Real Property Ownership and Interests Flashcards
Explore various forms of property ownership, estates, interests, and related rights and limitations.
Which real estate term is this?
The property owner’s claim to the area above their land to protect from incursions without physical contact.
Air Rights
Which real estate term is this?
1) Intangible area above land reaching into the skies. 2) Space within condominium walls belonging to the owner.
Airspace Rights
Which real estate term is this?
The act of conveying or transferring ownership of real property to another party.
Alienation
Which real estate term is this?
Refers to different forms of ownership or access a party has in real property, including Control, Disposition, Enjoyment, Exclusion, Ownership.
Bundle of Rights
Which real estate term is this?
A hybrid of individual property and shared ownership associated with condominiums and timeshares.
Common Interest Ownership
Which real estate term is this?
A form of property ownership where a section of a larger piece of real estate is individually owned.
Condominiums
Which real estate term is this?
An interest in real property created by the owner, limited to the owner’s life or a provision in the owner’s will.
Conventional Life Estate
Which real estate term is this?
Recorded private limitations on real property use, often in housing developments or associations.
Covenants, Conditions, and Restrictions (CC&Rs)
Which real estate term is this?
A document used to transfer ownership of real property from one party to another.
Deed
Which real estate term is this?
A method to avoid foreclosure by transferring property title to the lender.
Deed in Lieu of Foreclosure
Which real estate term is this?
A document where a third party holds the title until a loan is paid off.
Deed of Trust
Which real estate term is this?
A property transfer document with no guarantees beyond ownership and transfer rights.
Deed Without Warranty
Which real estate term is this?
An estate with a title that may be revoked due to certain future events.
Defeasible Fee Estate
Which real estate term is this?
An interest in land ranging from ownership to potential rights.
Estate(s) in Land
Which real estate term is this?
A leasehold continuing for a definite period, not automatically renewing.
Estate for Years
Which real estate term is this?
Theory where landowners hold the right to capture substances beneath their land.
Exclusive Right-to-Take
Which real estate term is this?
The highest type of interest in real estate recognized by law, including complete ownership and transfer rights.
Fee Simple Estate
Which real estate term is this?
Deed used to convey property ownership to a purchaser at a foreclosure sale.
Foreclosure Deed
Which real estate term is this?
Ownership right in land of indefinite length, such as for a lifetime or forever.
Freehold Estate
Which real estate term is this?
Deed transferring the grantor’s entire interest and holding them responsible for title issues.
General Warranty Deed
Which real estate term is this?
Party receiving rights or interests in real property.
Grantee
Which real estate term is this?
Party conveying rights or interests in real property.
Grantor
Which real estate term is this?
Lease where the landlord pays all ownership costs and tenant pays base rent.
Gross Lease
Which real estate term is this?
Lease for undeveloped land where the tenant can build, but property returns to landlord at end.
Ground Lease
Which real estate term is this?
Occurs when a tenant stays beyond legal tenancy without landlord’s consent.
Holdover Tenancy
Which real estate term is this?
Refers to major manufacturing sites and other forms of property like refineries and warehouses.
Industrial Real Estate
Which real estate term is this?
Involuntary alienation is the loss of title to real property through actions such as eminent domain, adverse possession, or foreclosure.
Involuntary Alienation
Which real estate term is this?
Properties can be owned by more than one party. This is known as either joint ownership or a concurrent estate.
Joint Ownership/Concurrent Estate
Which real estate term is this?
Joint tenancy is a legal arrangement where two or more individuals have undivided ownership of a property as well as undivided right to keep the property or dispose of it.
Joint Tenancy
Which real estate term is this?
A lease is a type of property ownership called a leasehold. A leasehold is defined by the concept that a party can possess and control a property, but true ownership, and the rights that go with that, remain with another party.
Lease/Leasehold
Which real estate term is this?
A leasehold interest (or just leasehold) is a right to possession and use of property for specified periods of time and is generally renewable, but does not convey all of the “bundle of rights”, such as the rights of disposition and control.
Leasehold Interest
Which real estate term is this?
A lease-purchase agreement is a combination of a lease agreement and a purchase agreement that provides the leaseholder an opportunity to leverage the lease into a purchase under certain agreed conditions.
Lease-Purchase Agreement
Which real estate term is this?
A legal life estate is a possessory interest in real property that terminates upon the death of the individual on whose life the estate is based.
Legal Life Estate
Which real estate term is this?
In lien theory states, the borrower/mortgagor holds actual title to the real property and the lender/mortgagee holds a lien on the property.
Lien Theory
Which real estate term is this?
A life estate is a freehold estate limited to the life of the owner or the life of some other designated person or persons.
Life Estate
Which real estate term is this?
A life tenant is entitled to the rights of enjoyment and possession, as well as profits arising from possession, just as if the individual was a fee simple owner. The life tenant estate may be sold, mortgaged, or leased, but remains subject to the limitation of the life estate agreement.
Life Tenant
Which real estate term is this?
Rights attached to properties that abut an ocean, gulf, bay, delta, or lake, concerned with the use and enjoyment of the shore.
Littoral Rights
Which real estate term is this?
A subsurface interest (most commonly in minerals, oil, and gas) that may be owned separately from the surface real property.
Mineral Rights
Which real estate term is this?
Can combine condos and apartments with restaurants, shopping, and recreation, in one building or multiple units, generally within a limited geographic area.
Mixed-use Developments
Which real estate term is this?
Refers to any lawful combination of the other categories of real property which are permitted by local zoning.
Mixed-use Real Estate
Which real estate term is this?
A common commercial lease type where the tenant pays additional costs like taxes and utilities.
Net Lease
Which real estate term is this?
A commercial lease based on the lessee’s revenue.
Percentage Lease
Which real estate term is this?
A lease that runs indefinitely from one period to another and can be agreed orally.
Periodic Estate
Which real estate term is this?
A designed grouping of varied land uses within a particular development.
Planned Unit Development (PUD)
Which real estate term is this?
Authority granted to a trustee to dispose of property to satisfy lender’s funds.
Power-of-Sale
Which real estate term is this?
A legal agreement where a trustee maintains ownership of property for a beneficiary.
Private Land Trust
Which real estate term is this?
A private legal agreement where a trustee maintains ownership of real property for the benefit of another party.
Private Land Trust
Which real estate term is this?
Earnings from sales after expenses, or a type of easement allowing access and removal of resources from another’s property.
Profits
Which real estate term is this?
A life estate based on a third party’s life, rather than the life of the grantor or grantee.
Pur Autre Vie
Which real estate term is this?
Actual land including the land and any permanent improvements upon it.
Real Estate
Which real estate term is this?
Land and structures attached to it, including natural resources and improvements.
Real Property
Which real estate term is this?
Assets used for long-term rentals or leases, like homes or shopping facilities.
Real Property Assets
Which real estate term is this?
Interest in an estate following the expiration of a life estate.
Remainder Estate/Remainder Interest
Which real estate term is this?
Property with at least one but not more than four residential units.
Residential Property
Which real estate term is this?
Properties defined as vacation-ready with unique recreational locations.
Resorts
Which real estate term is this?
Housing for older citizens, including various residence types.
Retirement Homes and Communities
Which real estate term is this?
Property interest reverting to the original owner if conditions are unmet.
Reversionary Interest
Which real estate term is this?
Surviving joint owner automatically inherits deceased member’s property interest.
Right of Survivorship
Which real estate term is this?
Temporary easement allowing utility access to public property.
Right-of-Way Grant
Which real estate term is this?
Rights of landowners to use water from a bordering river or stream.
Riparian Rights
Which real estate term is this?
Independent structures with no space between them, similar to townhouses.
Rowhouse
Which real estate term is this?
Transaction where the owner sells property and leases it back.
Sale and Leaseback
Which real estate term is this?
Ownership where a person can utilize all property rights without others’ permission.
Severalty
Which real estate term is this?
Transfers title while allowing liability for any title issues during the grantor’s ownership.
Special Warranty Deed
Which real estate term is this?
When a leasing party leases a property to a third party, generally prohibited in residential leases.
Sublease
Which real estate term is this?
Rights to natural resources below the earth’s surface, like oil and minerals.
Subsurface Rights
Which real estate term is this?
A leasehold estate existing as long as both tenant and landlord agree, terminable at any time.
Tenancy at Will/Estate at Will
Which real estate term is this?
A form of joint tenancy between legally married spouses.
Tenancy by the Entirety
Which real estate term is this?
Owners hold an absolute right to convey their interest without approval from others.
Tenancy in Common
Which real estate term is this?
Condominiums purchased as vacation homes with multiple owners sharing rights.
Timeshares
Which real estate term is this?
In certain states, the borrower holds equitable title while the lender holds actual title.
Title Theory
Which real estate term is this?
Multiple houses combined into a single building, each owner owning a plot.
Townhouse
Which real estate term is this?
Names a beneficiary to own property upon the owner’s death without probate.
Transfer on Death Deed
Which real estate term is this?
Legal term for willing conveyance of a title by gift, sale, or inheritance.
Voluntary Alienation
Which real estate term is this?
Properties using existing structures for new purposes, generally residential, like rental apartments or condominiums.
Converted-Use Property
Which real estate term is this?
An easement that attaches to a specific piece of land, benefiting the easement owner.
Easement Appurtenant
Which real estate term is this?
Created when a property is subdivided, and one section would otherwise lack access.
Easement by Implication
Which real estate term is this?
Created solely by necessity, disappearing when the need for it goes away.
Easement by Necessity
Which real estate term is this?
Established without landowner permission, through continuous use over time.
Easement by Prescription
Which real estate term is this?
Allows rights to a servient estate without attachment to a particular piece of land.
Easement in Gross
Which real estate term is this?
The largest and most complete bundle of rights one can hold in land.
Fee Simple Absolute Estate
Which real estate term is this?
Largest and most complete bundle of rights in land, with interest that does not end upon an event or condition.
Fee Simple Absolute Estate
Which real estate term is this?
Conveyance of property with conditions; possession retained as long as conditions are met.
Fee Simple Defeasible Estate
Which real estate term is this?
Type of defeasible estate that allows passing the estate through probate or testamentary devises.
Fee Simple Determinable
Which real estate term is this?
The highest type of interest in real estate, recognized by law as complete ownership.
Fee Simple Estate
Which real estate term is this?
Defeasible estate where ownership is transferred on condition, with rights based on a condition.
Fee Simple Subject to a Condition Subsequent
Which real estate term is this?
A physical object attached to land or a structure that may be considered real property or retained as personal property.
Fixture
Which real estate term is this?
Business item attached to a leased building, removable by tenant at lease end.
Trade Fixture
