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Real Estate Key Terms Test > Unit 8 Key Terms > Flashcards

Unit 8 Key Terms Flashcards

1
Q

bundle of legal rights

A

An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.

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2
Q

common elements

A

The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.

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3
Q

concurrent ownership

A

When two or more persons own property at the same time, such as joint tenants, tenants by entirety, or tenants in common.

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4
Q

condominium

A

A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.

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5
Q

condominium documents

A

A set of papers describing the condominium and the association.

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6
Q

cooperative

A

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.

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7
Q

declaration of condominium

A

The legal document that the developer of a condominium must file and record in order to create a condominium under state law.

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8
Q

estate for years

A

A tenancy with a specific starting and ending time.

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9
Q

estate in severalty

A

Ownership of property vested in one person alone, also called sole ownership.

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10
Q

fee simple estate

A

The most comprehensive and complete interest one can hole in real property; freehold estate. Also called fee simple absolute.

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11
Q

fixture

A

An object that was once considered personal property but has become real property because of attachment to, or use in, improvements to real property.

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12
Q

freehold estate

A

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.

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13
Q

homestead

A

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.

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14
Q

joint tenancy

A

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.

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15
Q

land

A

The surface of the earth and everything attached to it by nature.

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16
Q

leasehold estate

A

A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold.

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17
Q

life estate

A

Tenancies whose durations are limited to the life of some person; freehold

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18
Q

littoral rights

A

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

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19
Q

nonfreehold estate

A

An estate in real property in which ownership is for a determinable time period, as in a lease.

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20
Q

personal property

A

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also called pesonalty or chattel.

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21
Q

proprietary lease

A

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

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22
Q

prospectus

A

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.

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23
Q

real estate

A

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.

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24
Q

real property

A

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

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25
Q

remainderman

A

The party designated to receive an estate at the end of a life estate.

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26
Q

right of survivorship

A

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.

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27
Q

riparian rights

A

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.

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28
Q

separate property

A

Real property owned by a spouse before the marriage with the spouse having no present rights in such property; property owned individually.

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29
Q

tenancy at sufferance

A

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

30
Q

tenancy at will

A

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

31
Q

tenancy by the entities

A

An estate created by spouses jointly owning real property with instant and complete right of survivorship.

32
Q

tenancy in common

A

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.

33
Q

time-share

A

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.

34
Q

trade fixture

A

An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.

35
Q

undivided interest

A

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

36
Q

An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.

A

bundle of legal rights

37
Q

The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.

A

common elements

38
Q

When two or more persons own property at the same time, such as joint tenants, tenants by entirety, or tenants in common.

A

concurrent ownership

39
Q

A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.

A

condominium

40
Q

A set of papers describing the condominium and the association.

A

condominium documents

41
Q

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.

A

cooperative

42
Q

The legal document that the developer of a condominium must file and record in order to create a condominium under state law.

A

declaration of condominium

43
Q

A tenancy with a specific starting and ending time.

A

estate for years

44
Q

Ownership of property vested in one person alone, also called sole ownership.

A

estate in severalty

45
Q

The most comprehensive and complete interest one can hole in real property; freehold estate. Also called fee simple absolute.

A

fee simple estate

46
Q

An object that was once considered personal property but has become real property because of attachment to, or use in, improvements to real property.

A

fixture

47
Q

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.

A

freehold estate

48
Q

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.

A

homestead

49
Q

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.

A

joint tenancy

50
Q

The surface of the earth and everything attached to it by nature.

A

land

51
Q

A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold.

A

leasehold estate

52
Q

Tenancies whose durations are limited to the life of some person; freehold

A

life estate

53
Q

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

A

littoral rights

54
Q

An estate in real property in which ownership is for a determinable time period, as in a lease.

A

nonfreehold estate

55
Q

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also called pesonalty or chattel.

A

personal property

56
Q

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

A

proprietary lease

57
Q

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.

A

prospectus

58
Q

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.

A

real estate

59
Q

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

A

real property

60
Q

The party designated to receive an estate at the end of a life estate.

A

remainderman

61
Q

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.

A

right of survivorship

62
Q

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.

A

riparian rights

63
Q

Real property owned by a spouse before the marriage with the spouse having no present rights in such property; property owned individually.

A

separate property

64
Q

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

A

tenancy at sufferance

65
Q

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

A

tenancy at will

66
Q

An estate created by spouses jointly owning real property with instant and complete right of survivorship.

A

tenancy by the entities

67
Q

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.

A

tenancy in common

68
Q

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.

A

time-share

69
Q

An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.

A

trade fixture

70
Q

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

A

undivided interest

Real Estate Key Terms Test (20 decks)

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