Chapter 35 Vocabulary Flashcards
An item of personal property that has become so closely associated with real property that it is legally regarded as part of that real property.
Fixture
An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power.
Fee Simple
An interest in land that exists only for the duration of the life of a specified individual, usually the holder of the estate.
Life Estate
The transfer of title to real property from one person to another by deed or other document.
Conveyance
The use of real property in a manner that damages or destroys its value.
Waste
Joint ownership.
Concurrent Ownership
Joint ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
Tenancy in Common
Joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the join tenants, his or her interest automatically passes to the surviving joint tenant(s).
Joint Tenancy
Joint ownership of property by a married couple in which neither spouse can transfer his or her interest in the property without the consent of the other.
Tenancy by the Entirety
A form of concurrent property ownership in which each spouse owns an undivided one-half interest in property acquired during the marriage.
Community Property
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
A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years.
Fixed-Term Tenancy (Tenancy for Years)
A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.
Periodic Tenancy
A type of tenancy that either the landlord or the tenant can terminate without notice.
Tenancy at Will
A tenancy that arises when a tenant wrongfully continues to occupy leased property after the lease has terminated.
Tenancy at Sufferance