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23 Cards in this Set
- Front
- Back
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Adverse Possession |
Acquiring title to real estate by possession and occupation of that real estate for a statutory period |
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Bailment |
A legal relationship created where one person gives property to another person for service or safekeeping |
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Chose in Action |
a property right not reduced to possession but recoverable by a law suit |
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Easements |
A limite right to use the real property of another |
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Eminent Domain |
The power of the government to take personal property for public use, with payment for just compensation |
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Fee SimpleTitle |
The highest title one can own. The owner has absolute and unconditional power to use and dispose of the property in a manner they chose. |
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Fixture |
Personal property that is permanently attached to real property, thus becoming part of the real property |
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Intangible personal property |
Property that has no tangible value in and of itself but rather represents something of value, such as cash or a stock certificate |
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Joint Tenant with Right to Survivorship |
a form of ownership of property where upon the death of one joint tenant, ownership of the entire property passes to the surviving join tenant by operation of law |
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Leasehold Estate |
The right to use a designated or described piece of property for a certain term. A lease, a rental agreement. |
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Life Estate |
A possessory interest in property the duration of which is limited to their lifetime. |
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Quitclaim Deed |
The conveyance of real property by the granter of interest, if any, they have in a property |
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Replevin |
A legal action to recover the personal property itself |
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Tangible Personal Property |
Property that has a physical form, that can be touched and that is movable |
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Tenants in Common |
A form of ownership of property where the individual owns an undivided interest in the propert |
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Title by Accretion |
The growth of property by addition. Increase in livestock by birth; increase in funds in a bank account by earning interest |
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Title by Capture |
A mode of acquiring property by taking. usually applied to the catching or killing of wild animals |
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Warranty Deed |
A deed from the grantor that warrants and guarantees title to the property |
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Will |
A document by which the creator disposes of all his or her property upon his or her death. A method of conveying title to property |
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Codicil |
An amendment to a will |
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Escheat |
If the deceased has no heir or descendants, and there is no one to inherit at the death of death, all estate assets pass to the state |
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Estate Administration |
More of a process than a definition--it is the gathering of assets, the payment of debts, and the distribution of remaining assets pursuant to will or statute. |
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Mere Expectancy |
What a named beneficiary has in property in a will. Until the person dies, they have no interest in the property. |
