Chapter 2 - Property, Estates, & Ownership Flashcards
Chap 2 Vocab
Absolute Auction
An auction where the property is sold to the highest qualified bidder; there is no minimum bid or reserve or right of confirmation. Also called Without Reserve.
Acknowledgment
Recognition of validity; a document signer’s declaration to an authorized official (usually a notary public) that he is signing voluntarily. (1) A signed statement, made before a notary public, by a named person confirming the signature on a document and that it was made of free will. (2) A formal declaration to a public official (notary) by a person who has signed an instrument which states that the signing was voluntary.
Actual Notice
Actual knowledge of a fact, rather than knowledge imputed or inferred by law.
Constructive Notice
Knowledge of a fact imputed to a person by law. A person is held to have constructive notice of something when he or she should have known it, even if he or she did not know it. Everyone is considered to have constructive notice of the contents of recorded documents since everyone is expected to protect their interests by searching the public record. – Notice given by recording a document or taking physical possession of the property.
Concurrent ownership
When property is owned by two or more persons or entities at the same time.
Also known as co-ownership.
Bundle of Rights
All real property rights that are conferred with ownership, including the right of possession, right of quiet enjoyment, right of disposition, right of exclusion, right of control. Also called Bundle of Sticks.
An ownership concept describing all the legal rights that attach to the ownership of real property.
Air Rights
The right to undisturbed use and control of the airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land.
airspace
The interior area which an apartment, office or condominium occupies. Airspace is considered real property to a reasonable height. For example, an owner or developer of condominiums may sell the airspace as real property.
Avulsion
A natural process in which land is removed from one person’s property and deposited onto another’s. Avulsion happens very suddenly, as in a flash flood.
defined channel
Any natural watercourse, even if it is dry during a good portion of the year.
Appropriative Rights
Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit.
Appurtenance/Appurtenant
A right that goes along with ownership of real property; usually transferred with the property but may be sold separately. Anything used with the land for its benefit.
items transfer with the land when property is sold.
Appropriation
The right to use water for a beneficial use by diverting surface water.
As of Right Zoning
Refers to the landowner’s bundle of rights associated with a property; prohibits discrimination among landowners in a particular area.
Bill of Sale
A document used to transfer ownership of personal property from one person to another.
Chattel
Personal property.
This term is sometimes used in law to describe any interest in real or personal property other than a freehold.
Chattel Mortgage
A loan that uses only personal property as security.
chattel real
An item of personal property which is connected to real estate; for example, a lease.
Community Property
In some states, property acquired during marriage that is owned jointly by the married couple.
All property acquired by spouses during a valid marriage (excluding certain separate property).
Community property with right of survivorship
A law allowing spouses to hold title to their property.
doctrine of correlative
rights - Owner may use only a reasonable amount of the total underground water supply for his or her beneficial use.
Double Net Lease
A lease in which the tenant pays two of the expenses associated with property ownership, in addition to paying the rent. Also called Net-Net.
Emblement
A crop that is planted and cultivated through someone’s labor and industry that are cultivated annually for sale.
Considered to be personal property.
Also called Fructus Industriales.
Doctrine of Emblements
A rule that allows a tenant farmer to re-enter the land to harvest crops that were planted by the tenant farmer even after the land has been sold to a new owner.