Glossary

Question 0

Air rights

Answer 0

Rights in the real property as they apply to the property airspace or all space above the surface with in the parcel’s legal boundaries

Question 1

Agent

Answer 1

The party and the agency relationship who is hired by the principle to preform certain duties. In so doing the agent must also uphold fiduciary duties owed the principal.

Question 2

Airspace

Answer 2

The air portion of real property. In a condominium unit, the freehold space enclosed by the units outer walls, floor, and ceiling.

Question 3

Agency

Answer 3

The fiduciary relationship between an agent and a principal where respective rights and duties are prescribed by law of agency and by the agency agreement executed by the two parties.

Question 4

Broker

Answer 4

A direct agent of the principal who is hired for compensation to perform a stated service such as procuring a customer.

Question 5

Bundle of rights

Answer 5

A set of rights associated with ownership of property including the rights to possess, use, transfer, encumber, and exclude

Question 6

Dower

Answer 6

A widows life estate interest in portions of her deceased spouse’s real property

Question 7

Emblements

Answer 7

Plants or crops considered personal property, since human labor is required for planting, growing and harvesting.

Question 8

Estate

Answer 8

1. A set of frights to real property that includes the right of possession 2. The totality of one’s personal and real property ownership

Question 9

Eviction

Answer 9

Removal of a tenant from my property because of a lease default

Question 10

Fee simple

Answer 10

An estate representing the highest form of legal ownership of real property particularly the fee simple absolute estate.

Question 11

Grantee

Answer 11

A party who receives a right, interest, or title to real property from another

Question 12

Grantor

Answer 12

A party who transfers a right, interest, or title to real property to another

Question 13

Improvement

Answer 13

Any man-made structure or item affixed to land

Question 14

Interest

Answer 14

1. A right to real property 2. A lenders lenders charge for the use of the principal amount of a loan

Question 15

Intestate

Answer 15

Legal condition of a person who dies without leaving a will

Question 16

Land

Answer 16

The surface area of the earth all natural things permanently attached to the earth and everything beneath the surface of the earth center and above the surface extending upward to infinity

Question 17

Lease

Answer 17

A legal contract and instrument of conveyance which transfers to the tenant, or lessee, a leaseholder fee for certain duration. The lease contract sets forth all tenant and landlord Covenants, financial terms, and grounds for default. The landlord is referred to as the lessor.

Question 18

Life estate

Answer 18

A freehold estate that is limited in duration to the life of the owner or other named person. On the death of this person, legal title passes to the grantor or other named party

Question 19

Note

Answer 19

In agreement to repay a loan of an indicated amount under certain terms

Question 20

Notice of title

Answer 20

Actual or recorded public evidence of real property ownership

Question 21

Personal property

Answer 21

All property that is not considered real property; all property that is not land or permanently attached to land, excepting trade fixtures and enblements

Question 22

Police power

Answer 22

A state or legal governments legal authority to create, regulate, tax, and condemn real property in the interest of the public’s health safety and welfare

Question 23

Principal

Answer 23

1. The employer in an agency relationship to whom the agent owes fiduciary duties. 2. The loan balance to which interest charges are applied

Question 24

Property

Answer 24

An item that has a legal owner along with the attendant rights to legal ownership

Question 25

Real estate

Answer 25

The land and all man-made structures permanently attached to it

Question 26

Real property

Answer 26

Real estate in the bundle of rights associated with ownership of real estate

Question 27

Subsurface rights

Answer 27

Rights and interests to what ever is beneath the surface of one’s parcel of real property

Question 28

Surface rights

Answer 28

Rights to the surface area of a parcel of real estate

Question 29

Tendency

Answer 29

A freehold or leasehold estate held by a tenant

Question 30

Trade fixture

Answer 30

A fixture necessary for the conduct of a business. Although affixed to the land it is personal property

Question 31

Water rights

Answer 31

Rights of property that abuts A body of water to own or use the water

Question 32

Elective share

Answer 32

A right of a surviving spouse to claim a prescribed portion of the decedent’s real and personal property in place of the provisions of the decedent’s will

Question 33

Encumbrance

Answer 33

An interest, right or intrusion that limits the freehold interest of an owner or real property or otherwise adversely effected the marketability of title.

Question 34

Fixture

Answer 34

An item permanently attached to land so as to be defined as real property

Question 35

Joint tenancy

Answer 35

A form of real property ownership in which coach owners Cheryl all rights in interest equally and indivisibly. Entails write up survivorship. Parties must establish tenancy at the same time and with a single deed

Question 36

Land trust

Answer 36

A trust in which a trustor conveys a fee estate to a trustee and names himself or herself as beneficiary. The beneficiary in turn controls the property and the actions of the trustee.

Question 37

Legal life estate

Answer 37

A life estate established by operation law rather than by the actions or wishes of the property owners. Examples are homestead law, dower, curtesy, and elective share