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43 Cards in this Set

  • Front
  • Back
Rights in land and its permanent structures
Real Property
Rights in any other kind of object, including intellectual matters
Personal Property
An object that formerly was personal property but has been converted to real property
Fixture
Lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share"
Assessment lien
To place a lien on real property
Attatch
The automatic right of husband and wife in property acquired by their spouse during the marriage
Community property
An ownership form that combines a fee simple estate for ownership of individual units and tenancy in common for ownership of common areas- describes an ownership form not a type of construction
Condominuium
The official rules and regulations that govern condominium ownership
Condominium bylaws
A for of individual ownership of apartments, the property is owned by corporation, of which each resident is a shareholder entitled to a proprietary lease for a particular apartment
Cooperative
The master deed creating for establishing the condominium corporation
Condominium declaration
Limitations imposed on the use of land and structures by clasuses in a deed
Deed Restrictions
A right that the owners of another property may have to use one's land for a specific and limited purpose
Easement
A right of use that continues from owner to owner that involves a relationship between two parcels of land: a dominant parcel that benefits from a servient parcel
Easement appurtenant
The right to use land for a specific, limited purpose unrelated to any adjacent parcel`
Easement in gross
Interests in real property that include possession
Estate
An estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government
Fee simple absolute
Ownership that is subject to a condition or trigger event
Fee simple condition
Personal property that becomes real property by virtue of its permanent attachment to the realty.
Fixtures
Estate interests in real estate having unlimited duration; titled interests
Freehold
A security interest of lien that arises out of actions unrelated to ownership of the property
General lien
Bundle of rights held by owners of real property
Interest
A form of co-ownership in which two or more partners hold equal shares and have equal rights of possession. The surviving partners divide the interests of a deceased partner
Joint tenancy
The interest or rights of a lessee or tenant in a leased property, including a possessory interests that are a temporary conveyance of the rights of exclusion, use, and enjoyment, but that the right of disposition. The tenant receives these right in exchange for the payment of the rent
Leasehold (estate)
A life estate created by the action of law
Legal life estate
The permission to use another's land for a specific and limited purpose
License
An interest in real property that serves as security for a loan obligation. In case of default the holder of the lien is entitled to have the property sold to satisfy the debt.
Lien
Liens that arise from construction and other improvements to real estate
Mechanics' liens
A lien on real property as security for a debt. A special contract by which the borrower conveys to the lender a security interest in the mortgaged property.
Mortgage
Any lease agreement that has no definite term at the start
Periodic tenancy
Automatic lien placed by local governments to assure payment of property taxes.
Property tax lien
An uncertain interest held by the previous owner associated with a conditional fee
Reverter
The ownership interest subsequent ot a life estate which up on the death of the life estate owner, becomes a fee simple absolute interest.
Remainder estate
The rights of surviving partners in a joint tenancy to divide the interests of a deceased partner.
Right of survivorship
The owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from an adjacent property
Rule of capture
In community property states, property that the husband or wife acquired prior to the marriage, or gifts or inheritance received during that marriage
Separate property
A parcel that is constrained or diminished by an easement appurtenant
Servient parcel
An interest that derives directly from events related to a property, such as property tax and assessment liens, mortgages, and mechanics' liens.
Specific lien
A form of joint tenancy ownership for husband and wife
Tenancy by the entireties
A leasehold interest for a definite period of time exceeding one year.
Tenancy for years
The "normal" form of direct co-ownership, which is as close to the fee simple absolute estate as is possible, subject to the provision that one owner cannot use the property in a manner that infringes on the rights of co-owners.
Tenancy in common
A tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it.
Tenancy at sufferance
A tenancy granted by landlords to tenants allowing them to remain in possession without written agreement
Tenancy at will
Property occupancy arrangement in which multiple individuals have use of property but, unlike traditional forms of co-cownership, the interests are at different time intervals rather than simultaneous. A timesharing arrangement may involve true co-owenership , leasehold interests, or simply permission to occupy
Timesharing