Unit 2 Property, Estate, and Ownership Flashcards
Acknowledgement
A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.
Appurtenance
Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.
Bundle of Rights
An ownership concept describing all the legal rights that attach to the ownership of real property.
Easement
The right to use another’s land for a specified purpose.
Estate
A legal interest in land; defines the nature, degree, extent, and duration of a person’s ownership in land.
Trade fixture
Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.
Riparian Rights
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.
Freehold Estate
An estate in real property which continues for an indefinite period of time.
Emblements
Annual crops produced for sale.
Personal Property
Anything movable that is not real property.
Littoral
Land bordering a lake, ocean, or a sea.
Fixture
Personal property that has become affixed to real estate.
Real Property
Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.
Severalty
Ownership of real property by one person or entity.
Chattel
Personal Property.
Less than freehold estate
A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.
Life Estate
An estate that is limited in duration to the life of its owner or the life of some other chosen person.
Title
Evidence of land ownership
Constructive notice
Notice given by recording a document or taking possession of the property.
Quiet Enjoyment
The right to peace without aggravation by others.
“property”
Rights or interests in the thing owned.
Jon conveys a portion of his fee estate to Fred that is for a term less than his own, John’s own interest would be:
Reversion
________ refers tot eh bundle (collection) of rights a person has in the thing owned.
Property
_____ property becomes _____ property if it is permanently affixed to land or improvements.
Personal; Real
Land includes (3):
- the surface
- the air
- the space beneath for an indefinite distance
Timber, crops, and landfill soil are _______ property
Personal property
The owner of property bordering a stream or river has _____ rights
Riparian Rights
Riparian rights have been ruled in court to be _____ property.
Real Property
Easements, mineral rights and trees are all ___ property.
Real
An appurtenance….
… is anything used with the land for its benefit, such as easements and stock in a mutual water company.
A mobilehome not attached to a foundation, including its contents, is considered _____ property.
Personal property.
Freehold estates are….
real property estates of ownership.This type of estate continues for an indefinite period and is sometimes called an ESTATE OF INHERITANCE.
Severalty
Is ownership by an individual.
property owned by one person or entity is known as sole and separate, or ____________
Ownership in severalty.
Tenants in common are free to sell, convey (sell or lease), or mortgage _________ interest.
Their own.
A person may sell a joint tenancy interest, but may not _____.
Will it.
A contract to sell community real property must be signed by _____ spouses.
Both spouses.
