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25 Cards in this Set
- Front
- Back
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Real Estate |
Lang and anything permanently affixed or appurtenant to it. |
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Personal property |
Moveable property not classified as part of real estate |
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Lien |
Interests in real estate which secure payment or performance of a debt or other monetary obligation |
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Common Interest Development |
Condominium projects, co-ops or single family residences in a planned unit development |
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Profit a Prendre |
The right to remove minerals from another's real estate |
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Right to use water, Appropiation rights, Prescriptive rights |
The three key rights in water |
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Appropriation Right |
The right to divert water from a river or watercourse to real estate for reasonable use. |
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Riparian Right |
The right of a real estate owner to take surface water from a running water source contigious to their land |
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Prescriptive Right |
The right to use water established by appropriating nonsurplus water openly and adversely for an uninterrupted period of five years without documentation of legal right. |
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Fixture |
Personal property permanently attached to real estate and conveyed with it. |
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Trade Fixture |
Fixtures used to render services or make products in the trade or business of a tenant (i.e. A salon's chairs, stations, sinks) |
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Appurtenant Right |
Incidental property rights which are not located on a parcel of real estate nor reflected on its title, including the right of ingress and egress across adjoining properties |
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Estate |
The ownership interest a person may hold in real estate |
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Fee Estate |
An indefinite, exclusive and absolute legal ownership interest in a parcel of real estate. |
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Life Estate |
An interest in a parcel of real estate lasting the lifetime of the tenant |
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Leasehold estate |
The right to possess a parcel of real estate conveyed by a fee owner (landlord) to the tenant |
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Fixed-term Tenancy |
A leasehold interest which lasts for the specific lease period set forth in a lease agreement, automatically terminated at the end of the lease period. |
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Periodic Tenancy |
A leasehold interest which lasts for automatic successive rental periods of the same length of time, terminating upon earlier notice from either party |
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Tenancy-at-will |
A leasehold interest granted to a tenant, with no fixed duration or rent owed, can be terminated at any time by an advanced notice from either party |
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Ground Lease |
A leasehold interest for which rent is based on the rental value of the land, whether the parcel is improved or unimproved |
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Master Lease |
A leasehold interest granted to a master tenant with the right to sublease the property in exchange for rent paid to the fee owner (landlord) |
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Sublease |
A leasehold interest subject to the terms of a master lease |
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Easement |
The right to use another's property for a specific purpose |
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License |
The personal, unassignable right held by an individual to the non-exclusive use of a property owner by another. |
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Covenants, Conditions and Restricitons (C,C&R's) |
Recorded restrictions against the title to real estate prohibiting or limiting specified uses of the property |
