Chapter 2 Flashcards
Property that does not actually touch the ground
Air Lot
Property rights associated with the space above the surface of the earth
Air Rights
East-west lines used as reference points in the rectangular survey system
Base Lines
Personal property
Chattel
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
Community Property
Ownership interests held jointly by two or more owners
Concurrent Estates
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
Condominium
A remainder interest that has conditions attached that can prevent the remainderman from receiving a present interest in the property
Contingent Remainder
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
Cooperative
A written document that evidences ownership
Deed
When a life tenant is someone other than the person whose life the life estate is tied to
Estate Pur Autre Vie
Collections or bundles of ownership interests in real property
Estates In Land
Term used to describe ownership interests without regard to the number of owners
Estates In Severalty
When a tenant is forced to vacate the premises for failing to adhere to the terms of the rental agreement
Eviction
A type of concurrent estate that splits ownership of a property over time across joint owner
Fee Interest Time-Share
The fullest and most complete set of ownership rights one can possess in real property
Fee Simple Absolute Estate
An item that was once personal property but has become part of the real estate
Fixture
Ownership interests in real property
Freehold Estates
The party who receives a freehold estate in real property from a grantor
Grantee
The party who transfers a freehold estate in real property to a grantee
Grantor
Joint ownership in which all owners have an equal, but undivided, interest in a property
Joint Tenancy
A legal agreement between lessor and lessee
Lease
The property owner’s interest when the property is leased
Leased Fee Estate
A tenant’s rights to use and possess (but not own) a property as defined in a lease agreement
Leasehold Estates
The person who receives a leasehold interest in a property from the lessor
Lessee
The person who gives a leasehold interest in a property to a lessee
Lessor
An ownership interest in real property that normally ends upon the death of a named person
Life Estate
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)
Life Tenant
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
Metes-and-Bounds Description
Ownership rights associated with minerals that may be located below the surface of the earth
Mineral Rights
Movable items such as cars, clothing, books, and so on
Personal Property
A detailed land survey drawing, usually prepared by a professional surveyor, that shows the features of a property and its legal description
Plats
North-South lines used as reference points in the rectangular survey system
Principal Meridians
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
Prior Appropriation Doctrine
An object that can be owned or possessed
Property
A co-op lease that gives the owner the right to occupy a specific unit
Proprietary Lease
Type of ownership in which the owner’s rights can be lost in the future
Qualified Fee Estate
North-South lines that run parallel to principal meridians in the rectangular survey system
Range Lines
Land and structures that are attached to it
Real Estate
The legal interests associated with the ownership of real estate
Real Property
A grid-based system used to legally describe the location of a property
Rectangular Survey System
The future interest associated with a life estate held by someone other than the grantor
Remainder
The party who holds the remainder interest associated with a life estate
Remainderman
The future interest associated with a life estate held by the grantor
Reversions
The right of a person to have the first opportunity to either purchase or lease real property
Right of First Refusal
The landlord’s reversionary right to reoccupy the property at the expiration of the lease
Right of Reentry
The right of surviving joint owners to automatically divide the share owned by a deceased owner
Right of Survivorship
A form of leasehold estate that permits the holder to use a property for a certain period each year
Right to Use Time-Share
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
Riparian Rights Doctrine
1-square-mile rectangles that divide townships into 36 equal areas of 640 acres each
Sections
A leasehold estate that defines a tenant’s right to occupy the property against the wishes of the lessor
Tenancy At Sufferance
An informal leasehold estate of indeterminable length that may last long as the parties agree
Tenancy At Will
A leasehold estate that has definite starting and ending dates
Tenancy For a Stated Period
A leasehold estate that continues to automatically renew each period unless terminated
Tenancy From Period to Period
A form of concurrent estate in which each owner has an undivided interest in the property
Tenancy In Common
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
Test of Adaptability
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
Test of Attachment
Evidence, usually written, showing that the parties intended the item of personal property to become a fixture
Test of Intent of the Parties
A form of concurrent estate that splits ownership of a property across owners and across time
Time-Share
The legal right to ownership
Title
A 36-square-mile area formed by township and range in the rectangular survey system
Township
East-West lines that run parallel to base lines in the rectangular survey system
Township Lines
Personal property used in a trade or business
Trade Fixtures
A remainder interest when the remainderman is guaranteed ownership of the property at some time in the future
Vested Remainder
The right to withdraw water from the land
Water Rights
