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28 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Assigner |
One who give over responsibility of a contract to another. |
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Real Property |
The land plus things permanently attached either by nature or by man. |
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Personal property |
That does not fit the definiti on of real property. Is ordinarily moveable.is sometimes called "personality" or "chattel" property. |
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Fixtures |
An item of personal property that has been permanently attached to the real estate. |
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Improvements |
Increase its value. |
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Fixtures |
An item of personal property that has been permanently attached to the real estate. |
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Trade fixtures |
Buisness by a tenant and are sometime called "chattel fixture" as they are normally considered to be personal property. |
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Accession |
Trade fixtures that are not removed by the tenant before the lease expires normally become the property of the landlord. |
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Mortgagor |
Owner who gives mortgage document to bank or lender. |
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Legal Description |
Describing real estate in a contract deed, mortgage, or other document in a way it would be accepted by a court of law. |
Meets and bounds Lot and block subdivision system Government survey system |
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Mineral rights |
Below the surface |
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Air rights |
Upward to infinity |
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Bundle of legal rights |
Right of possession, right of quiet enjoyment. |
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Lessor |
Owner/landlord who gives lease to tenant |
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Grantor |
Owner who gives deed or grants property |
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Lessee |
Tenant in possession by a lease document. |
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Life estate |
Limited in duration to the life of the owner or to the life of some other designated individual. True ownership of the property during its term. |
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Ordinary life estate |
Terminates on the life estate owner's death. |
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Life estate put autre vie |
Based on the life of some other person. |
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Reversionary interest |
When she dies, the property reverts to You. |
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Remainder interest |
Property goes to your son. |
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Cooperatives |
A corporation holds titles to the land and building. |
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Tenancy by the entirety |
A husband and wife were held to be one person. |
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Time-share freehold estate |
Paying an annual maintenance fee |
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Time-share leasehold estate |
At the end of the specified time your privileges end. |
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General parnter |
Unlimited liability |
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Limited partner |
Inactive partner who contribute only money to the partnership. |
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Real estate investment trust (reit) |
At least 75% of the income generated through this type of business entity must come from real estate and there needs to be at least 100 shareholders. |
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