Property Ownership Flashcards
Implied Grant
by actions or evidence but not written or spoke
Parcel
A single piece of property, also called a plot or lot
Estate at will
Lease that can be terminated at will by either side, without notice
Township
36 sections (each section is 1 square mile). Part of Government Survey System
Landlocked
Property is surrounded by other properties such that there is no legal access
Bundle of Rights
Describes the owners legal rights in land - sell, lease, occupy, etc
Remainderman
Person who becomes the property owner at the end of a life estate. Remainderman has fee simple
Lot, Block, and Subdivision
Legal description of land based on a plat (recorded map of subdivision)
License
Permission to use another’s property for a particular reason - ex. A theater ticket
Plat
A map of a town, section, or subdivision
Acre
43560 sq ft
Easement appurtenant
Runs with the land; whoever owns the land owns the easement
Partition
Legal procedure to divide the co-owner’s interests in real property
Writ of execution
A court order to enforce payment of a lien
Estate in severalty
Ownership by one entity
Qualified Defeasible Fee
Ownership that can be defeated if the terms and conditions are violated
Physical Characteristics of Land
- Immobility
- Indestructible
- Nonhomogeneity (uniqueness)
Situs
Economic characteristic of land. States that location location location is key, and affects property value
Life Estate with reversion
Property goes back to original owner at end of life estate
Involuntary lien
a lien created by an outside source - law, court, etc
Fixity
Economic characteristic of land. Land, buildings and improvements are fixed investments, long term, and no liquid assets
Annexation
When personal property becomes real property; becomes a fixture
Specific lien
a lien against one or more listed properties
Estate
an interest in real property
Chattel
personalty, personal property
Encumbrance
a limitation on the rights of a property owner
Personal Property
anything that is not real property. It is temporary or moveable
Syndicate
2 or more parties join together to create and operate a real estate investment
Limited Partner
Liability is limited to the amount of investment; not usually involved in daily operations
Easement in gross
easement belongs to another entity regardless of who owns the land - ie. a utility easement
General lien
a lien against all property of a debtor
Homestead
the residence property of a landowner
Holdover tenant
when the tenant stops paying but still refuses to leave
Holdover tenancy
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.
Freehold estate
Ownership of real property
Easement by Reservation
easement kept by grantor when selling property to a grantee.
Methods to terminate an easement
release, merger - also called acquiring the adjacent property, abandonment
Nonhomogeniety
Physical characteristic of land - no two land is alike
Personalty
personal property, chattel
Tenancy in Common
when two friends go in on a property; shares are passed on to heirs, can be unequal shares