Ch 4 Glossary Terms Flashcards Preview

Princeton School of Real Estate > Ch 4 Glossary Terms > Flashcards

Flashcards in Ch 4 Glossary Terms Deck (49):
1

accession

acquisition of property by its joining or union with other property

2

accretion

gradual additions to land by deposits of sand or soil by bordering waters through natural causes

3

air rights

the rights vested by a grant of an estate in real property to all or any portion of the space above the ground

4

alluvion

that increase of soil on a shore or bank of a river as the result of accretion

5

appurtenance

that which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed

6

avulsion

the sudden removal of land of owner and depositing it on the land of another when a stream changes its channel

7

bill of sale

a written instrument which passes title of personal property from seller to buyer

8

bundle of rights

ownership concept in real estate, which embraces the rights of posession, use, enjoyment, and disposition

9

chattel

personal property which is tangible and movable

10

chattel mortgage

a personal property mortgage

11

condemnation

the process by which property of a private owner is taken for public use, with just compensation to the owner under the right of eminent domain

12

conventional life estate

a life estate created by grant, by reservation, or by will

13

defeasible fee

s

14

devise

a gift of real or personal property by will

15

emblement

trees or crops that are cultivated annually, the rights of a tenant to harvest the annual crop even after his tenancy has ended

16

eminent domain

the right of a government to take private property for public use upon the payment of just compensation

17

erosion

the gradual wearing away of land due to natural causes of wind and water

18

escheat

the reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned

19

estate

the degree, quantity, nature, and extent of interest a person has in real property

20

fee simple

an estate in real property by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will as he chooses

21

fixture

an article of personal property that has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be a part of the real estate

22

freehold estate

s

23

future interest

s

24

governmental limitations

s

25

improvements

s

26

land

s

27

leasehold estate

s

28

legal life estate

s

29

less-than-freehold

s

30

life estate

s

31

life tenant

s

32

littoral

s

33

mobile homes

s

34

navigable waters

s

35

non-freehold

s

36

personal property

s

37

police power

s

38

pur autre vie

a

39

qualified fee

a

40

real estate

a

41

reliction

r

42

remainder

r

43

remainderman

s

44

reservation

s

45

reversion

s

46

riparian rights

s

47

security agreement

s

48

trade fixture

s

49

waste

s