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Unit 8
Definitions
| Term | Definition |
|---|---|
| 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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