Unit 2 Property, Estate, and Ownership Flashcards Preview

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Flashcards in Unit 2 Property, Estate, and Ownership Deck (37)
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1

Acknowledgement

A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.

2

Appurtenance

Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.

3

Bundle of Rights

An ownership concept describing all the legal rights that attach to the ownership of real property.

4

Easement

The right to use another's land for a specified purpose.

5

Estate

A legal interest in land; defines the nature, degree, extent, and duration of a person's ownership in land.

6

Trade fixture

Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.

7

Riparian Rights

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.

8

Freehold Estate

An estate in real property which continues for an indefinite period of time.

9

Emblements

Annual crops produced for sale.

10

Personal Property

Anything movable that is not real property.

11

Littoral

Land bordering a lake, ocean, or a sea.

12

Fixture

Personal property that has become affixed to real estate.

13

Real Property

Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.

14

Severalty

Ownership of real property by one person or entity.

15

Chattel

Personal Property.

16

Less than freehold estate

A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.

17

Life Estate

An estate that is limited in duration to the life of its owner or the life of some other chosen person.

18

Title

Evidence of land ownership

19

Constructive notice

Notice given by recording a document or taking possession of the property.

20

Quiet Enjoyment

The right to peace without aggravation by others.

21

"property"

Rights or interests in the thing owned.

22

Jon conveys a portion of his fee estate to Fred that is for a term less than his own, John's own interest would be:

Reversion

23

________ refers tot eh bundle (collection) of rights a person has in the thing owned.

Property

24

_____ property becomes _____ property if it is permanently affixed to land or improvements.

Personal; Real

25

Land includes (3):

1. the surface
2. the air
3. the space beneath for an indefinite distance

26

Timber, crops, and landfill soil are _______ property

Personal property

27

The owner of property bordering a stream or river has _____ rights

Riparian Rights

28

Riparian rights have been ruled in court to be _____ property.

Real Property

29

Easements, mineral rights and trees are all ___ property.

Real

30

An appurtenance....

... is anything used with the land for its benefit, such as easements and stock in a mutual water company.