Fundamentals Of Real Estate Law Flashcards
Adverse possession
Allows a person who uses another’s property to gain ownership when the use is actual, open, notorious,exclusive, hostile, continuos and long enough
Annexation
The manner of attachment of personal property to real estate
Also applied by a city to grow by including adjacent land
Chattels
Items of personal property, including autos, clothing, and movable furniture
Color of title
What appears to be a good title but is not
Community property
Property owned by husband and wife by joint effort during marriage is owned one-half each. Form of ownership recognized in several states, most of Spanish origin
Separate property
Property either owned separately before marriage or inherited during marriage
Condominium (Condo)
A form of ownership whereby a person owns a specific unit, can mortgage it, and has rights to use the common property jointly
Constructive notice
occurs when an instrument, such as a deed, is recorded in the county courthouse to give notice to the world of its existence
Cooperative (Co-op)
A form of ownership whereby a person owns stock in a corporation, receiving exclusive use of a specific unit and rights to use the common property jointly.
Co-op and condo owners must pay assessments
Corporeal
Property that is tangible (I.e. Can be seen or touched”
Incorporeal
Refers to intangible property
Devise
A transfer of real estate by will or last testament
Bequeath
A transfer of personal property by will or last testament.
Dower rights
Gives the wife (or child) an interest in part of deceased husbands estate. A few states also recognize a husbands rights, called curtesy rights
Easement
The right to use property of another for a specific purpose.
Eminent domain
The right, or government, or an entity with governmental authority, to take private property for public use. The process is called condemnation, which requires payment of just compensation for the property taken
Erosion
The gradual removal of land by nature
Avulsion
The sudden removal of land, as by hurricane.
Accretion
A natural addition to land
Estate
The degree, quantity, nature and extent of interest a person has in property.
Life estate
Expires on the death of the life tenant
Remainderman
Acquires ownership of the property (called the reversion)
Pur autre vie
For another’s life
A type of life estate that ends in the death of someone other than the life tenant
Fee simple
The greatest form of ownership one can have. It is subject to eminent domain and land use controls
Fixture
An object that was personal property. Score being affixed to real estate in a manner that caused it to be part of the real estate.
Foreclosure
The process to force the sale of a property for nonpayment of a claim on it
Freehold estate
An interest in real estate without a known termination date.
Nonfreehold estate
Or
Less than freehold
An interest in real estate with a present termination date
Homestead
The protection of a family’s home from creditors in certain instances such as bankruptcy
Interest in real estate
Allows a party certain use but is less than fee simple estate
Intestate
A person who died without a will
Intestate succession
The states law for distributing the property of someone who died without a will. If the decedent left no heirs, the decedents property “escheats” to the state.
Joint tenancy
A form of ownership characterized by survivorship. When one dies, the remaining joint tenants inherit the portion owned by decedent
License
gives a person permission to go onto another’s land for a a special purpose
License
The privilege given by the state to a person to operate as a real estate salesperson or broker
Littoral
Refers to the shore line of property on a large body of water, such as an ocean. Generally, private ownership stops at the mean high-water mark
Personal property (personalty)
Things other than real estate
Prescription
An easement acquired by adverse possession
Property
The legal rights to use and enjoy things or, in Layman’s terms, the things themselves
Real estate (realty)
Refers to land and everything permanently affixed to land
Riparian
Refers to land bounding on a stream, lake, or river
Survivorship
When a co-owner automatically inherits ownership of the portion that belonged to another person who had died
Tenancy by enetireties
A form of joint tenancy that exist ma only in certain states and is available only to husband and wife. It protects a spouses rights to the home from certain action if the other spouse
Tenancy in common
A form of co-ownership by two or more people without survivorship. Each tenant owns an undivided interests in the whole and may dispose of his/her interest any way he/she pleases
Tenancy in severalty
Ownership by one person or one entity
