Chapter 42 Flashcards
(32 cards)
An item of personal property that has become so closely associated with real property that it is legally regarded as part of that real property.
Fixture
An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, power.
Fee Simple
An interest in land that exists only for the duration of the life of a specified individual, usually the holder of the estate.
Life Estate
The transfer of title to real property from one person to another by deed or other document.
Conveyance
the use of real property in a manner that damages or destroys its value.
Waste
Joint ownership
Concurrent Ownership
Joint ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
Tenancy in Common
Joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants.
Joint Tenancy
Joint ownership of property by a married couple in which neither spouse can transfer their interest property without the consent of the other.
Tenancy by the Entirety
A form of concurrent property ownership in which each spouse owns an undivided one half interest in property acquired during the marriage.
Community Property
An interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease.
Leasehold Estate
A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years; also called a tenancy for years.
Fixed Term Tenancy
A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.
Periodic Tenancy
A type of tenancy that either the landlord or the tenant can terminate without notice.
Tenancy at Will
A tenancy that arises when a tenant wrongfully continues to occupy leased property after the lease has terminated.
Tenancy at Sufferance
In the context of real property, an interest that involves the right to use land but not the right to possess it.
Nonpossessory Interest
A nonpossessory right, established by express or implied agreement, to make limited use of another’s property without removing anything from the property.
Easement
In real property law, the right to enter onto another’s property and remove something of value from that property.
Profit
In the context of real property, a revocable right or privilege to enter onto another person’s land.
License
An implied promise by a seller of a new house that the house is fit for human habitation. Also, the implied promise by a landlord that rented residential premises are habitual.
Implied Warranty of Habitability
A document by which title to real property is passed.
Deed
A deed provides the greatest amount of protection for the grantee. The grantor promises that they have title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property.
Warranty Deed
A deed that warrants only that the grantor held good title during their ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
Special Warranty
A deed that conveys only whatever interest that grantor had in the property and therefore offers the least amount of protection against defects of title.
Quitclaim Deed
