Level 1 Property Ownership

Question 1

the process that results in the gradual increase in land area through deposits of soil by natural forces

Answer 1

Accretion

Question 2

the right to use the airspace above the surface of land

Answer 2

air rights

Question 3

the area above ground that is owned along with a property —could include space above a piece of land, or the space owned inside a condominium unit

Answer 3

air space

Question 4

a tangible or intangible item of value

Answer 4

Asset

Question 5

ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition

Answer 5

Bundle of Rights

Question 6

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty

Answer 6

Chattel

Question 7

the side of law which arises from judgments and decisions made in courts rather than explicit legislation

Answer 7

common law

Question 8

a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property

Answer 8

community property

Question 9

property where each owner has a separate interest in their own unit and undivided interest in the common areas

Answer 9

condominium

Question 10

the right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower for women, curtesy for men

Answer 10

dower/curtesy

Question 11

a statutory right in some states which allows the surviving spouse to claim an interest in a decedent’s real and personal property regardless of the provisions established by a will

Answer 11

elective share

Question 12

the portion of a property’s total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property

Answer 12

equity

Question 13

a right included in the bundle of legal rights to real property which empowers the owner to allow or deny others’ use of the property

Answer 13

exclusion

Question 14

a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions – ownership reverts back to the original owner if these stipulations are violated

Answer 14

fee simple defeasible

Question 15

a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

Answer 15

fee simple determinable

Question 16

maximum ownership of real property, and is of indefinite duration, freely transferable, and freely inheritable; also called a fee or a fee simple absolute

Answer 16

fee simple estate

Question 17

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be a part of the real estate

Answer 17

fixture

Question 18

a form of ownership with an indeterminate length

Answer 18

freehold estate

Question 19

laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance

Answer 19

homestead laws

Question 20

any non-natural structure built on or affixed to land

Answer 20

improvement

Question 21

co-ownership in which the parties have an equal and
undivided interest in the property; includes the right of
survivorship rather than inheritance

Answer 21

joint tenancy

Question 22

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

Answer 22

land

Question 23

a type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right

Answer 23

leasehold estate

Question 24

any life estate created by a function of law as opposed to the actions or desires of a property owner

Answer 24

legal life estate

Question 25

complete legal ownership of real property and the bundle of rights associated

Answer 25

legal title

Question 26

an interest in real estate that will end upon the death of the life tenant or the pur autre vie life (life of another)

Answer 26

life estate

Question 27

rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

Answer 27

littoral rights

Question 28

separately transferable rights to the subsurface resources on a property

Answer 28

mineral rights

Question 29

legal action brought with the purpose of terminating the ownership interest of a co-owner to real property

Answer 29

partition suit

Question 30

a leasehold estate which automatically renews until canceled by either party

Answer 30

periodic estate

Question 31

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as chattel or personalty

Answer 31

personal property

Question 32

a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be coowned by PUD lot owners as tenants in common

Answer 32

planned unit development | PUD

Question 33

the legal doctrine which grants states the power to control and regulate all water resources within their borders

Answer 33

prior appropriation

Question 34

any item which may be owned, including the rights associated with ownership

Answer 34

property

Question 35

a life estate characterized by ownership lasting only for the duration of a designated party’s lifetime

Answer 35

pur autre vie

Question 36

a lessee’s right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title

Answer 36

quiet enjoyment

Question 37

part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature

Answer 37

real estate

Question 38

land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership

Answer 38

real property

Question 39

the reversionary interest held by a designated remainderman in a life estate

Answer 39

remainder interest

Question 40

the transfer of title from the holder back to the original grantor

Answer 40

reversionary interest

Question 41

the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners

Answer 41

right of survivorship

Question 42

rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

Answer 42

riparian rights

Question 43

undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty

Answer 43

severalty

Question 44

the act of changing real property into personal property by separation of an item from land or improvements

Answer 44

severance

Question 45

ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth

Answer 45

subsurface rights

Question 46

a legal action brought by a landlord to evict a tenant

Answer 46

suit for possession

Question 47

the rights to access the surface area of a parcel of real | property

Answer 47

surface rights

Question 48

co-ownership with individual, undivided interest in the property; includes rights of inheritance rather than survivorship

Answer 48

tenancy in common

Question 49

a form of co-ownership where each owner has use of the property at a different prescribed period of time, also known as interval ownership

Answer 49

timeshare

Question 50

personal property attached to real property that is owned by the tenant and needed for the tenant’s business; can be removed by tenant at expiration of lease

Answer 50

trade fixture

Question 51

a legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)

Answer 51

trust

Question 52

the right of a property owner on a waterfront to access and use that water

Answer 52

water rights