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Real estate > Property, Estate,and Ownership > Flashcards

Property, Estate,and Ownership Flashcards

1
Q

Bundle of rights

A

Use, possess, transfer, encumber, and enjoy

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2
Q

Use

A

The right touse property within the law in any way, or for any purpose

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3
Q

Possess

A

The right to live on the property and the right to keep others out

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4
Q

Transfer

A

The right to sell property, give it as a gift, or dispose of it in any way permitted by, the law

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5
Q

Encumber

A

The right to borrow money and use property as Security for the loan

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6
Q

Enjoy

A

The right to peace and quiet enjoyment without aggravation by others

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7
Q

Property

A

Anything that may be owned and gained lawfully

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8
Q

Personal property

A

Movable property,personalty property, or chattel

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9
Q

Real property

A

Land; anything permanently attached to the land, anything appurenant to the land, and anything immovable by law

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10
Q

Land

A

Surface, limited quantities of airspaceabove the surface, and the materials and mineralsbeneath the surface to thecenter ot the earth

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11
Q

Surface rights

A

The right to build on the land, grow crops, hunt, fish, and the basicenjoyment of the land

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12
Q

Defined channel

A

Any natural watercourse

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13
Q

Flood water

A

Inundation, sheet overflow, ponding

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14
Q

Correlative- rights doctrine

A

Water cannot be owned; an owner may only take a reasonable share of underground waters

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15
Q

Riparian owner

A

The owner of propertybordering a stream or river

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16
Q

Littoral owner

A

Owners of land bordering a lake

17
Q

High tide mark

A

Boundary line of land touching the ocean

18
Q

Appropriation

A

The right to usewater for a beneficial use by diverting surface water

19
Q

Acknowledgment

A

A formal declaration to a public official (notary) by aperson who has signed an instrument that states that the signing was voluntary

20
Q

Appurtenance

A

Those rights and improvements that belong to and pass with transfer of real property but are not necessarily a part of the actual property

21
Q

Bundle of rights

A

An ownership conceptdescribingall the legal rights that attach to the ownership of real property

22
Q

Easement

A

Interest owned by one person in the land of another person

23
Q

Estate

A

A legalinterest in land; defines the nature, degree, extent, and duration on a person’s ownership in land

24
Q

Trade fixture

A

Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upontermination of the ease

25
Q

Riparian rights

A

The rights of a land owner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property

26
Q

Freehold estate

A

An estatein real property which continúes for an indefinite period of time

27
Q

Emblements

A

Animal traps produced for sale by tenant farmers

28
Q

Personal property

A

Anything movable that is not real property

29
Q

Litoral

A

Land bordering a lake, ocean, or sea

30
Q

Fixture

A

Personal property that has become affixed to real estate

31
Q

Real property

A

Land, anything affixed to the land, anything apparent to the land, anything immovable by law

32
Q

Severalty

A

Ownership of real property by one person or entity

33
Q

Chattel

A

Personal property

34
Q

Less-than- freehold

A

A leasehold estate;considered to exist for a definite period of time or successive periods of time until termination

35
Q

Life estate

A

An estate that is limited in duration to the life of its owner or the life of some other chosen person

36
Q

Title

A

Evidence of land ownership

37
Q

Constructive notice

A

Note given by recording a document or taking possession of the property

38
Q

Quiet enjoyment

A

The right to peace without aggravation by others

Real estate (3 decks)

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