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8 Cards in this Set
- Front
- Back
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Appurtenance |
A right that goes with ownership of real property; usually transferred with the property, but may be sold separately. |
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Easement |
A right to use some part of another person's real property for a particular purpose. An easement is irrevocable and creates an interest in the property. |
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Encumbrance |
A nonpossessory interest in property (e.g., easement, lien, restrictive covenant), which burdens the property owner's title. |
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Fixture |
An item of personal property that may or may not be attached to real property, but is closely associated with real property in such a way that it has legally, and is intended to, become part of real property. |
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Freehold Estate |
A possessory and ownership estate in real property; either a fee simple or a life estate. The holder of a freehold estate has title. |
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Leasehold Estate |
An estate that gives the holder (tenant) a temporary right to exclusive possession of the estate, but without having title. Also called less-than-freehold estate. |
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License |
1. Official permission to do a particular thing the law does not allow everyone to do. 2. Revocable, non-assignable permission to enter another person's land for a particular purpose. |
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Lien |
A nonpossessory interest in property, giving a lien holder the right to foreclosure if the owner does not pay a debt owed the lien holder; a financial encumbrance on the owner's title. |
