Real Estate Ownership and Property Rights - Section 2 Chapter 8

Vocabulary flashcards covering property rights, forms of real estate ownership, condominiums, and cooperatives from Section 2, Chapter 8 lecture notes.

Air rights

The space above the land surface upwards without limit.

Subsurface Rights

Rights to the soil and subsurface beneath the land, including minerals and subsurface substances.

Water rights

Ownership of water rights determined by riparian and littoral rights.

Real Property

All real property, such as land and permanent attachments.

Personal property

Property that is not considered real property.

Proprietary lease

A lease that gives a stockholder the right to occupy an individual unit within a cooperative.

Housing cooperative

Cooperative housing arrangement where shares of the property are held and inherited individually without partition.

Condo & bylaws

Rules and governance by which owners hold separate property interests for unequal shares.

Air lot

The individual airspace units that make up a condominium to transfer the conveyance of real property.

Tenants in common

Two or more owners sharing undivided ownership of a property.

Common Area

Property or facilities shared collectively by all condominium unit owners.

Limited Common Area

A shared or common area reserved exclusively for the use of certain owners or users.

Homeowners Property

Ownership of additional areas or common facilities of a building or complex.