Key Vocab Terms

Question 1

Real Property

Answer 1

Relates to land and objects that are more or less permanently attached to it (homes, buildings, trees, etc.)

Question 2

Personal Property

Answer 2

May include living objects and inanimate objects (ex. animal and a television)

Question 3

Tangible Personal Property

Answer 3

Has a physical substance; can be held, tasted, seen or heard (ex. automobiles, tv’s and clothes)

Question 4

Intangible Personal Property

Answer 4

Represents property that has a set of rights that have no physical existence but do represent control or ownership of something of value (ex. bonds, patents, copyrights)

Question 5

Fixture

Answer 5

Item of personal property that becomes real property because of its attachment to the land or a building (ex. air conditioning unit, dishwasher)

Question 6

Riparian Rights

Answer 6

Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use

Question 7

Appropriation

Answer 7

In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it

Question 8

Possession

Answer 8

Occupation of land evidence by visual acts such as enclosure, cultivation, the construction of improvements or the occupancy of existing improvements

Question 9

Inheritance

Answer 9

Ability to acquire ownership to real property because of ones kinship to a deceased property owner who dies without a will

Question 10

Devise

Answer 10

Transfer of real property by means of a last will and testament

Question 11

Will

Answer 11

Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will

Question 12

Conveyence

Answer 12

The transfer of title of some or all of the ownership rights to real property from one person to another. A conveyance is usually by instrument such as a deed, lease, or mortgage

Question 13

Deed

Answer 13

Written document that transfers ownership of real property from one person to another

Question 14

Adverse Possession

Answer 14

Method of acquiring ownership to real property by possession for a statuary time period

Question 15

Tacking

Answer 15

The addition of possession periods by different adverse possessors

Question 16

Color of Title

Answer 16

A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree

Question 17

Fee Simple (Absolute)

Answer 17

Estate of real property with infinite duration and no restrictions on use

Question 18

Fee Simple Determinable

Answer 18

Estate of real property with potential infinite duration. The ownership of a fee simple determinable is subject to a condition, the breach of which can result in termination of the estate. A fee simple determinable automatically expires on the non-occurrence or occurrence of a condition

Question 19

Life Estate

Answer 19

Estate of real property the duration of which is measured by the life or lives of one or more persons

Question 20

Estate For Years

Answer 20

Estate of real property the duration of which is for a definite period

Question 21

Estate at Will

Answer 21

Estate of real property the duration of which is for a indefinite period. An estate at will can be terminated at the will of the parties

Question 22

Appurtenance

Answer 22

right or privilege associated with real property in some way such as a parking space at a condo unit, an easement, or water rights, and is normally conveyed to the new owner when the property is sold.

Question 23

Legal tests for a fixture

Answer 23

include: method of annexation: not easily removable
adaption to real estate- ordinarily considered a permanent addition
agreement of the parties: stated as part of real estate in the offer to purchase.

Question 24

nonhomogeneity

Answer 24

uniqueness of real property

Question 25

fixture

Answer 25

a fixture is personal property that has been affixed to the and or to a building so that y law it becomes part of the real property.

Question 26

trade fixtures

Answer 26

include property attached to the structure but used in the course of business such as personal property: if removed by tenant and the premises are returned to original condition before the lease expires; and real property if left behind by tenant. The landlord can acquire this type of property by accession.

Question 27

Severance

Answer 27

The legal principle that defines the mechanical processes required to convert an item of real property into personal property.

Question 28

Construction Mortgage

Answer 28

A mortgage used to finance the construction or improvement of real property.

Question 29

Prior appropriation

Answer 29

The person who is the first to use a body of water for economic purposes has a superior right