Real Property Ownership and Interests

Question 2

Which real estate term is this?

The property owner’s claim to the area above their land to protect from incursions without physical contact.

Answer 2

Air Rights

Question 3

Which real estate term is this?

1) Intangible area above land reaching into the skies. 2) Space within condominium walls belonging to the owner.

Answer 3

Airspace Rights

Question 4

Which real estate term is this?

The act of conveying or transferring ownership of real property to another party.

Answer 4

Alienation

Question 5

Which real estate term is this?

Refers to different forms of ownership or access a party has in real property, including Control, Disposition, Enjoyment, Exclusion, Ownership.

Answer 5

Bundle of Rights

Question 6

Which real estate term is this?

A hybrid of individual property and shared ownership associated with condominiums and timeshares.

Answer 6

Common Interest Ownership

Question 7

Which real estate term is this?

A form of property ownership where a section of a larger piece of real estate is individually owned.

Answer 7

Condominiums

Question 8

Which real estate term is this?

An interest in real property created by the owner, limited to the owner’s life or a provision in the owner’s will.

Answer 8

Conventional Life Estate

Question 9

Which real estate term is this?

Recorded private limitations on real property use, often in housing developments or associations.

Answer 9

Covenants, Conditions, and Restrictions (CC&Rs)

Question 10

Which real estate term is this?

A document used to transfer ownership of real property from one party to another.

Answer 10

Deed

Question 11

Which real estate term is this?

A method to avoid foreclosure by transferring property title to the lender.

Answer 11

Deed in Lieu of Foreclosure

Question 12

Which real estate term is this?

A document where a third party holds the title until a loan is paid off.

Answer 12

Deed of Trust

Question 13

Which real estate term is this?

A property transfer document with no guarantees beyond ownership and transfer rights.

Answer 13

Deed Without Warranty

Question 14

Which real estate term is this?

An estate with a title that may be revoked due to certain future events.

Answer 14

Defeasible Fee Estate

Question 15

Which real estate term is this?

An interest in land ranging from ownership to potential rights.

Answer 15

Estate(s) in Land

Question 16

Which real estate term is this?

A leasehold continuing for a definite period, not automatically renewing.

Answer 16

Estate for Years

Question 17

Which real estate term is this?

Theory where landowners hold the right to capture substances beneath their land.

Answer 17

Exclusive Right-to-Take

Question 18

Which real estate term is this?

The highest type of interest in real estate recognized by law, including complete ownership and transfer rights.

Answer 18

Fee Simple Estate

Question 19

Which real estate term is this?

Deed used to convey property ownership to a purchaser at a foreclosure sale.

Answer 19

Foreclosure Deed

Question 20

Which real estate term is this?

Ownership right in land of indefinite length, such as for a lifetime or forever.

Answer 20

Freehold Estate

Question 21

Which real estate term is this?

Deed transferring the grantor’s entire interest and holding them responsible for title issues.

Answer 21

General Warranty Deed

Question 22

Which real estate term is this?

Party receiving rights or interests in real property.

Answer 22

Grantee

Question 23

Which real estate term is this?

Party conveying rights or interests in real property.

Answer 23

Grantor

Question 24

Which real estate term is this?

Lease where the landlord pays all ownership costs and tenant pays base rent.

Answer 24

Gross Lease

Question 25

Which real estate term is this?

Lease for undeveloped land where the tenant can build, but property returns to landlord at end.

Answer 25

Ground Lease

Question 26

# Which real estate term is this? Occurs when a tenant stays beyond legal tenancy without landlord's consent.

Answer 26

Holdover Tenancy

Question 27

# Which real estate term is this? Refers to major manufacturing sites and other forms of property like refineries and warehouses.

Answer 27

Industrial Real Estate

Question 28

# Which real estate term is this? Involuntary alienation is the loss of title to real property through actions such as eminent domain, adverse possession, or foreclosure.

Answer 28

Involuntary Alienation

Question 29

# Which real estate term is this? Properties can be owned by more than one party. This is known as either joint ownership or a concurrent estate.

Answer 29

Joint Ownership/Concurrent Estate

Question 30

# Which real estate term is this? Joint tenancy is a legal arrangement where two or more individuals have undivided ownership of a property as well as undivided right to keep the property or dispose of it.

Answer 30

Joint Tenancy

Question 31

# Which real estate term is this? A lease is a type of property ownership called a leasehold. A leasehold is defined by the concept that a party can possess and control a property, but true ownership, and the rights that go with that, remain with another party.

Answer 31

Lease/Leasehold

Question 32

# Which real estate term is this? A leasehold interest (or just leasehold) is a right to possession and use of property for specified periods of time and is generally renewable, but does not convey all of the "bundle of rights", such as the rights of disposition and control.

Answer 32

Leasehold Interest

Question 33

# Which real estate term is this? A lease-purchase agreement is a combination of a lease agreement and a purchase agreement that provides the leaseholder an opportunity to leverage the lease into a purchase under certain agreed conditions.

Answer 33

Lease-Purchase Agreement

Question 34

# Which real estate term is this? A legal life estate is a possessory interest in real property that terminates upon the death of the individual on whose life the estate is based.

Answer 34

Legal Life Estate

Question 35

# Which real estate term is this? In lien theory states, the borrower/mortgagor holds actual title to the real property and the lender/mortgagee holds a lien on the property.

Answer 35

Lien Theory

Question 36

# Which real estate term is this? A life estate is a freehold estate limited to the life of the owner or the life of some other designated person or persons.

Answer 36

Life Estate

Question 37

# Which real estate term is this? A life tenant is entitled to the rights of enjoyment and possession, as well as profits arising from possession, just as if the individual was a fee simple owner. The life tenant estate may be sold, mortgaged, or leased, but remains subject to the limitation of the life estate agreement.

Answer 37

Life Tenant

Question 38

# Which real estate term is this? Rights attached to properties that abut an ocean, gulf, bay, delta, or lake, concerned with the use and enjoyment of the shore.

Answer 38

Littoral Rights

Question 39

# Which real estate term is this? A subsurface interest (most commonly in minerals, oil, and gas) that may be owned separately from the surface real property.

Answer 39

Mineral Rights

Question 40

# Which real estate term is this? Can combine condos and apartments with restaurants, shopping, and recreation, in one building or multiple units, generally within a limited geographic area.

Answer 40

Mixed-use Developments

Question 41

# Which real estate term is this? Refers to any lawful combination of the other categories of real property which are permitted by local zoning.

Answer 41

Mixed-use Real Estate

Question 42

# Which real estate term is this? A common commercial lease type where the tenant pays additional costs like taxes and utilities.

Answer 42

Net Lease

Question 43

# Which real estate term is this? A commercial lease based on the lessee's revenue.

Answer 43

Percentage Lease

Question 44

# Which real estate term is this? A lease that runs indefinitely from one period to another and can be agreed orally.

Answer 44

Periodic Estate

Question 45

# Which real estate term is this? A designed grouping of varied land uses within a particular development.

Answer 45

Planned Unit Development (PUD)

Question 46

# Which real estate term is this? Authority granted to a trustee to dispose of property to satisfy lender's funds.

Answer 46

Power-of-Sale

Question 47

# Which real estate term is this? A legal agreement where a trustee maintains ownership of property for a beneficiary.

Answer 47

Private Land Trust

Question 48

# Which real estate term is this? A private legal agreement where a trustee maintains ownership of real property for the benefit of another party.

Answer 48

Private Land Trust

Question 49

# Which real estate term is this? Earnings from sales after expenses, or a type of easement allowing access and removal of resources from another's property.

Answer 49

Profits

Question 50

# Which real estate term is this? A life estate based on a third party's life, rather than the life of the grantor or grantee.

Answer 50

Pur Autre Vie

Question 51

# Which real estate term is this? Actual land including the land and any permanent improvements upon it.

Answer 51

Real Estate

Question 52

# Which real estate term is this? Land and structures attached to it, including natural resources and improvements.

Answer 52

Real Property

Question 53

# Which real estate term is this? Assets used for long-term rentals or leases, like homes or shopping facilities.

Answer 53

Real Property Assets

Question 54

# Which real estate term is this? Interest in an estate following the expiration of a life estate.

Answer 54

Remainder Estate/Remainder Interest

Question 55

# Which real estate term is this? Property with at least one but not more than four residential units.

Answer 55

Residential Property

Question 56

# Which real estate term is this? Properties defined as vacation-ready with unique recreational locations.

Answer 56

Resorts

Question 57

# Which real estate term is this? Housing for older citizens, including various residence types.

Answer 57

Retirement Homes and Communities

Question 58

# Which real estate term is this? Property interest reverting to the original owner if conditions are unmet.

Answer 58

Reversionary Interest

Question 59

# Which real estate term is this? Surviving joint owner automatically inherits deceased member’s property interest.

Answer 59

Right of Survivorship

Question 60

# Which real estate term is this? Temporary easement allowing utility access to public property.

Answer 60

Right-of-Way Grant

Question 61

# Which real estate term is this? Rights of landowners to use water from a bordering river or stream.

Answer 61

Riparian Rights

Question 62

# Which real estate term is this? Independent structures with no space between them, similar to townhouses.

Answer 62

Rowhouse

Question 63

# Which real estate term is this? Transaction where the owner sells property and leases it back.

Answer 63

Sale and Leaseback

Question 64

# Which real estate term is this? Ownership where a person can utilize all property rights without others' permission.

Answer 64

Severalty

Question 65

# Which real estate term is this? Transfers title while allowing liability for any title issues during the grantor's ownership.

Answer 65

Special Warranty Deed

Question 66

# Which real estate term is this? When a leasing party leases a property to a third party, generally prohibited in residential leases.

Answer 66

Sublease

Question 67

# Which real estate term is this? Rights to natural resources below the earth's surface, like oil and minerals.

Answer 67

Subsurface Rights

Question 68

# Which real estate term is this? A leasehold estate existing as long as both tenant and landlord agree, terminable at any time.

Answer 68

Tenancy at Will/Estate at Will

Question 69

# Which real estate term is this? A form of joint tenancy between legally married spouses.

Answer 69

Tenancy by the Entirety

Question 70

# Which real estate term is this? Owners hold an absolute right to convey their interest without approval from others.

Answer 70

Tenancy in Common

Question 71

# Which real estate term is this? Condominiums purchased as vacation homes with multiple owners sharing rights.

Answer 71

Timeshares

Question 72

# Which real estate term is this? In certain states, the borrower holds equitable title while the lender holds actual title.

Answer 72

Title Theory

Question 73

# Which real estate term is this? Multiple houses combined into a single building, each owner owning a plot.

Answer 73

Townhouse

Question 74

# Which real estate term is this? Names a beneficiary to own property upon the owner's death without probate.

Answer 74

Transfer on Death Deed

Question 75

# Which real estate term is this? Legal term for willing conveyance of a title by gift, sale, or inheritance.

Answer 75

Voluntary Alienation

Question 76

# Which real estate term is this? Properties using existing structures for new purposes, generally residential, like rental apartments or condominiums.

Answer 76

Converted-Use Property

Question 77

# Which real estate term is this? An easement that attaches to a specific piece of land, benefiting the easement owner.

Answer 77

Easement Appurtenant

Question 78

# Which real estate term is this? Created when a property is subdivided, and one section would otherwise lack access.

Answer 78

Easement by Implication

Question 79

# Which real estate term is this? Created solely by necessity, disappearing when the need for it goes away.

Answer 79

Easement by Necessity

Question 80

# Which real estate term is this? Established without landowner permission, through continuous use over time.

Answer 80

Easement by Prescription

Question 81

# Which real estate term is this? Allows rights to a servient estate without attachment to a particular piece of land.

Answer 81

Easement in Gross

Question 82

# Which real estate term is this? The largest and most complete bundle of rights one can hold in land.

Answer 82

Fee Simple Absolute Estate

Question 83

# Which real estate term is this? Largest and most complete bundle of rights in land, with interest that does not end upon an event or condition.

Answer 83

Fee Simple Absolute Estate

Question 84

# Which real estate term is this? Conveyance of property with conditions; possession retained as long as conditions are met.

Answer 84

Fee Simple Defeasible Estate

Question 85

# Which real estate term is this? Type of defeasible estate that allows passing the estate through probate or testamentary devises.

Answer 85

Fee Simple Determinable

Question 86

# Which real estate term is this? The highest type of interest in real estate, recognized by law as complete ownership.

Answer 86

Fee Simple Estate

Question 87

# Which real estate term is this? Defeasible estate where ownership is transferred on condition, with rights based on a condition.

Answer 87

Fee Simple Subject to a Condition Subsequent

Question 88

# Which real estate term is this? A physical object attached to land or a structure that may be considered real property or retained as personal property.

Answer 88

Fixture

Question 89

# Which real estate term is this? Business item attached to a leased building, removable by tenant at lease end.

Answer 89

Trade Fixture