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24 Cards in this Set

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A person who receives a gift.
Donee
The right to enter land belonging to another and make a limited use of it, without taking anything away.
Easement
The legal entity that holds title to assets after the owner dies and before the property is distributed.
Estate
The greatest possible ownership right in real property, including the right to possess, use, and dispose of the property in any lawful manner.
Fee simple absolute
Ownership interest in real property that may terminate upon the occurrence of some limiting event.
Fee simple defeasible
The present right to possess property and to use it in any lawful manner.
Freehold estate
The present right to possess property and to use it in any lawful manner.
Gift
A gift made in contemplation of approaching death.
Gift causa mortis
The person who receives property, or some interest in it, from the owner.
Grantee
(1) An owner who conveys property or some interest in it. (2) Someone who creates a trust.
Grantor
A landlord must meet all standards set by the local building code or otherwise ensure that the premises are fit for human habitation.
Implied warranty of habitability
A gift made "during life," that is, when the donor is not under any fear of impending death.
Inter vivos gift
A contract creating a landlord-tenant relationship.
Lease
To grant permission to another person (1) to make or sell something or (2) to enter on property.
License
A person who is on the property of another for her own purposes but with the owner's permission. A social guest is a typical licensee.
Licensee
An ownership interest in real property entitling the holder to use the property during his lifetime but which terminates upon his death.
Life estate
A security interest in real property
Mortgage
A creditor who obtains a security interest in real property, typically in exchange for money given to the mortgagor to buy the property.
Mortgagee
A debtor who gives a mortgage (security interest) in real property to a creditor, typically in exchange for money used to buy the property.
Mortgagor
All property other than real property.
Personal property
The right to enter land belonging to another and take something away, such as minerals or timber.
Profit
A tenant's right to use property without the interference of the landlord.
Quiet enjoyment
Land, together with certain things associated with it, such as buildings, subsurface rights, air rights, plant life, and fixtures.
Real property
A form of joint ownership available only to married couples. If one member of the couple dies, the property goes automatically to the survivor. Creditors cannot attach the property, nor can one owner sell the property without the other's permission.
Tenancy by the entirety