Exam 2 CHP 8 Flashcards
Refers to land, which includes things under the land, such as oil and minerals, and things attached to the land, such as buildings and trees.
Real property
Refers to property that isn’t permanently affixed to the land. For example, furniture, equipment, etc.
Personal property
Add value to estates. Increases the value price and is owned the same as the property.
Improvements
The primary way to transfer ownership interests (title) of property.
Deeds
The person who grants the land or property.
Grantor
The person who is granted the land or property.
Grantee
A deed that promises that the seller is conveying a good. clear title to the property.
Warranty deed
Comes from the receipt of a valid deed, shows that the owner of the property has legal possession of the property.
Title
An interest in land which is or may become possessory and its ownership measured in terms of duration.
Real estate
The right to exclusive possession of a particular piece of land for an indefinite time, as well as the right to dispose of the property as the owner pleases.
Fee simple
A form of ownership in which each tenant has an undivided interest in the property.
Tenancy in common
A piece of property that gives a person the right to be a tenant for life.
Life estate
A property purchase by two or more persons who have the same interest in the undivided possession of the property. If one owner dies, the survivor is granted the deceased owner rights.
Joint tenancy
If the other owner of the property dies, the survivor gains the deceased owner’s rights.
Right of survivorship
Ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord.
Leasehold estate
Limitations or requirements about the use of property, attached to the estate or property itself and impose certain use limits on the owner of the property.
Servitudes
A right to enter land owned by another and make certain use of it. “Interest in land”
Easement
The gain from a gift or sale of one’s estate, such as oil, minerals, or trees.
Profits
Permission to enter or use the property of another. Simply a permit or privilege.
Licenses
Hostile use of another person’s land; that is, someone who has no right to occupy or use an estate does so without permission.
Adverse possession
The number of years the adverse possession must occur before it becomes a legally protected possession. 10 years
Statute of limitations
A means by which owners of estates in land can make agreements that bind their successors.
Covenants
Owns the property, for which they lend out to tenants.
Landlords
A party with possessory rights for a fixed time period or at will as agreed upon.
Tenants
An agreement that creates a leasehold within an estate and contains conditions such as how rent is to be paid and what restrictions have been placed on the use of the property.
Lease
When a property is rented.
Leasehold
Lease agreements for business spaces, often drafted by the lessor’s legal department based on state law requirements and experience.
Commercial leases
State and local level that regulates behavior to protect or to promote the general welfare.
Police powers
Arises when two or more persons jointly promise to another person to do the same thing
Joint liability
Arises when two or more persons make separate promises to another, whether under the same contract or different contracts.
Several liability
An activity that substantially and unreasonably interferes with the use and enjoyment of someone’s land.
Nuisance
