Property Ownership

Front 1

appurtenant easement

Back 1

easement that passes with the land when conveyed. Dominant (user)and surviant(giver)

Front 2

Curtesy

Back 2

a life estate, usually a fractional interest, given by the wife to surviving husband

Front 3

Deed restriction

Back 3

limitation on future use of property, placed by seller

Front 4

dower

Back 4

wife acquires property from deceased husband

Front 5

easement

Back 5

a right to use the land of another for a specific purpose

Front 6

easement by condemnation

Back 6

easement acquired by a public body through the power of eminent domain

Front 7

easement by necessity

Back 7

easement allowed by law as necessary for the full enjoyment of a parcel of realestae

Front 8

easement by prescription

Back 8

an easement acquired by the continuous, open, uninterrupted, exclusive and adverse use of the property for the period of time prescribed by law

Front 9

easement in gross

Back 9

over a number of properties, not necessarily for their use

Front 10

encroachment

Back 10

ex wall or fence over property line

Front 11

encumbrance

Back 11

claim, charge, liability against property that effects value

Front 12

escheat

Back 12

die without will or heirs. property reverts to the sate

Front 13

estate in land

Back 13

degree and quality in which you have interest in property

Front 14

Fee simple absolute

Back 14

maximum possible estate or right of ownership in real property; continuing forever

Front 15

Fee simple defeasible

Back 15

something in the future may effect ownership. ex park strip

Front 16

freehold estate

Back 16

ownership for an indeterminable length of time

Front 17

future interest

Back 17

persons present right in property that involves future ownership

Front 18

homestead

Back 18

land owned and occupied as primary residence protected from non-secured debts and judgments

Front 19

leasehold estate

Back 19

tenants right to occupy during the lease

Front 20

license

Back 20

a revocable permission for a temporary use of land

Front 21

lien

Back 21

right given to creditor to have debt paid by sale of your property

Front 22

littoral rights

Back 22

ownership along a non-moivng body of water. ownership to mean highwater mark

Front 23

Party driveway

Back 23

shared by two neighbors. each having an easement on the other half

Front 24

party wall

Back 24

on wall supporting two adjoining structures. zero lot line

Front 25

police power

Back 25

governments right to impose laws affecting your property ownership

Front 26

prior appropriation

Back 26

water belongs to state. permit needed

Front 27

remainder interest

Back 27

remnant of an estate after giving of life estate

Front 28

reversionary interest

Back 28

remanant of an estate after giving of life estate

Front 29

riparian rights

Back 29

ownership along a moving body of water

Front 30

beneficiary

Back 30

the person for who the trust is set up

Front 31

common elements

Back 31

the parts of a property that are used by everyone, ex condos

Front 32

community property

Back 32

system of ownership when property is gained during marriage

Front 33

condominium

Back 33

absolute ownership of the unit, and an undivided ownership of common elements

Front 34

cooperative

Back 34

multi-unit building owned by corperation. residents have share in corporation

Front 35

co-ownership

Back 35

ownership by more than one party

Front 36

corporation

Back 36

a business that can own in severalty

Front 37

general partnership

Back 37

association of 2 or more each having full liability

Front 38

joint tenancy

Back 38

ownership taken at same time in equal amounts of ownership

Front 39

beneficiary

Back 39

the person for who the trust is set up

Front 40

common elements

Back 40

the parts of a property that are used by everyone, ex condos

Front 41

limited partnership

Back 41

limited partners are partners are investors and can only loose their investment. controlled by general partners(who have full liability)

Front 42

community property

Back 42

system of ownership when property is gained during marriage

Front 43

condominium

Back 43

absolute ownership of the unit, and an undivided ownership of common elements

Front 44

cooperative

Back 44

multi-unit building owned by corperation. residents have share in corporation

Front 45

co-ownership

Back 45

ownership by more than one party

Front 46

corporation

Back 46

a business that can own in severalty

Front 47

general partnership

Back 47

association of 2 or more each having full liability

Front 48

joint tenancy

Back 48

ownership taken at same time in equal amounts of ownership

Front 49

limited partnership

Back 49

limited partners are partners are investors and can only loose their investment. controlled by general partners(who have full liability)

Front 50

partition

Back 50

court suit to divide partnership when partners don't want to

Front 51

partnership

Back 51

association of tow or more for a business purpose

Front 52

right of survivorship

Back 52

ownership of deceased tenant absorbed by surviving tenants. defines joint tenancy

Front 53

separate property

Back 53

any property brought into a marriage or gift/inheritance received during a marriage

Front 54

syndicate

Back 54

a combination of people or firms who pool resources to by a larger property

Front 55

tenancy by the entirety

Back 55

ownership taken at any time in any percentage with right of inheritance

Front 56

time sharing

Back 56

ownership for certain time every year

Front 57

trust

Back 57

fiduciary arrangement transfered by trustor(owner) to trustee(individual third paty) on behalf of bennificiary