Unit 8 - Property Rights, Estates and Tenancies, Condominiums, Cooperatives and Time-Sharing

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 multi-ownership property not included in the units; those parts in which in unit owner holds an undivided interest

Question 3

Concurrent Ownership

Answer 3

When two or more people own property at the same time, such as joint tenants, tenant 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 a 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 measured from a starting date to a termination date; a leasehold is an estate for years

Question 9

Estate in Severalty

Answer 9

Sole ownership; Ownership of property vested in one person

Question 10

Fee Simple Estate

Answer 10

The most comprehensive and complete interest one can hold in real property; a freehold estate; Also called a fee or fee simple absolute

Question 11

Fixture

Answer 11

Ann object that was once considered personal property, but has become real property because of its 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 tract of land limited in size; and 3) the statutory condition designed to protect the interests of a spouse or 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

Life Estate

Answer 15

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

Question 16

Littoral Rights

Answer 16

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

Question 17

Nonfreehold Estate

Answer 17

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

Question 18

Personal Property

Answer 18

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

Question 19

Proprietary Lease

Answer 19

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

Question 20

Prospectus

Answer 20

A document prepared by a developer of more than 20 new condominium units that summarizes some of the major points contained in the condominium document

Question 21

Real Estate

Answer 21

Land including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property; property that is not personal property

Question 22

Real Property

Answer 22

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

Question 23

Remainderman

Answer 23

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

Question 24

Right of Survivorship

Answer 24

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 25

Riparian Rights

Answer 25

Private ownership right 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 statues.

Question 26

Separate Property

Answer 26

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

Question 27

Tenancy at Will

Answer 27

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

Question 28

Tenancy by the Entireties

Answer 28

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

Question 29

Tenants in Common

Answer 29

A form of ownership by two or more people each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants

Question 30

Time-Share

Answer 30

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 31

Trade Fixture

Answer 31

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

Question 32

Undivided Interest

Answer 32

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

Question 33

Land

Answer 33

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

Question 34

Leasehold Estate

Answer 34

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

Question 35

Tenancy at Sufferance

Answer 35

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