Key Vocab Terms Flashcards

1
Q

Real Property

A

Relates to land and objects that are more or less permanently attached to it (homes, buildings, trees, etc.)

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2
Q

Personal Property

A

May include living objects and inanimate objects (ex. animal and a television)

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3
Q

Tangible Personal Property

A

Has a physical substance; can be held, tasted, seen or heard (ex. automobiles, tv’s and clothes)

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4
Q

Intangible Personal Property

A

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)

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5
Q

Fixture

A

Item of personal property that becomes real property because of its attachment to the land or a building (ex. air conditioning unit, dishwasher)

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6
Q

Riparian Rights

A

Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use

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7
Q

Appropriation

A

In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it

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8
Q

Possession

A

Occupation of land evidence by visual acts such as enclosure, cultivation, the construction of improvements or the occupancy of existing improvements

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9
Q

Inheritance

A

Ability to acquire ownership to real property because of ones kinship to a deceased property owner who dies without a will

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10
Q

Devise

A

Transfer of real property by means of a last will and testament

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11
Q

Will

A

Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will

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12
Q

Conveyence

A

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

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13
Q

Deed

A

Written document that transfers ownership of real property from one person to another

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14
Q

Adverse Possession

A

Method of acquiring ownership to real property by possession for a statuary time period

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15
Q

Tacking

A

The addition of possession periods by different adverse possessors

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16
Q

Color of Title

A

A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree

17
Q

Fee Simple (Absolute)

A

Estate of real property with infinite duration and no restrictions on use

18
Q

Fee Simple Determinable

A

Estate of real property with potential infinite duration. The ownership of a fee simple determinable is subject to a condition, the breach of which can result in termination of the estate. A fee simple determinable automatically expires on the non-occurrence or occurrence of a condition

19
Q

Life Estate

A

Estate of real property the duration of which is measured by the life or lives of one or more persons

20
Q

Estate For Years

A

Estate of real property the duration of which is for a definite period

21
Q

Estate at Will

A

Estate of real property the duration of which is for a indefinite period. An estate at will can be terminated at the will of the parties

22
Q

Appurtenance

A

right or privilege associated with real property in some way such as a parking space at a condo unit, an easement, or water rights, and is normally conveyed to the new owner when the property is sold.

23
Q

Legal tests for a fixture

A

include: method of annexation: not easily removable
adaption to real estate- ordinarily considered a permanent addition
agreement of the parties: stated as part of real estate in the offer to purchase.

24
Q

nonhomogeneity

A

uniqueness of real property

25
Q

fixture

A

a fixture is personal property that has been affixed to the and or to a building so that y law it becomes part of the real property.

26
Q

trade fixtures

A

include property attached to the structure but used in the course of business such as
personal property: if removed by tenant and the premises are returned to original condition before the lease expires; and real property if left behind by tenant. The landlord can acquire this type of property by accession.

27
Q

Severance

A

The legal principle that defines the mechanical processes required to convert an item of real property into personal property.

28
Q

Construction Mortgage

A

A mortgage used to finance the construction or improvement of real property.

29
Q

Prior appropriation

A

The person who is the first to use a body of water for economic purposes has a superior right