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13 Cards in this Set
- Front
- Back
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Bundle of legal rights |
Real property ownership rights consisting of the rights of disposition, enjoyment, exclusion, possession, and control |
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Common elements |
Legally attached to condos and are transferred w the units when they’re sold (eg roofs, elevators, and recreational facilities) |
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Concurrent ownership |
Ownership by 2 or more persons at the same time |
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Condo |
Multi unit projects consisting of individual ownership of a dwelling unit and undivided ownership of common areas |
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Condo documents |
Set of papers describing condo and the association |
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Cooperative |
Multi unit dwelling owned by a corporation, owners purchase shares in the corporation and receive a proprietary lease |
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Declaration of condominium |
Recorded doc that creates the condo |
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Estate for years |
Written lease w a definitive termination date |
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Estate in severalty |
Occurs when title is held by one person |
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Fee simple estate |
Most common type of ownership, most comprehensive collection of prop rights and may be inherited |
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Fixtures |
Objects that were personal prop but have been permanently attached to it made part of real prop by attachment |
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Freehold estate |
Ownership interest for an indefinite period of time |
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Homestead |
Law that provides certain types of protection and benefits for a homeowner’s permanent residence |
