Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Implied Grant

A

by actions or evidence but not written or spoke

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Parcel

A

A single piece of property, also called a plot or lot

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Estate at will

A

Lease that can be terminated at will by either side, without notice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Township

A

36 sections (each section is 1 square mile). Part of Government Survey System

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Landlocked

A

Property is surrounded by other properties such that there is no legal access

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Bundle of Rights

A

Describes the owners legal rights in land - sell, lease, occupy, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Remainderman

A

Person who becomes the property owner at the end of a life estate. Remainderman has fee simple

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Lot, Block, and Subdivision

A

Legal description of land based on a plat (recorded map of subdivision)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

License

A

Permission to use another’s property for a particular reason - ex. A theater ticket

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Plat

A

A map of a town, section, or subdivision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Acre

A

43560 sq ft

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Easement appurtenant

A

Runs with the land; whoever owns the land owns the easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Partition

A

Legal procedure to divide the co-owner’s interests in real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Writ of execution

A

A court order to enforce payment of a lien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Estate in severalty

A

Ownership by one entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Qualified Defeasible Fee

A

Ownership that can be defeated if the terms and conditions are violated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Physical Characteristics of Land

A
  1. Immobility
  2. Indestructible
  3. Nonhomogeneity (uniqueness)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Situs

A

Economic characteristic of land. States that location location location is key, and affects property value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Life Estate with reversion

A

Property goes back to original owner at end of life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Involuntary lien

A

a lien created by an outside source - law, court, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Fixity

A

Economic characteristic of land. Land, buildings and improvements are fixed investments, long term, and no liquid assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Annexation

A

When personal property becomes real property; becomes a fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Specific lien

A

a lien against one or more listed properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Estate

A

an interest in real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Chattel

A

personalty, personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Encumbrance

A

a limitation on the rights of a property owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Personal Property

A

anything that is not real property. It is temporary or moveable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Syndicate

A

2 or more parties join together to create and operate a real estate investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Limited Partner

A

Liability is limited to the amount of investment; not usually involved in daily operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Easement in gross

A

easement belongs to another entity regardless of who owns the land - ie. a utility easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

General lien

A

a lien against all property of a debtor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Homestead

A

the residence property of a landowner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Holdover tenant

A

when the tenant stops paying but still refuses to leave

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Holdover tenancy

A

when said holdover tenant pays money and the landlord accepts the money. An interest in property held by the holdover tenant who is paying rent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Freehold estate

A

Ownership of real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Easement by Reservation

A

easement kept by grantor when selling property to a grantee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Methods to terminate an easement

A

release, merger - also called acquiring the adjacent property, abandonment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Nonhomogeniety

A

Physical characteristic of land - no two land is alike

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Personalty

A

personal property, chattel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Tenancy in Common

A

when two friends go in on a property; shares are passed on to heirs, can be unequal shares

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Lien

A

charge against a property as a security for a debt

42
Q

Property held in trust

A

property held by one party for the benefit of another

43
Q

Fee Simple

A

ownership with the greatest bundle of rights. aka fee simple absolute

44
Q

Onsite construction

A

improvements built on the land; not prefab

45
Q

Statutory estate

A

an interest in real property created by law

46
Q

Easement

A

a right in land granting limited use or enjoyment of another’s land

47
Q

Scarcity

A

economic characteristic of land. Short supply and great demand leads to higher value

48
Q

Indeterminate Length

A

period of time with no end date; ownership or freehold estate is of indeterminate length

49
Q

Vendee’s lien

A

lien used to protect a buyer who has paid and not received a deed

50
Q

Methods to create an easement

A

express of implied grant; agreement; reservatioin; limitation or prescription; necessity; condemnation

51
Q

Servient estate

A

property that is limited by an easement appurtenant

52
Q

Voluntary lien

A

home improvement loan; mortgage

53
Q

Legal description of property

A

a description of such certainty and accuracy that one can go to the ground and identify the land; a description prepared by a surveyor

54
Q

Adverse Possession

A

acquiring title to another’s property by occupancy that is hostile, actual, continuous, visible, and distinct for the statutory period - “squatter’s rights”

55
Q

Life Estate

A

Ownership for the duration of one’s life; cannot be willed to heirs

56
Q

Offsite construction

A

prefab, manufactured, or modular buildings. Built in a controlled environment

57
Q

Life Tenant

A

Owner of a life estate

58
Q

Rectangular Survey System

A

aka Government survey system. Uses base lines, meridians, townships, sections, and ranges

59
Q

Poor Man’s Will

A

Joint Tenancy

60
Q

Section

A

1 square mile or 640 acres; part of Government Survey System

61
Q

Estate for years

A

a lease with specific starting and ending date (like what our tenants do). Survives death or the sale of the property

62
Q

Modification

A

Economic Characteristic of Land. States that improvements made by man will alter the value of land and surrounding properties

63
Q

Easement by Condemnation

A

easement acquired by the government under right of Eminent Domain. For use by government, utilities or railroads

64
Q

Leashold Estate

A

an interest in real property giving a party possession without ownership

65
Q

Government Survey System

A

aka Rectangular Survey System. A legal description of land using base lines, meridians, townships, sections, and ranges

66
Q

Trade Fixture

A

personal property installed on leased property for a commercial purpose. Can be removed before end of lease.

67
Q

Dominant estate

A

benefits from the easement appurtenant

68
Q

Easement by agreement

A

an easement negotiated by the property owner and the party in need of the easement

69
Q

Real Property

A

land + apurtenance (rights, privileges, and improvements)

70
Q

Statutory lien

A

lien created by law (taxes, judgements)

71
Q

Express Grant

A

written or spoken

72
Q

Easement by prescription

A

easement acquired by constant use without permission for a required number of years, usually 10. AKA easement by limitation or prescriptive easement

73
Q

encroachment

A

structures or improvements of one property overlap onto another’s property

74
Q

Lot

A

a single piece of property, also called a plot or parcel

75
Q

General Partner

A

has full responsibility and full liability

76
Q

Equitable lien

A

a lien created by common law (through the courts)

77
Q

Community Property

A

all property after marriage is jointly owned by the husband and wife

78
Q

Metes and Bounds

A

legal description of land having Point of Beginning, using Terminal Points and Angles, degrees and minutes to outline a property

79
Q

Sole ownership

A

ownership by a single entity (ie. estate in severalty)

80
Q

Immobility

A

Physical Characteristic of Land. The land cannot be moved

81
Q

Easement by Necessity

A

granted by courts to a landlocked owner who is unable to gain access any other way

82
Q

Conditional Fee

A

Defeasible Fee; ownership with terms and conditions that can cause ownership to be defeated or terminated

83
Q

Monuments

A

permanent survey markers, natural or manmade

84
Q

Periodic Tenancy

A

ie. month to month lease

85
Q

Plot

A

lot or parcel; a map of a single property site

86
Q

Economic Characteristics of Land

A

Situs, Fixity, Scarcity, Modification

87
Q

Defeasible Fee

A

ownership with terms and conditions that can cause the ownership to be defeated or terminated

88
Q

Pur Autre Vie

A

on the life of another; a life estate held by one party for the life of another

89
Q

Cloud on the title

A

encumbrance that causes doubt as to the validity of title and can prevent sale or transfer of title

90
Q

Release

A

the legal method of removing an encumbrance

91
Q

Rights of survivorship

A

a characteristic of joint tenancy; upon one owner’s death, his share passes to surviving co-owners. Heirs have no claim

92
Q

Joint tenancy

A

ownership by two or more parties WITH RIGHTS OF SURVIVORSHIP. (ie. lovers)

93
Q

Reservation

A

when a grantor withholds title to a part of the land transferred by a deed

94
Q

Vendor’s lien

A

a lien created by seller financing

95
Q

Qualified Fee

A

aka Defeasible fee; ownership with terms and conditions that, if violated, can cause ownership to terminate

96
Q

Indestructibility

A

physical characteristic of land; land cannot be destroyed

97
Q

Severance

A

real property becomes personal property (aka uninstall, unattach)

98
Q

Mechanic’s and Materialman’s lien

A

M&M lien; used to secure payment for work or materials used to improve the property

99
Q

Tenancy by the Entirety

A

joint tenancy where co-owners are married

100
Q

Accession

A

gaining title to improvements as a result of the annexation of fixtures

101
Q

Tenancy at sufferance

A

when there’s a squatter; the landlord is suffering

102
Q

Fixture

A

personal property that has been attached to become real property

Real Estate (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions