Key Vocab Terms Flashcards
Real Property
Relates to land and objects that are more or less permanently attached to it (homes, buildings, trees, etc.)
Personal Property
May include living objects and inanimate objects (ex. animal and a television)
Tangible Personal Property
Has a physical substance; can be held, tasted, seen or heard (ex. automobiles, tv’s and clothes)
Intangible Personal Property
Represents property that has a set of rights that have no physical existence but do represent control or ownership of something of value (ex. bonds, patents, copyrights)
Fixture
Item of personal property that becomes real property because of its attachment to the land or a building (ex. air conditioning unit, dishwasher)
Riparian Rights
Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use
Appropriation
In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it
Possession
Occupation of land evidence by visual acts such as enclosure, cultivation, the construction of improvements or the occupancy of existing improvements
Inheritance
Ability to acquire ownership to real property because of ones kinship to a deceased property owner who dies without a will
Devise
Transfer of real property by means of a last will and testament
Will
Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will
Conveyence
The transfer of title of some or all of the ownership rights to real property from one person to another. A conveyance is usually by instrument such as a deed, lease, or mortgage
Deed
Written document that transfers ownership of real property from one person to another
Adverse Possession
Method of acquiring ownership to real property by possession for a statuary time period
Tacking
The addition of possession periods by different adverse possessors