In this chapter, unless context otherwise requires:

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1.    “Common areas” means the entire project excepting all units therein granted or reserved.

2.    “Condominium” is an estate in real property consisting of an undivided interest or interests in common in a portion of a parcel of real property together with a separate interest or interests in space in a structure, on such real property.

3.    “Interest” means the fractional or percentage interest or interests ascribed to each unit by the declaration provided for in section 47-04.1-03.

4.    “Limited common areas” means those elements designed for use by the owners of one or more but less than all of the units included in the project.

5.    “Project” means the entire parcel of real property divided, or to be divided into condominiums, including all structures thereon.

6.    “To divide” real property means to divide the ownership thereof by conveying one or more condominiums therein but less than the whole thereof.

7.    “Unit” means the elements of a condominium which are not owned in common with the owners of other condominiums in the project.