Wesk Flashcards
No dominant tenement, just a servient.
Easement in gross
Claimants must have been continuous, without the owners approval, visible, open and notorious.
Easement by prescription
If the deed or will names a third party to whom title will pass is said to own ______ interest.
Remainder
If the fed does not convey remainder interest to a third party, then upon death of the life estate owner, full ownership reverts to the original few simple owner
Reversionary interest
Increase inland resulting from soil deposited by the natural force of water
Accretion
Estates of ownership for indeterminable length.
Freehold estates
Continues for an indefinite period; may be inherited. estate extinguished on the occurrence of a designated event, the time of such occurrence being uncertain
Fee simple defeasible
Limited ownership for the duration to life of life tenant, or lives of some other designated person or persons.
Life estate
Not an estate of inheritance, because estate terminated at the death of the life tenant or the designated person; may be created for the life of another person and future interests in the property after the death of the life estate owner.
Life estate
The continuous, open, hostile, notorious, and ____ of another’s property without his or her permission.
Adverse possession
Association of two or more persons to carry on business as co-owners and share in the profits and losses of that business.
Partnerships
All partners participate in the operation of the business and may be held personally liable for business losses and obligations.
General partnership
Includes general as well as limited, or silent partners.
Limited partnership
Corporations by law are considered to be a single entity. Ownership in _____
Severalty.
Each stockholders liability is generally limited to ______.
The amount of the investment.
Joining together of two or more parties to create and operate a real estate investment.
Syndicate.