type of ownership
The owner owns a unit within the structure but no land
condominium
An equipment shed on a property or an apartment in a basement
Accessory home
An estate for an unknown period of time; either party may terminate the lease by giving notice to the other
Estate at will
Someone who acts on behalf of someone else, at that other person's request
Agent
A timeshare is fee simple ownership
Timeshare estate
Owners share walls with neighbors but none above or below
Townhome hownership
Abandoned commercial or industrial sites contaminated with toxic waste
Brownfield
Right of repossession of the property by the owner after the end of the life estate
Reversionary interest
The principal in a real estate transaction who is represented by the agent
Client
the owner buys the right to use the developers facilities and may use the designated area at any time during the year
campground membership
Detached home and townhome owners own both the structure and the land and have responsibility to shared common areas
Planned unit development
Zones consist of undeveloped land. both private individuals and the government can own space. this might be agricultural land, forests, undeveloped shorelines, parks, lakes, and the like
Public open space
A type of fee simple defeasible, this ends automatically when the stated event occurs. the original owner retains a possibility of reversion
Fee simple determinable
A party in a transaction [ e.g, the buyer, seller, tenant or property owner/landlord
Principal
Buyers agree to a one-time purchase price and an annual maintenance fee.
Vacation ownership
shareholders don't own any real estate just shares in a corporation
Cooperative
may be either single-family or multi-family. Multi-Family can be anything from a duplex to a high-rise apartment building
Residential zoning
Abuse of a property by a person who holds possession through a life estate
Act of Waste
A buyer of seller of real estate who's working with a real estate agent, but isn't represented by that agent
Customer
Ownership of property allows the purchase to use it for periods of time during the year
Timeshare
This is a type of PUD That is self contained, sometimes gated and can range in size from a single subdivision to multiple subdivision
Master-planned community
set aside land to act as a separation between two conflicting zones, like an industrial zone and a school in an institutional zone
Buffer Zones
Fee simple present in conjunction with the receipt of title upon death of the life tenant
Remainder interests
A person who is in a position of trust and owes loyalty to another
Fiduciary
where the spouse is assumed to have right to half of the other spouses property
Community property