Chapter 3.A: Legal Issues - Estates & Interests Flashcards
Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.
Act of Waste
Rights in real property to use the space above the surface of the land.
Air Rights
The person who receives or is to receive the benefits resulting from certain acts.
Beneficiary
The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.
Bundle of Rights
The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.
Escheat
A leasehold estate for any specific period of time. An estate for years is not automatically renewed.
Estate for Years
Personal property so attached to the land or improvements as to become part of the real property.
Fixture / Trade Fixture
A husband’s interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.
Curtesy
The part of or interest in real estate of a deceased husband given by law to his widow during her life.
Dower
Ownership of real property by two or more persons, each of whom has an undivided interest with the “right of survivorship”.
Joint Tenancy
A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.
Joint Venture
The conveyance of title property for the duration of the life of the grantee.
Life Estate
The division which is made of real property between those who own it in undivided shares.
Partition
Any property which is not real property.
Personal Property
The interest which a grantor has in lands or other property upon the termination of the preceding estate.
Reversionary Interest
Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.
Right of Survivorship
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.
Riparian Rights
Ownership by only a single individual.
Severalty
An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.
Tenancy in Common
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.
Trustee
A person who conveys title to a trustee
Trustor
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.
Undivided Interest
Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the entirety, they must have the four unities (Interest, Possession, Time, and Title)
Unities of Interest, Possession, Time and Title
