Level 1 Property Ownership Flashcards
the process that results in the gradual increase in land area through deposits of soil by natural forces
Accretion
the right to use the airspace above the surface of land
air rights
the area above ground that is owned along with a property —could include space above a piece of land, or the space owned inside a condominium unit
air space
a tangible or intangible item of value
Asset
ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition
Bundle of Rights
any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty
Chattel
the side of law which arises from judgments and decisions made in courts rather than explicit legislation
common law
a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property
community property
property where each owner has a separate interest in their own unit and undivided interest in the common areas
condominium
the right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower for women, curtesy for men
dower/curtesy
a statutory right in some states which allows the surviving spouse to claim an interest in a decedent’s real and personal property regardless of the provisions established by a will
elective share
the portion of a property’s total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property
equity
a right included in the bundle of legal rights to real property which empowers the owner to allow or deny others’ use of the property
exclusion
a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions – ownership reverts back to the original owner if these stipulations are violated
fee simple defeasible
a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated
fee simple determinable
maximum ownership of real property, and is of indefinite duration, freely transferable, and freely inheritable; also called a fee or a fee simple absolute
fee simple estate
an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be a part of the real estate
fixture
a form of ownership with an indeterminate length
freehold estate
laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance
homestead laws
any non-natural structure built on or affixed to land
improvement
co-ownership in which the parties have an equal and
undivided interest in the property; includes the right of
survivorship rather than inheritance
joint tenancy
the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity
land
a type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right
leasehold estate
any life estate created by a function of law as opposed to the actions or desires of a property owner
legal life estate
complete legal ownership of real property and the bundle of rights associated
legal title
an interest in real estate that will end upon the death of the life tenant or the pur autre vie life (life of another)
life estate
rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
littoral rights
separately transferable rights to the subsurface resources on a property
mineral rights
legal action brought with the purpose of terminating the ownership interest of a co-owner to real property
partition suit
a leasehold estate which automatically renews until canceled by either party
periodic estate
any unattached, movable asset on the property not considered real estate (land plus improvements); also known as chattel or personalty
personal property
a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be coowned by PUD lot owners as tenants in common
planned unit development
PUD
the legal doctrine which grants states the power to control and regulate all water resources within their borders
prior appropriation
any item which may be owned, including the rights associated with ownership
property
a life estate characterized by ownership lasting only for the duration of a designated party’s lifetime
pur autre vie
a lessee’s right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title
quiet enjoyment
part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature
real estate
land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership
real property
the reversionary interest held by a designated remainderman in a life estate
remainder interest
the transfer of title from the holder back to the original grantor
reversionary interest
the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners
right of survivorship
rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
riparian rights
undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty
severalty
the act of changing real property into personal property by separation of an item from land or improvements
severance
ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the
earth
subsurface rights
a legal action brought by a landlord to evict a tenant
suit for possession
the rights to access the surface area of a parcel of real
property
surface rights
co-ownership with individual, undivided interest in
the property; includes rights of inheritance rather than
survivorship
tenancy in common
a form of co-ownership where each owner has use of the property at a different prescribed period of time, also known as interval ownership
timeshare
personal property attached to real property that is owned by the tenant and needed for the tenant’s business; can be removed by tenant at expiration of lease
trade fixture
a legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)
trust
the right of a property owner on a waterfront to access and use that water
water rights
