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31 Cards in this Set
- Front
- Back
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An estate that is limited in duration to the life of its owner or the life of some other chosen person.
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life estate
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Annual crops produced for sale
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emblements
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the rights or interests which an owner has in something owned
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property
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13, anything movable that is not real property
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personal property
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23 ,A survey line running east ans west, used as a reference when mapping land
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base line
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25, a land description used in the U,S government survey system consisting of a strip of land located every six miles east and west of each principal meridian
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range
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a land description used in the u.s government survey system consisting of a six-by-six mile area containing 36 sections, each one mile square
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township
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14, personal property
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chattel
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An ownership concept describing all the legal rights that attach to the ownership of real property
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bundle of rights
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A legal interest in land: defines the nature, degree, extent and duration of a person's ownership in land
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estate in fee
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An estate in real property which continues for an indefinite period of time
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freehold estate
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land bordering a like, ocean, or -sea as oposed to land bordering a stream or river (running water)
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littoral
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15, a written agreement used to transfer ownership in personal property
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bill of sale
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20, those rights privileges and improvements that belong to and pass with the transfer or real property but are not necessarily a part of the actual property
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appurtenance
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A leasehold estate: considered to exist for a definite period of time or successive periods of time until termination.
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Less-Than-freehold estate
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The most complete form of ownership of real property: a freehold estate that can be passed by descent or by will after the owner's death: also known as a estate of inheritance or fee simple estate.
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estate in fee
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an owner may use only a reasonable amount of the total underground water supply for his or her beneficial use.
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doctrine of correleative user
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The largest, most complete ownership recongnized by law:and estate in fee with no restrictions on its use.
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Fee simple absolute
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23, a survey line running north and south, used as a reference when mapping land
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meridian
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a fixed landmark used in a metes and bounds land description
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monument
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16 ,land, anything affixed to the land, anything appurtenant to the land, anything immovable by law
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real property
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30, an area of land, as used in the government survey method of land description:a land area of one square mile, or 640 acres 1/36 of a township
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section
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An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occours:also called a fee simple defeasible.
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fee simple qualified
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18, the rights of a landowner whose land is next to a natural watercourse to reasonalbe use of whatever water flows past the property
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piparian rights
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22, an article of personal property affixed to leased property by the tenant as necessary part of business: may be removed by tennant as personal property upon termination of the lease
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trade fixture
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Also known as fee simple qualified
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fee simple defeasible
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the rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
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riparian rights
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21, personal property that has become affixed to real estate
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fixture
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Condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing
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conditon precedent
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a measurement meaning on foot or 12 inches in length as contrasted to a square foot or a cubic foot
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linear foot
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A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: for example, a requirement in grant dee that a buyer must never use the property for anything other than a private residence
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condition subsequent
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