Real Property Ownership and Interests in Georgia Flashcards
A law established by court outcome or tradition rather than statute.
Common law
An interest in real property where the owner’s possession of the property doesn’t have a fixed duration
Freehold estate
An inheritable estate with absolute ownership
Fee simple
the current property owner conveys ownership to a new owner as long as some event does or doesn’t occur.
Fee simple determinable
the current property owner conveys ownership to a new owner on a specific condition
Fee simple subject to condition subsequent
A type of freehold estate in which ownership is limited to someone’s lifetime.
Life estates
This is a legal term that means “for another’s life.” The holder of the estate remains in possession with all the rights of a life estate until the death of the person named when the life estate was established.
Pur autre vie
At the end of a life estate, this person will hold a fee simple estate.
Remainderman
When another person isn’t named as a remainderman in a life estate, the estate reverts to the original owner at the end of the life estate.
Reversion
An owner reserves a life estate for themselves when conveying a property.
Reservation
Any act by the estate holder that significantly reduces the value of the property at the end of the life estate
Act of waste
This defines the legal relationship between the parties who sign the lease. It grants possession, but not title, to the tenant, and is for a limited period of time.
Leasehold estate
A lease that ends on a specific date and must be renewed by mutual agreement between the landlord and tenant.
Estate for years
A leasehold estate for a specified period of time that automatically renews itself for the same length of time unless one party terminates.
Periodic estate
A lease without an established ending that can be terminated by either party.
Estate at will
When a tenant continues to occupy a property after lawful authority has expired.
Tenancy at sufferance
An estate created by law or court order.
Statutory estate
One person owns a property.
Estate in severalty
A form of co-ownership in which each co-owner is entitled to possession of the whole.
Tenancy in common
A form of co-ownership in which equal ownership requires unity of time, title, interest, and possession.
Joint tenancy
The direction and distance of a line forming the property’s boundary
Metes
Physical features that define the boundaries of the property.
Bounds
This easement type can only be created for the purpose of ingress and egress
Easement by necessity
This easement isn’t legal, and is created through the continued, uninterrupted, obvious, exclusive, and adverse use of someone’s property without permission.
Easement by prescription
An easement granted to a specific individual or business rather than attached to the property itself
Easement in gross
An easement that is attached to a specific parcel of land, transfers (“runs”) with the land, and gives the “dominant tenement” rights to use adjoining property/servient tenement
Easement appurtenant
Structures or objects built on another’s land without permission.
Encroachments
This means that the titleholder may possess (be on) the property.
Possession
The owner controls the use of the property.
Control
The owner may decide who may or may not access the property.
Exclusion
The owner may use the property in any legal matter.
Enjoyment
The owner has the right to sell or convey the property.
Disposition
This type of lien affects real and personal property and includes judgment liens, federal and state tax liens, and decedent’s debts.
General liens
Process by which water carries rock, sand, and soil and causes land build-up
Accretion
New deposits of land that are the result of accretion
Alluvion
Gradual loss of land due to a natural force
Erosion
A sudden loss of land by a swift, large-scale change in water flow
Avulsion
When water gradually recedes and uncovers new land
Reliction
