Terms as used in this chapter mean:
(1) "Commission," the South Dakota Real Estate Commission;
(2) "Co-owner," any person, firm, corporation, limited liability company, partnership, association, trust, or legal entity, or any combination thereof who owns a condominium within the project;
(3) "Council of co-owners," all co-owners of the condominium;
(4) "Master deed" or "master lease," the deed or lease recording the property of the condominium;
(5) "Project," the entire parcel of real property divided or to be divided into condominiums, including all structures on the property;
(6) "Property," land whether leasehold or fee simple and the buildings or building, all improvements and structures on the land and all easements, rights and appurtenances belonging to the land;
(7) "To record," to record pursuant to the laws of this state relating to the recordation of deeds.