Terms used in this part mean:
(1) "Beneficiary," a person who receives property under a transfer on death deed;
(2) "Designated beneficiary," a person designated to receive property in a transfer on death deed;
(3) "Joint owner," any individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant with a right of survivorship. The term does not include a tenant in common;
(4) "Person," an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;
(5) "Property," an interest in real property located in this state which is transferable on the death of the owner;
(6) "Transfer on a death deed," a document authorized under this part and is considered a governing instrument as defined by subdivision 29A-1-201(19);
(7) "Transferor," any individual who makes a transfer on a death deed.