Property Ownership Flashcards
appurtenant easement
an easement that has 2 adjoining properties where there is a dominant and servient tenement
curtsey
legal life estate that a deceased wife gives her husband
deed restriction
limitations to the future use of property
easement
authorized use of anothers property, document proof
easement by condemnation
acquired by public body by eminent domain after paying just compensation.
easement by necessity
allowed by law for ingress and egress to a property (you can not be land locked)
easement by prescription
squatters right, acquired by continuos, open, uninterrupted, exclusive and adverse use of a property over time prescribed by state law
dower
legal life estate a deceased husband leaves his wife
easement in gross
easement over another property not necessarily for their use
eminent domain
acquiring property for public use thru condemnation
encroachment
a wall or fence or something extending onto your property without permission.
encumbrance
any claim or liability against a property that will effect its value
escheat
when a property becomes ownerless if you die without a will and without heirs the property will revert to the state.
estate in land
the degree and quantity in which you own your property
fee simple absolute
the highest estate in land, you own continuing forever (Fee simple is 100% ownership)
fee simple defeasible
something in the future could change your ownership, of something happens or doesn’t happen.
freehold estate
ownership for an indeterminable length of time
future interest
a persons present right in property involves future ownership (remainder man)
homestead
land that is owned and occupied as your primary residence and is protected from judgements up to $54K
Gross lease
tenant pays a fixed amount, landlord pays all property charges
net lease
tenant pays a fixed rental amount and also pays some or all of the property charges
percentage lease
tenant pays a fixed rent plus a percentage of their gross income from the business (franchise)
graduated lease
provides for increases in rent at set future dates
riparian rights
given to owners of a non-navigable stream (riparian - rivers streams) - gives ownership to the middle of the stream
littoral rights
littoral - lake - held by owners by large lakes and oceans stating ownership of the land up to the high water mark.
leasehold estate
a tenants right to occupy during a lease
license
a revokable permission to use someones property…. verbal “hey you can use my driveway to park your motorhome whil you repave your driveway”
life estate
an estate for the life of the owner
party driveway
a driveway shared by 2 neighbors each having an easement on the others half.
party wall
a wall that is holding up 2 structures (ex: center wall of a zero lot line)
police power
the governments right to impose laws effecting our property ownership.
prior appropriation
state owns the water & you must have a permit to use it.
remainder interest
the part of the life estate given to the life tenant that reverts to the remainder man upon life tenants death.
reversionary interest
remnant of life estate after giving the life estate
taxation
the process w/here the government raises money for its operation
zoning ordinance
exercise of police power of a municipality in regulating and controlling use of property
beneficiary
the person for whom a trust is set up
common elements
the parts of a property that are necessary for its existence
community property
property ownership that all property gained during a marriage is co-owned
condominium
individual ownership of the unit with undivided interest in the common are
cooperative
multi-unit building owned by the coop tenants have shares in the coop and a proprietary lease on their unit
co-ownership
ownership by more that one party or person
general partnership
an association of 2 or more each having full liability
joint tenancy
ownership must be taken at the same time in equal percentages w/right of survivorship
right of survivorship
joint tenancy - the ownership of a deceased tenant is absorbed by the other tenant
limited partnership
investors who can only lose their investment and general partners make decisions will full liability
partnership
association of 2 or more for a business propose
partition
a court suite to divide a partnership when one or more do not wish to.
separate property
any property brought into a marriage or any inheritance during a marraige
severalty
ownership by one party
syndicate
combination of people or firms who combine recourses to buy a larger property
tenancy by the entirety
joint tenancy only by a husband and wife with the right to survivorship
tenancy in common
ownership can be taken at anytime in any percentage with the right of inheritance
Each party can hold a separate lease and shares possession. Can sell their interest, upon death interest passes to the tenants heirs.
trustee
third party hired to create a land trust
trustor
owner of the property conveys title to the third pary
undivided interest
unit of possession among co-owners of the property
zoning ordinance
exercise of police power of a municipality in regulating and controlling the use of property
nonconforming use
no longer conforms to the regulation of the zone it is located (grandfather right)
