Real Estate Principles Flash Cards
to learn vocabulary
Bundle of Rights
Legal rights a homeowner has; UPTEE. Right to use, possess, transfer, encumber and enjoy
Real Property
generally immovable, goes with real estate
Personal property
generally movable, goes with the person
Chattel real
`refers to tangible movable property
Fixture
personal property turned into real property
Trade Fixture
linked to a business (barbers chair, dentists chair) a fixture for a trade
Riparian Rights
water rights over a moving body of water such as a river or stream
Littoral Rights
land that abuts a body of static water such as an ocean or sea
Accretion
increase in actual land due to natural causes. Example: gradual action of rivers or ocean
Avulsion
land is washed away by water. Ex. a dam breaks and washes away a strip of land
Reliction
Gradual recession of water, leaving land uncovered permanantly
Appurtenances
easements, real property, minerals in ground, “runs with the land”
Freehold Estate
estates where ownership is held for an undefined amount of time
Fee simple estate
also known as estate of inheritance, it is a type of freehold estate. can be sold or inherited. not free of taxes. the most interest that one can hold
fee simple defeasible
puts a condition on the use of a property. if the deed has a condition that no alcohol would be served on the property and is violated, the owner can lose title
Lease
Possession but not ownership
Bargain and Sale Deed
A deed that conveys real property without covenants
Encumbrance
Burden on the property. Claim, lien, charge or liability attached to real property, title can still be transferred
Easement
The right to use or enter into someone else’s land for a special purpose
General lien
Lien that attaches to all of the owners property, like income tax liens
Encroachment
When a neighbor is using land which they do not own
Escheat
The government right to take ownership of estate assets or unclaimed property
