Flashcards in Unit 2 Property, Estate, and Ownership Deck (37)
A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.
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.
Bundle of Rights
An ownership concept describing all the legal rights that attach to the ownership of real property.
The right to use another's land for a specified purpose.
A legal interest in land; defines the nature, degree, extent, and duration of a person's ownership in land.
Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.
An estate in real property which continues for an indefinite period of time.
Annual crops produced for sale.
Anything movable that is not real property.
Land bordering a lake, ocean, or a sea.
Personal property that has become affixed to real estate.
Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.
Ownership of real property by one person or entity.
Less than freehold estate
A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.
An estate that is limited in duration to the life of its owner or the life of some other chosen person.
Evidence of land ownership
Notice given by recording a document or taking possession of the property.
The right to peace without aggravation by others.
Rights or interests in the thing owned.
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:
________ refers tot eh bundle (collection) of rights a person has in the thing owned.
_____ property becomes _____ property if it is permanently affixed to land or improvements.
Land includes (3):
1. the surface
2. the air
3. the space beneath for an indefinite distance
Timber, crops, and landfill soil are _______ property
The owner of property bordering a stream or river has _____ rights
Riparian rights have been ruled in court to be _____ property.
Easements, mineral rights and trees are all ___ property.