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Principles of Real Estate > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Property that does not actually touch the ground

A

Air Lot

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2
Q

Property rights associated with the space above the surface of the earth

A

Air Rights

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3
Q

East-west lines used as reference points in the rectangular survey system

A

Base Lines

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4
Q

Personal property

A

Chattel

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5
Q

Theory under which all property acquired during a marriage is considered to be equally owned by the husband and wife, regardless of the financial contribution each spouse actually made to the property’s acquisition

A

Community Property

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6
Q

Ownership interests held jointly by two or more owners

A

Concurrent Estates

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7
Q

A form of joint ownership whereby the property owners own their individual units separately but share ownership of common areas; a building owned in this manner

A

Condominium

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8
Q

A remainder interest that has conditions attached that can prevent the remainderman from receiving a present interest in the property

A

Contingent Remainder

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9
Q

A form of joint ownership whereby the property owners own shares of stock in a corporation that owns the property and are entitled to occupy space within the building

A

Cooperative

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10
Q

A written document that evidences ownership

A

Deed

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11
Q

When a life tenant is someone other than the person whose life the life estate is tied to

A

Estate Pur Autre Vie

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12
Q

Collections or bundles of ownership interests in real property

A

Estates In Land

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13
Q

Term used to describe ownership interests without regard to the number of owners

A

Estates In Severalty

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14
Q

When a tenant is forced to vacate the premises for failing to adhere to the terms of the rental agreement

A

Eviction

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15
Q

A type of concurrent estate that splits ownership of a property over time across joint owner

A

Fee Interest Time-Share

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16
Q

The fullest and most complete set of ownership rights one can possess in real property

A

Fee Simple Absolute Estate

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17
Q

An item that was once personal property but has become part of the real estate

A

Fixture

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18
Q

Ownership interests in real property

A

Freehold Estates

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19
Q

The party who receives a freehold estate in real property from a grantor

A

Grantee

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20
Q

The party who transfers a freehold estate in real property to a grantee

A

Grantor

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21
Q

Joint ownership in which all owners have an equal, but undivided, interest in a property

A

Joint Tenancy

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22
Q

A legal agreement between lessor and lessee

A

Lease

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23
Q

The property owner’s interest when the property is leased

A

Leased Fee Estate

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24
Q

A tenant’s rights to use and possess (but not own) a property as defined in a lease agreement

A

Leasehold Estates

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25
Q

The person who receives a leasehold interest in a property from the lessor

A

Lessee

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26
Q

The person who gives a leasehold interest in a property to a lessee

A

Lessor

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27
Q

An ownership interest in real property that normally ends upon the death of a named person

A

Life Estate

28
Q

The person who holds the present interest in a life estate (may or may not be the person whose life the estate is tied to)

A

Life Tenant

29
Q

A legal method for describing the exacts boundaries of a property; metes refers to the distance and bounds refers to the directions of the property’s boundaries

A

Metes-and-Bounds Description

30
Q

Ownership rights associated with minerals that may be located below the surface of the earth

A

Mineral Rights

31
Q

Movable items such as cars, clothing, books, and so on

A

Personal Property

32
Q

A detailed land survey drawing, usually prepared by a professional surveyor, that shows the features of a property and its legal description

A

Plats

33
Q

North-South lines used as reference points in the rectangular survey system

A

Principal Meridians

34
Q

Theory that states that the first person to use a body of water for some beneficial economic purpose has the right to use all the water needed, even though landowners who later find a use for the water may be precluded from using it

A

Prior Appropriation Doctrine

35
Q

An object that can be owned or possessed

A

Property

36
Q

A co-op lease that gives the owner the right to occupy a specific unit

A

Proprietary Lease

37
Q

Type of ownership in which the owner’s rights can be lost in the future

A

Qualified Fee Estate

38
Q

North-South lines that run parallel to principal meridians in the rectangular survey system

A

Range Lines

39
Q

Land and structures that are attached to it

A

Real Estate

40
Q

The legal interests associated with the ownership of real estate

A

Real Property

41
Q

A grid-based system used to legally describe the location of a property

A

Rectangular Survey System

42
Q

The future interest associated with a life estate held by someone other than the grantor

A

Remainder

43
Q

The party who holds the remainder interest associated with a life estate

A

Remainderman

44
Q

The future interest associated with a life estate held by the grantor

A

Reversions

45
Q

The right of a person to have the first opportunity to either purchase or lease real property

A

Right of First Refusal

46
Q

The landlord’s reversionary right to reoccupy the property at the expiration of the lease

A

Right of Reentry

47
Q

The right of surviving joint owners to automatically divide the share owned by a deceased owner

A

Right of Survivorship

48
Q

A form of leasehold estate that permits the holder to use a property for a certain period each year

A

Right to Use Time-Share

49
Q

Theory that permits landowners whose land underlies or borders non-navigable bodies of water to use all the water needed as long as the use does not deprive other landowners who are also entitled to use some of the water

A

Riparian Rights Doctrine

50
Q

1-square-mile rectangles that divide townships into 36 equal areas of 640 acres each

A

Sections

51
Q

A leasehold estate that defines a tenant’s right to occupy the property against the wishes of the lessor

A

Tenancy At Sufferance

52
Q

An informal leasehold estate of indeterminable length that may last long as the parties agree

A

Tenancy At Will

53
Q

A leasehold estate that has definite starting and ending dates

A

Tenancy For a Stated Period

54
Q

A leasehold estate that continues to automatically renew each period unless terminated

A

Tenancy From Period to Period

55
Q

A form of concurrent estate in which each owner has an undivided interest in the property

A

Tenancy In Common

56
Q

Test to determine whether an item of personal property has become a fixture. An item that has been specifically adapted to the real estate is generally considered a fixture

A

Test of Adaptability

57
Q

Test to determine whether an item of personal property has become a fixture. An item that has been permanently attached to the real property and could not be removed without damage to the land or building is generally considered a fixture

A

Test of Attachment

58
Q

Evidence, usually written, showing that the parties intended the item of personal property to become a fixture

A

Test of Intent of the Parties

59
Q

A form of concurrent estate that splits ownership of a property across owners and across time

A

Time-Share

60
Q

The legal right to ownership

A

Title

61
Q

A 36-square-mile area formed by township and range in the rectangular survey system

A

Township

62
Q

East-West lines that run parallel to base lines in the rectangular survey system

A

Township Lines

63
Q

Personal property used in a trade or business

A

Trade Fixtures

64
Q

A remainder interest when the remainderman is guaranteed ownership of the property at some time in the future

A

Vested Remainder

65
Q

The right to withdraw water from the land

A

Water Rights

Principles of Real Estate (14 decks)

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