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43 Cards in this Set
- Front
- Back
Rights in land and its permanent structures
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Real Property
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Rights in any other kind of object, including intellectual matters
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Personal Property
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An object that formerly was personal property but has been converted to real property
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Fixture
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Lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share"
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Assessment lien
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To place a lien on real property
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Attatch
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The automatic right of husband and wife in property acquired by their spouse during the marriage
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Community property
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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
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Condominuium
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The official rules and regulations that govern condominium ownership
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Condominium bylaws
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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
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Cooperative
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The master deed creating for establishing the condominium corporation
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Condominium declaration
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Limitations imposed on the use of land and structures by clasuses in a deed
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Deed Restrictions
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A right that the owners of another property may have to use one's land for a specific and limited purpose
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Easement
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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
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Easement appurtenant
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The right to use land for a specific, limited purpose unrelated to any adjacent parcel`
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Easement in gross
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Interests in real property that include possession
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Estate
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An estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government
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Fee simple absolute
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Ownership that is subject to a condition or trigger event
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Fee simple condition
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Personal property that becomes real property by virtue of its permanent attachment to the realty.
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Fixtures
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Estate interests in real estate having unlimited duration; titled interests
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Freehold
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A security interest of lien that arises out of actions unrelated to ownership of the property
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General lien
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Bundle of rights held by owners of real property
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Interest
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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
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Joint tenancy
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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
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Leasehold (estate)
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A life estate created by the action of law
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Legal life estate
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The permission to use another's land for a specific and limited purpose
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License
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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.
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Lien
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Liens that arise from construction and other improvements to real estate
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Mechanics' liens
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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.
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Mortgage
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Any lease agreement that has no definite term at the start
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Periodic tenancy
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Automatic lien placed by local governments to assure payment of property taxes.
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Property tax lien
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An uncertain interest held by the previous owner associated with a conditional fee
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Reverter
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The ownership interest subsequent ot a life estate which up on the death of the life estate owner, becomes a fee simple absolute interest.
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Remainder estate
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The rights of surviving partners in a joint tenancy to divide the interests of a deceased partner.
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Right of survivorship
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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
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Rule of capture
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In community property states, property that the husband or wife acquired prior to the marriage, or gifts or inheritance received during that marriage
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Separate property
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A parcel that is constrained or diminished by an easement appurtenant
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Servient parcel
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An interest that derives directly from events related to a property, such as property tax and assessment liens, mortgages, and mechanics' liens.
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Specific lien
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A form of joint tenancy ownership for husband and wife
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Tenancy by the entireties
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A leasehold interest for a definite period of time exceeding one year.
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Tenancy for years
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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.
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Tenancy in common
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A tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it.
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Tenancy at sufferance
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A tenancy granted by landlords to tenants allowing them to remain in possession without written agreement
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Tenancy at will
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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
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Timesharing
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