Unit 8 Key Terms

Question 1

bundle of legal rights

Answer 1

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

Question 2

common elements

Answer 2

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

Question 3

concurrent ownership

Answer 3

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

Question 4

condominium

Answer 4

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

Question 5

condominium documents

Answer 5

A set of papers describing the condominium and the association.

Question 6

cooperative

Answer 6

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.

Question 7

declaration of condominium

Answer 7

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

Question 8

estate for years

Answer 8

A tenancy with a specific starting and ending time.

Question 9

estate in severalty

Answer 9

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

Question 10

fee simple estate

Answer 10

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

Question 11

fixture

Answer 11

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

Question 12

freehold estate

Answer 12

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.

Question 13

homestead

Answer 13

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.

Question 14

joint tenancy

Answer 14

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.

Question 15

land

Answer 15

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

Question 16

leasehold estate

Answer 16

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

Question 17

life estate

Answer 17

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

Question 18

littoral rights

Answer 18

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

Question 19

nonfreehold estate

Answer 19

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

Question 20

personal property

Answer 20

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

Question 21

proprietary lease

Answer 21

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

Question 22

prospectus

Answer 22

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.

Question 23

real estate

Answer 23

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.

Question 24

real property

Answer 24

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

Question 25

remainderman

Answer 25

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

Question 26

right of survivorship

Answer 26

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.

Question 27

riparian rights

Answer 27

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.

Question 28

separate property

Answer 28

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

Question 29

tenancy at sufferance

Answer 29

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

Question 30

tenancy at will

Answer 30

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

Question 31

tenancy by the entities

Answer 31

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

Question 32

tenancy in common

Answer 32

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.

Question 33

time-share

Answer 33

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.

Question 34

trade fixture

Answer 34

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

Question 35

undivided interest

Answer 35

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

Question 36

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

Answer 36

bundle of legal rights

Question 37

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

Answer 37

common elements

Question 38

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

Answer 38

concurrent ownership

Question 39

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

Answer 39

condominium

Question 40

A set of papers describing the condominium and the association.

Answer 40

condominium documents

Question 41

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.

Answer 41

cooperative

Question 42

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

Answer 42

declaration of condominium

Question 43

A tenancy with a specific starting and ending time.

Answer 43

estate for years

Question 44

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

Answer 44

estate in severalty

Question 45

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

Answer 45

fee simple estate

Question 46

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

Answer 46

fixture

Question 47

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.

Answer 47

freehold estate

Question 48

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.

Answer 48

homestead

Question 49

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.

Answer 49

joint tenancy

Question 50

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

Answer 50

land

Question 51

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

Answer 51

leasehold estate

Question 52

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

Answer 52

life estate

Question 53

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

Answer 53

littoral rights

Question 54

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

Answer 54

nonfreehold estate

Question 55

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

Answer 55

personal property

Question 56

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

Answer 56

proprietary lease

Question 57

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.

Answer 57

prospectus

Question 58

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.

Answer 58

real estate

Question 59

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

Answer 59

real property

Question 60

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

Answer 60

remainderman

Question 61

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.

Answer 61

right of survivorship

Question 62

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.

Answer 62

riparian rights

Question 63

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

Answer 63

separate property

Question 64

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

Answer 64

tenancy at sufferance

Question 65

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

Answer 65

tenancy at will

Question 66

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

Answer 66

tenancy by the entities

Question 67

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.

Answer 67

tenancy in common

Question 68

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.

Answer 68

time-share

Question 69

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

Answer 69

trade fixture

Question 70

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

Answer 70

undivided interest