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67 Cards in this Set

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Accounts Receivable --
Money owed to a business from customers for property or services sold.
Annuity --
Periodic payments of fixed sums of money.
Bond --
Evidence of indebtedness secured by a specific piece of property, paying interest until the loan is repaid.
Chose in Action --
One form of intangible personal property.
Closely Held --
Privately owned corporation. (usually between spouses)
Community Property --
Method of holding title to property acquired during marriage; each spouse owns one half of the property.
Undivided Interest
Must be husband & wife.
FORMS OF OWNERSHIP
Concurrent Ownership --
Fee estate held by two or more persons.
Condominium --
Type of ownership of real estate with some attributes of a tenancy in common.
Conveyance --
Transfer of real estate.
Co-Operative --
Type of interest in realty evidenced by owning shares; considered personal property.
Copyright --
Government grant of exclusive use of ARTISTIC and literary works given to the creator.
Curtesy --
Dower --
Old form of widower's right in property of deceased:
- wife.
- husband.
Debenture --
Unsecured evidence of indebtedness similar to a bond.
Deed --
Document specifying title to real estate.
Easement --
Right of access over or use of another person's land.
Elective Share --
Forced share.
Estate --
Right in real property.
Face Value --
Amount appearing on a bond or debenture; amount of the loan.
Fee --
Estate in real property.
Fee Simple --
(Tenancy in Severalty)
Highest form of estate.
Absolute - no one else has other rights to property.
FORMS OF OWNERSHIP
Tenants-In-Common --
Multiple ownership of property in which each co-tenant owns a divisible portion of the whole.
(Joint Ownership)
Undivided Interest = can do whatever want with your half.
FORMS OF OWNERSHIP
Joint Tenancy --
Method of multiple ownership of property with right of survivorship.

Right of Survivor = if one dies, other gets 100%

Required 4 Unities: title, time, interest, possession (done @ same time)
FORMS OF OWNERSHIP
Life Estates --
Remaindorman --
Tenancy for a PERIOD of a person's life.
Possession but NO ownership. Duration of time can vary dependent how was set up.

Remaindorman = Beneficiary after the life tenant. (owner of title)
FORMS OF OWNERSHIP
Leaseholds --
Tenancy in real estate for a fixed period of time.
FORMS OF OWNERSHIP
Fixture --
Property permanently attached to land or buildings - considered to be real property
Foreclosure --
Right of mortgagee to seize and attach real estate for non-payment of the loan.
Forced Share --
Current right of surviving spouse to a portion of deceased spouse's property.
Freehold --
Estate in land for an INDEFINITE period. (as opposed to limited time)
Goodwill --
Intangible asset of a business based on the business' reputation.
Grantee --
Recipient of real estate.
Grantor --
Transferor of real property.
Homestead Exemption --
Estate property not subject to creditors' claims.
Intangible Property --
Personal property that represents something of value but may have little intrinsic value itself.
TYPE OF PERSONAL PROPERTY
Tangible Property --
Personal property that is moveable or touchable.
i.e. vehicle, jewelry, collectibles, furniture & furnishings
TYPE OF PERSONAL PROPERTY
Intellectual Intangible Property examples --
i.e. copyright, patent, license, mark (trademark or service mark)
TYPE OF PERSONAL PROPERTY
General Intangible Property examples --
i.e. savings, CD, stocks or shares, bonds, investments
TYPE OF PERSONAL PROPERTY
Landlord --
Person who leases real estate.
Lessee --
Lessor --
Tenant
Landlord
License --
Grant of use of intellectual property given by the holder of the exclusive right to the property.
Lien --
Creditor's attachment of real and personal property.
Life Estate Pur Autre Vie --
Tenancy for the life of another person.
Mark --
Exclusive right to use a name or symbol that designates a service or trade.
i.e. trademark = "Pepsi-cola"
service mark = CBS or NBC
Maturity Date --
Date on which debtor repays the bond or debenture.
Mortgage --
Security interest on real estate.
Mortgagee --
Mortgagor --
Person who GIVES a mortgage to purchase real estate.
--
Person who TAKES a mortgage to purchase real estate.
Partition --
Method of dividing the interests of multiple owners of real estate. (Court action to force division of property - forced to sell or buy out)
Patent --
Government grant of exclusive use of a scientific invention given to the inventor.
Personal Property --
Property that is movable and or intangible, not real property.
Power of Appointment --
Authority to select a successor beneficiary.
Promissory Note --
Evidence of indebtedness.
Prepaid Expense --
Right to receive goods or services previously paid for.
Quiet Title --
Action to settle title to real estate. (Do when have past errors of property descriptions to 'clean' it up.)
Real Property --
Land and anything permanently affixed to the land.
i.e. land, building, mineral rights (water or oil), timeshares
Rent --
Fee paid by a tenant to a landlord.
Royalty --
Fee paid by a licensee to the holder of a copyright.
Secured Interest --
Creditor's right to specific property which has been set aside to satisfy the creditor in case of default.
Securities --
Contractual, proprietary interests between an investor and a business, evidenced by stocks, bonds, etc.
Share --
Stock; portion of a corporation owned by an investor.
Sole Proprietorship --
Business owned by one person.
Statutory Share --
Forced share of the decedent's estate.
Stock --
Evidence of ownership in a corporation.
Straw Man --
Method of changing title held by multiple owners.
Tenancy --
Right to real property. (right of possession)
Tenancy by the Entirety --
Joint ownership of property between legally married couples.
FORM OF OWNERSHIP
Tenancy in Partnership --
Multiple ownership of property by business partners; property passes to surviving partners, heirs of deceased partner receive the value of the deceased partner's interest in the property.
FORM OF OWNERSHIP
Tickler --
Checklist or deadline reminder system.
Wrongful Death --
Action to recover for the willful or negligent death of a person.