Ch 36 Flashcards
ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power
fee simple absolute
an interest in land that exists only for the duration of th life of a specified individual, usually the holder of the estate
life estate
transfer of title to real property from one person to another by deed or other document
conveyance
non possessory right, established by express or i implied agreement, to make limited use of another property without removing anything from the property
easement
in the context of real property, an interest that involves the right to use land but not the right to possess it
non-possessory interest
in the context of real property, a revocable right or privilege to enter onto another person’s land
license
a document by which title to real property is passed
deed
a deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title
quitclaim deed
statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property
recording statutes
acquisition of title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, exclusive, open, continuous, and in opposition to all others including the owner
adverse possession
the power of a government to take land from private citizens for public use on the payment of just compensation
eminent domain
the process of taking private property for public use through the governments poser of eminent domain
condemnation
an interest in real property that gives a tenant a qualified right to possess and or use the property for a limited time under a lease
leasehold estate
