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60 Cards in this Set
- Front
- Back
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Property
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A tangible object or a right or ownership interest.
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Intellectual property
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Intangible assets, such as trademarks, copyrights, and patents
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Trademark
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A name, combination of letters or numbers, or logo that identifies a particular product.
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Service mark
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A mark used to identify a service-oriented business.
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Copyright
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An author or artist's right to control the use of his or her works.
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Patent
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A right to exclude others from making, suing, or selling one's invention.
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Trade secret
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A formula or process that has not been patented and is known by a limited number of individuals working for the company that uses it.
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Estate
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An interest in or a title to real property. (Note that this term has a different meaning when used in probate matters)
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Freehold estate
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A right of title or ownership to real property that extends for life or some other indeterminate period of time.
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Leasehold estate
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A right to sue real property for a limited period of time.
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Joint tenancy (also known as Joint tenancy with right of survivorship)
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Ownership by two or more persons who have equal rights in the use of that property. when a joint tenant dies, that person's share passes to the other joint tenant (s).
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Tenancy in common
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Ownership by two or more people. When a tenant in common dies, that person's share passes either by will or by intestate statute.
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Restrictive covenant
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A provision in a deed that prohibits specified uses of the property.
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Easement
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A right to use property owned by another for a limited purpose.
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Lease
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An agreement in which the property owner gives someone else the right to use that property for a designated period of time.
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Lessor or landlord
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The owner of the property being leased.
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Lessee or tenant
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The person with right of possession during the term of the lease.
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Quiet enjoyment
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The tenant's right to be free from interference from the landlord with respect to how the property is used.
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Implied warranty of habitability
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A requirement that property be fit for the purpose for which it is being rented. Owners are required to repair and maintain the premises at certain minimum levels.
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Constructive eviction
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An act by a landlord that makes the premises unfit or unsuitable for occupancy.
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Listing Agreement
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A document that spells out the nature of the services a real estate agent will perform with respect to selling real property and how the agent will be compensated for those services.
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Earnest money
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The money the buyer turns over to the real estate agent to be applied to the purchase price of property.
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Title search
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An examination of documents recording title to the property to ensure the owner has a clear title.
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Encumbrance
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A lien or other type of security interest that signifies that some other party has a legitimate claim to the property.
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Mechanic's lien
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A claim filed by a contractor or repair person who had done work on a building for which he or she has not been fully paid.
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Abstract
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A condensed history of the title, which includes the chain of ownership and a record of all liens, taxes, or other encumbrances that may impair the title.
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Deed
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The legal document that formally conveys title to the property to the new owner.
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Closing statement
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An itemized allocation of all the costs and moneys exchanged among the various parties, including financial institutions and real estate brokers, when a property is sold.
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Devise
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A gift of real estate that is given to someone through a will.
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Foreclosure
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The process by which a creditor who holds a mortgage oro some other form of a lien on real property can force the sale of that property in order to satisfy the debt to the mortgage or lien holder.
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Power of sale clause
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A clause authorizing a private foreclosure sale that does not require court action.
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Eminent domain
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The power of government to take private property for public purposes.
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Just compensation
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The amount of money the government must pay the owner of property it seizes through eminent domain.
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Adverse possession
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A transfer of real property rights that occurs after someone other than the owner has had actual, open, adverse, and exclusive use of the property for a statutorily determined number of years.
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Bailment
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A temporary transfer of personal property to someone other than the owner for a specified purpose.
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Bailor
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The owner of the personal property that is being temporarily transferred as part of a bailment.
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Bailee
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The party taking temporary control of the personal property during a bailment.
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Estate
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The total property of whatever kind, both real and personal, that a person owns at the time of his or her death.
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Will
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The document used to express a person's wishes as to how his or her property should be distributed upon death.
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Intestate
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When a person dies without a valid will.
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Formal will
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A document that has been prepared on a word processor or typewriter and that has been properly signed by the testator and the required witnesses.
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Testator/Testatrix
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The person making a will to direct how his or her assets will be distributed at death.
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Bequest (also known as Legacy)
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A gift of personal property in a will.
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Executor/Executrix
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A person appointed by the testator to carry out the directions and requests in his or her will.
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Simultaneous death clause
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A clause that states that if a person named as a beneficiary in the will dies within a short period of time after the decedent dies, it will be assumed for purposes of the will that the person in question failed to survive the decedent.
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Self-proving clause
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A notarized affidavit, signed by the attesting witnesses that may eliminate the need to call witnesses during the probate process to attest to the validity of the will.
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Codicil
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A supplement or addition to a will that modifies, explains, or adds its provisions.
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Living will (also known as a Medical directive)
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A document expressing a person's wishes regarding the witholding or withdrawal of life-support equipment and other heroic measures to sustain life if the individual has an incurable or irreversible condition that will cause death.
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Trust
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A legal relationship in which one party holds property for the benefit of another.
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Donor (also known as a grantor or settler)
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A person who creates a trust.
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Trustee
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The person appointed to administer a trust.
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Probate
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The process of court supervision over the distribution of a deceased person's property.
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Administrator/Administratrix
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A person appointed by the court to carry out the directions and requests of someone's will.
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Kindred (also known as consanguinity)
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Persons related to the decedent by blood.
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Affinity
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Persons related to the decedents by marriage.
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Lineal heir (also known as descendents or issue)
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Someone who is a grandparent, parent, child, grandchild, or great-grandchild of the decedent.
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Collateral heir
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One who has the same ancestors, but does not descend from the decedent.
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Per stirpes (also known as right of representation)
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A method of dividing an intestate estate whereby a person takes in place of the dead ancestor.
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Escheat
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A reversion of property to the state when there are no heirs.
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Sound mind
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The mental capacity to understand the nature of his or her property and the identity of the people named in the will.
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