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28 Cards in this Set

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  • Back
Bylaws
Rules to govern the administration of the condominium.
Condominium
A multiunit project consisting of individual ownership of the dwelling unit and undivided ownership of common areas.
Cooperative
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.
Declaration
The legal document that the developer of a condominium must file and record in order to create a condominium under state law.
Elective Share
State defined as consisting of 30% of the descendents personal property and Florida real property, except homestead-exempt property and claims.
Estate for Years
A tendency measured from a starting date to a termination date (may be for a few days or longer than any natural life; e.g., a leasehold is in the state for years).
Fee Simple Estate
The most comprehensive and complete interest one can hold in real property; freehold estate. Also known as fee or fee simple absolute.
Fixtures
An object that was once considered to be personal property but has 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, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendents.
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 the deed establishing the joint tenancy.
Land
The surface of the earth and everything attached to it by nature.
Leasehold Estate
A tenancy in real property held under a lease arrangement for definite number of years; nonfreehold.
Life Estates
Tendencies whose durations are limited to a 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.
Personal Property
Tangible and movable property (transferred by bill of sale); property not classified as real property. Also known as personalty or chattel.
Proprietary Lease
A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.
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 in the state at the end of a life estate.
Right of Survivorship
A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.
Riparian Rights
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.
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 husband and wife jointly owning real property with instant and complete right of survivorship.
Tenancy in Common
A form of ownership by two or more persons having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.
Time-share
And individual interest in the 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.