Property Ownership and Interests Flashcards
Bundle of Rights
Sell any rights to, interests in, and title to real property that affects the value of the real property.
Deed
Conveys real property only and cannot convey personal property
Bill of sale
Ownership of personal property is transferred and evidenced by a document called
Chattel
Personal property
Fixture
An improvement both on and to the land
Emblements
Crops such as corn, wheat and other garden vegetables that are planted annually by labor and industry
Estate in real property
An interest in property sufficient to give the holder of the estate the right to possession of the property,
Freehold Estate
Ownership for an undetermined length of time
Fee Simple Absolute
The most complete form of ownership and bundle of rights available in real property.
Convey
Pass to another, a life estate in reversion or in remainder
Defeasible
Destructible or defeatable
Life Estate
Ownership, possession, and control for the life of someone
Pur Autre Vie
A life estate may also be based on the lifetime of a person other than the life tenant
Dower
Automatic life estate owned by a surviving spouse in inheritable real property owned by the deceased spouse alone during the marriage
Leasehold Estate or
nonleasehold estate
Limited duration.