Property Ownership and Interests Flashcards

1
Q

Bundle of Rights

A

Sell any rights to, interests in, and title to real property that affects the value of the real property.

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2
Q

Deed

A

Conveys real property only and cannot convey personal property

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3
Q

Bill of sale

A

Ownership of personal property is transferred and evidenced by a document called

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4
Q

Chattel

A

Personal property

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5
Q

Fixture

A

An improvement both on and to the land

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6
Q

Emblements

A

Crops such as corn, wheat and other garden vegetables that are planted annually by labor and industry

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7
Q

Estate in real property

A

An interest in property sufficient to give the holder of the estate the right to possession of the property,

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8
Q

Freehold Estate

A

Ownership for an undetermined length of time

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9
Q

Fee Simple Absolute

A

The most complete form of ownership and bundle of rights available in real property.

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10
Q

Convey

A

Pass to another, a life estate in reversion or in remainder

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11
Q

Defeasible

A

Destructible or defeatable

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12
Q

Life Estate

A

Ownership, possession, and control for the life of someone

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13
Q

Pur Autre Vie

A

A life estate may also be based on the lifetime of a person other than the life tenant

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14
Q

Dower

A

Automatic life estate owned by a surviving spouse in inheritable real property owned by the deceased spouse alone during the marriage

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15
Q

Leasehold Estate or

nonleasehold estate

A

Limited duration.

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16
Q

Estate of years

A

Exists only for a fixed period of time

17
Q

Estate from Year to Year

A

Automatically renew itself for another term at the end of each period unless one party gives notice to the other

18
Q

Estate at Will

A

May be terminated by either party at will by simply giving notice to the other party.

19
Q

Estate at Sufferance

A

A tenant who originally was in lawful

20
Q

Ownership in Severalty

A

Title to real property is held in the name of only one person or entity

21
Q

Concurrent Ownership

A

Simultaneous ownership of real property by two or more people (co-ownership)

22
Q

Right of Survivorship

A

If one (or more) of the co-owners dies, the surviving co-owners automatically receive the interest of the deceased co-owner.

23
Q

Right of Inheritance

A

Co-owners share of the real estate will pass at his/her death to his/her heirs or in accordance with his/her last will and testament

24
Q

Unites of Ownership

A

Time, Title, Interest, and Possession

25
Q

Tenancy in Common

A

By two or more persons holding title to a property at the same time
ex) Business partners

26
Q

Joint Tenancy

A

Co-ownership requires all four unities of time, title, interest and possessions

27
Q

Tenancy by the Entirety

A

Limited to husband and wife

must be married

28
Q

MI Condo Act

A

A prospective purchaser of new construction condo must be provided detailed information concerning construction & proposes operating procedures

29
Q

Cooperative

A

The buildings, land, all real property rights, and interests are owned by a corporation in severalty.
No Deed

30
Q

Timesharing

A

Combines the ownership of a condominium (or other separate unit) in fee with the sharing of use of the unit by many owners
- You have your time with the place