner can enjoy ownership of the property as long as certain conditions, either prohibited activity or required activity, are met. If conditions are not met, the previous owner can re-enter and reclaim ownership through legal or predetermined means.
fee simple determinable An estate in real estate that coninues "so long as" a prescribed land use continues. Esate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
fee simple with condition subsequent An estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.
freehold estates An estate in land in which ownership is for an indeterminate length of time.
homeowners association An organization of property owners in a subdivision, planned community, or condominium that makes and enforeces rules for the properties within its jurisdiction.
homestead Land that is owned and occumpied as a family home. In many states, a portion of the area or value of this land is protected for exempt form judgements for debts.
joint tenancy A concurrent form of ownership of estate between 2 or more parties who have been named in one conveyance as joint tenants. Ownership interest may be unequal. Right of survivorship is not automatic in NC but can be addes by and attorney.
life estate An interest in real or personal proplerty that is limited in duration to th elifetime of its owner or some other designated person or persons.
life tenant A person in possession of a life estate.
limited common elements Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.
marital life estate NC law permits that when someone dies without a will, or dies with a will disinheriting a spouse or leaving him or her very little that the surviving spouse may choose an "elective share" of the estate instead.
nonfreehold estate or leasehold estates give the leasee tempory rights of to occupy, and enjoy the property for the life of the lease.
pur autre vie A life estate measured by the life of a person other than the grantee. "for the life of another"
remainder interest A future interest in real estate created by the grantor for some third party that will be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and remainder (left after death) to another.
remainderman One entitled to recieve a remainder interest in some estate sometime in the future.
reversionary interest A futer estate that the grantor hold while granting a life estate to another person.
right of survivorship A mandatory right of spouses. The surviving spouse immediately becomes the owner in severalty.
tenancy by the entirety A concurrent form of ownership reserved for property owned by spouses. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
tenancy in common A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownerhsip interest can be unequal and the right of survivorship is not allowed.
time-share ownership Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years.
town house ownership horizontal ownership - A hybrid form of ownership where the owner holds fee title to their unit and the ground beneath; Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through the HOA
trust A fiduciary arrangement whereby property is conveyed to a person or an institutions, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The conveyor of the trust is the trustor.
concurrent ownership Ownership involving two or more owners
defeasible fee estate An estate in which the holder has a fee simple title that may be terminated upon the occurance or nonoccurance of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
elective share Allowed by NC when a widow(er) is left out of their spouses will, disinherited, or left very little, the surviving spouse is entitled to receive a share according to the marital life estate.
leasehold estate The tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest; nonfreehold estate.
severalty The ownership of real property by only one person or entity. Sole ownership.
waste An improper use of abuse of a property by a possessor such as tenant, life tenant, mortgagor, or vendee who holds less than fee ownership. Misuse may impair the value of the land, the interest of the person holding title, or the reversionary rights.
estate in land
Created by: REtestprep
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