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31 Cards in this Set

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  • Back
An estate that is limited in duration to the life of its owner or the life of some other chosen person.
life estate
Annual crops produced for sale
the rights or interests which an owner has in something owned
13, anything movable that is not real property
personal property
23 ,A survey line running east ans west, used as a reference when mapping land
base line
25, a land description used in the U,S government survey system consisting of a strip of land located every six miles east and west of each principal meridian
a land description used in the u.s government survey system consisting of a six-by-six mile area containing 36 sections, each one mile square
14, personal property
An ownership concept describing all the legal rights that attach to the ownership of real property
bundle of rights
A legal interest in land: defines the nature, degree, extent and duration of a person's ownership in land
estate in fee
An estate in real property which continues for an indefinite period of time
freehold estate
land bordering a like, ocean, or -sea as oposed to land bordering a stream or river (running water)
15, a written agreement used to transfer ownership in personal property
bill of sale
20, those rights privileges and improvements that belong to and pass with the transfer or real property but are not necessarily a part of the actual property
A leasehold estate: considered to exist for a definite period of time or successive periods of time until termination.
Less-Than-freehold estate
The most complete form of ownership of real property: a freehold estate that can be passed by descent or by will after the owner's death: also known as a estate of inheritance or fee simple estate.
estate in fee
an owner may use only a reasonable amount of the total underground water supply for his or her beneficial use.
doctrine of correleative user
The largest, most complete ownership recongnized by law:and estate in fee with no restrictions on its use.
Fee simple absolute
23, a survey line running north and south, used as a reference when mapping land
a fixed landmark used in a metes and bounds land description
16 ,land, anything affixed to the land, anything appurtenant to the land, anything immovable by law
real property
30, an area of land, as used in the government survey method of land description:a land area of one square mile, or 640 acres 1/36 of a township
An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occours:also called a fee simple defeasible.
fee simple qualified
18, the rights of a landowner whose land is next to a natural watercourse to reasonalbe use of whatever water flows past the property
piparian rights
22, an article of personal property affixed to leased property by the tenant as necessary part of business: may be removed by tennant as personal property upon termination of the lease
trade fixture
Also known as fee simple qualified
fee simple defeasible
the rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
riparian rights
21, personal property that has become affixed to real estate
Condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing
conditon precedent
a measurement meaning on foot or 12 inches in length as contrasted to a square foot or a cubic foot
linear foot
A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: for example, a requirement in grant dee that a buyer must never use the property for anything other than a private residence
condition subsequent