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Unit 8

Definitions

TermDefinition
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 the 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 condo and the association
cooperative Multiunit project consisting of individual dwelling units owned by the corporation which the individual apt tenants own stock rather than owning their respective units
declaration of condominium The legal document that the developer of a condo must file and record in order to create a condo under state law
estate for years A tenancy measured from a starting date to a termination date(may be for a few days or longer than any natural life; ex leasehold is an estate for years)
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 hold in real property; freehold estate. Also called fee or fee simple absolute
fixture An object that was once considered personal property but had 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 tract of land limited in size, (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 deed establishing joint tenancy
land The surface of the earth and everything attached to it be 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 a bill of sale); property not classified as real property. Also called personality or chattel
proprietary lease A written agreement between the owner-corp and the tenant-stockholder in a cooperative apartment
prospectus A document prepared by a developer of more than 20 new condo units that summarizes some of the major points contained in the condo 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 entitles to the interest formally 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 with a river or stream 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 entireties An estate created by spouses jointly owning real property with instant and complete right of survivorship
tenants in common A form of ownership by two or more persons each having and equal or unequal interest and passing the interest to heirs, not 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
Created by: happythivo
 

 



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