Real Estate/property Ownership

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Fixture

Back 1

An object that has been attached to land so as to become real estate.

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Improvement

Back 2

Any form of land development, such as buildings, roads, fences, and pipelines.

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Meridians

Back 3

Imaginary lines running north and south, used as references in mapping land.

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Metes and bounds

Back 4

A detailed method of land description that identifies a parcel by specifying is shape and boundaries.

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Monument

Back 5

An iron pipe, stone, tree, or other fixed point used in making a survey.

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Personal property

Back 6

A right or interest in things of a temporary or movable nature; anything not classified as real property.

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Real estate

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Land and improvements in a physical sense, as well as the rights to own or use them.

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Recorded plat

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A subdivision map filed in the county recorders office that shows the location and boundaries of individual parcels of land.

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Riparian right

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The right of a landowner whose land borders a river or stream to use and enjoy that water.

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Trade fixtures

Back 10

Fixtures in which are considered personal property and must be removed before the expiration of the lease without seriously damaging the building.

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Emblements

Back 11

Annual cultivated crops.

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Appurtenances

Back 12

A right or privilege or improvement that belongs to and passes with land but is not necessarily a part of the land.

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Riparian right

Back 13

The right of a landowner whose land borders a river or stream to use and enjoy that water.

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Doctrine of prior appropriation

Back 14

A legal philosophy that allows a first user to continue diverting water.

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Doctrine of prior appropriation

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Doctrine which states that the first owner to divert water for personal use may continue to do so, even though it is not equitable to the other landowners along the watercourse.

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Littoral right

Back 16

The lawful claim of a landowner to use or enjoy the water of a lake or sea bordering the land.

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Chattel

Back 17

An article of personal property.

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Easement

Back 18

The right or privilege one party has to use land belonging to another for a special purpose not inconsistent with the owners use of the land.

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Eminent domain

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The right of government to take privately held land for public use, provided fair compensation is paid.

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Encroachment

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The unauthorized intrusion of a building or other improvement onto another person's land.

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Encumbrance

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Any impediment to a clear title, such as a lien, lease, or easement

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Estate

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Ones legal interest or rights in land.

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Fee simple

Back 23

The largest, most complete bundle of rights one can hold in land; land ownership.

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Lien

Back 24

A hold or claim one person has on the property of another to secure payment of a debt or other obligation.

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Title

Back 25

The right to or ownership of something; also the evidence of ownership; such as a deed or bill of sale.

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Residential, Commercial, Industrial, Agricultural, and Special Purpose property.

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What are the five types of real property?

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The rights of ownership

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Use, possession, enjoyment, disposal.

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Police power

Back 28

The right of government to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public.

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Escheat

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The right to assume ownership in case of the death of owner or abandonment.

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Taxation

Back 30

Right to impose taxes on ownership of land.

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Eminent domain, Taxation, Police power, Escheat.

Back 31

Private ownership is subject to which 4 limitations?

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Freehold estates & Estates less than freehold

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What are the two types of estates in land?

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Freehold estate

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An estate in land that is held in fee or for life.

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Estates less than freehold

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Rental interest in land. Possession, not ownership.

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Fee estates & Life estates

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What are the two types of freehold estates?

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Fee estate

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Estate that is held for a lifetime or longer and IS inheritable.

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Life estate

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Estate that is held for a lifetime but NOT longer and is NOT inheritable.

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Fee simple & Qualified fee

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What are the two types of Fee estates?

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Easement appurtenant

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An easement that runs with the land. Requires 2 or more properties, usually adjacent to eachother.

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Easement by necessity

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An easement created by law usually for the right to travel to a landlocked parcel of land.

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Easement in gross

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An easement given to a person or business. Involves only one property, the servient estate.

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Commercial easement

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Type of easement in gross held by a business or government. Are transferable.

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Personal easement in gross

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Type of easement in gross held by a person. Terminates with death of the holder and is not transferable.

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License

Back 44

A personal privilege to use another's land in a limited manner. Can be revoked at any time.

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Private grant, prescription, condemnation, reservation, & necessity.

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What are the 5 ways in which easements can be created?

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Easement by Private grant

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A written agreement between the landowner and the easement holder.

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Easement by Prescription

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The aquisition of an easement by continuous, hostile, uninterrupted possession for a period set by law.

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Easement by Condemnation

Back 48

The aquisition of an easement by the government under is power of eminent domain.

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Easement by Reservation

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Occurs when a landowner reserves or retains for himself, the easement in a deed which conveys title to the land top another party.

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Easement by Necessity

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Prevents a landowner from becoming landlocked which means having no way to reach a street or road.

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Party wall easement

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Easement which exists when a single wall which forms part of two buildings is located on a lot line.

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Survey

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Will definitely disclose the existence of an encroachment even if it can't be detected by casual observation.

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Observation

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When encroachments are obvious and can be detected by simply looking at the property.

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Encroachment

Back 54

An unauthorized intrusion of a building, fixture, or other improvement of the land of another.

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Lien

Back 55

A hold or claim that one person has on the property of another to secure payment of a debt or other obligation.

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Lienor

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A person who has a right of lien upon the property of another.

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Lienee

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A person whose property is subject to a lien.

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Mortgage lien

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When a property owner borrows money using the property as collateral.

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Tax lien

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A charge or hold by the government against property to ensure the payment of taxes.

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Tax lien

Back 60

A charge or hold by the government against property to ensure the payment of taxes.

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Ad valorem taxes

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Taxes charged according to the value of a property.

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Specialty assessment tax liens

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Property taxes assessed on certain properties only to pay for improvements for those properties.

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Federal income tax liens

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Arise when federal income taxes are not paid. Applies to all property both real and personal of the lienee.

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Mechanics lien

Back 64

A claim placed against property by unpaid workmen or materials suppliers.

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Judgement lien

Back 65

A claim against property in favor of the holder of a court ordered judgement.

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Writ of execution

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A court document directing the county sheriff to seize and sell a debtor's property.

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Domestic support lien

Back 67

Liens that may be filed on real estate owned by a person who has overdue child support obligations.