Property Ownership

Question 1

appurtenant easement

Answer 1

an easement that has 2 adjoining properties where there is a dominant and servient tenement

Question 2

curtsey

Answer 2

legal life estate that a deceased wife gives her husband

Question 3

deed restriction

Answer 3

limitations to the future use of property

Question 4

easement

Answer 4

authorized use of anothers property, document proof

Question 5

easement by condemnation

Answer 5

acquired by public body by eminent domain after paying just compensation.

Question 6

easement by necessity

Answer 6

allowed by law for ingress and egress to a property (you can not be land locked)

Question 7

easement by prescription

Answer 7

squatters right, acquired by continuos, open, uninterrupted, exclusive and adverse use of a property over time prescribed by state law

Question 8

dower

Answer 8

legal life estate a deceased husband leaves his wife

Question 9

easement in gross

Answer 9

easement over another property not necessarily for their use

Question 10

eminent domain

Answer 10

acquiring property for public use thru condemnation

Question 11

encroachment

Answer 11

a wall or fence or something extending onto your property without permission.

Question 12

encumbrance

Answer 12

any claim or liability against a property that will effect its value

Question 13

escheat

Answer 13

when a property becomes ownerless if you die without a will and without heirs the property will revert to the state.

Question 14

estate in land

Answer 14

the degree and quantity in which you own your property

Question 15

fee simple absolute

Answer 15

the highest estate in land, you own continuing forever (Fee simple is 100% ownership)

Question 16

fee simple defeasible

Answer 16

something in the future could change your ownership, of something happens or doesn’t happen.

Question 17

freehold estate

Answer 17

ownership for an indeterminable length of time

Question 18

future interest

Answer 18

a persons present right in property involves future ownership (remainder man)

Question 19

homestead

Answer 19

land that is owned and occupied as your primary residence and is protected from judgements up to $54K

Question 20

Gross lease

Answer 20

tenant pays a fixed amount, landlord pays all property charges

Question 21

net lease

Answer 21

tenant pays a fixed rental amount and also pays some or all of the property charges

Question 22

percentage lease

Answer 22

tenant pays a fixed rent plus a percentage of their gross income from the business (franchise)

Question 23

graduated lease

Answer 23

provides for increases in rent at set future dates

Question 24

riparian rights

Answer 24

given to owners of a non-navigable stream (riparian - rivers streams) - gives ownership to the middle of the stream

Question 25

littoral rights

Answer 25

littoral - lake - held by owners by large lakes and oceans stating ownership of the land up to the high water mark.

Question 26

leasehold estate

Answer 26

a tenants right to occupy during a lease

Question 27

license

Answer 27

a revokable permission to use someones property.... verbal "hey you can use my driveway to park your motorhome whil you repave your driveway"

Question 28

life estate

Answer 28

an estate for the life of the owner

Question 29

party driveway

Answer 29

a driveway shared by 2 neighbors each having an easement on the others half.

Question 30

party wall

Answer 30

a wall that is holding up 2 structures (ex: center wall of a zero lot line)

Question 31

police power

Answer 31

the governments right to impose laws effecting our property ownership.

Question 32

prior appropriation

Answer 32

state owns the water & you must have a permit to use it.

Question 33

remainder interest

Answer 33

the part of the life estate given to the life tenant that reverts to the remainder man upon life tenants death.

Question 34

reversionary interest

Answer 34

remnant of life estate after giving the life estate

Question 35

taxation

Answer 35

the process w/here the government raises money for its operation

Question 36

zoning ordinance

Answer 36

exercise of police power of a municipality in regulating and controlling use of property

Question 37

beneficiary

Answer 37

the person for whom a trust is set up

Question 38

common elements

Answer 38

the parts of a property that are necessary for its existence

Question 39

community property

Answer 39

property ownership that all property gained during a marriage is co-owned

Question 40

condominium

Answer 40

individual ownership of the unit with undivided interest in the common are

Question 41

cooperative

Answer 41

multi-unit building owned by the coop tenants have shares in the coop and a proprietary lease on their unit

Question 42

co-ownership

Answer 42

ownership by more that one party or person

Question 43

general partnership

Answer 43

an association of 2 or more each having full liability

Question 44

joint tenancy

Answer 44

ownership must be taken at the same time in equal percentages w/right of survivorship

Question 45

right of survivorship

Answer 45

joint tenancy - the ownership of a deceased tenant is absorbed by the other tenant

Question 46

limited partnership

Answer 46

investors who can only lose their investment and general partners make decisions will full liability

Question 47

partnership

Answer 47

association of 2 or more for a business propose

Question 48

partition

Answer 48

a court suite to divide a partnership when one or more do not wish to.

Question 49

separate property

Answer 49

any property brought into a marriage or any inheritance during a marraige

Question 50

severalty

Answer 50

ownership by one party

Question 51

syndicate

Answer 51

combination of people or firms who combine recourses to buy a larger property

Question 52

tenancy by the entirety

Answer 52

joint tenancy only by a husband and wife with the right to survivorship

Question 53

tenancy in common

Answer 53

ownership can be taken at anytime in any percentage with the right of inheritance Each party can hold a separate lease and shares possession. Can sell their interest, upon death interest passes to the tenants heirs.

Question 54

trustee

Answer 54

third party hired to create a land trust

Question 55

trustor

Answer 55

owner of the property conveys title to the third pary

Question 56

undivided interest

Answer 56

unit of possession among co-owners of the property

Question 57

zoning ordinance

Answer 57

exercise of police power of a municipality in regulating and controlling the use of property

Question 58

nonconforming use

Answer 58

no longer conforms to the regulation of the zone it is located (grandfather right)