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10 Cards in this Set
- Front
- Back
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Reliction |
When a body of water gradually recedes, exposing land that was previously under water. Also called de_______. |
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Life Estate |
A freehold estate that lasts only as long as specified person lives. That person is referred to as the measuring life. |
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Remainder |
A future interest that becomes possessory when a life estate terminates, & that's held by someone other than grantor of the life estate; (reversion is a future interest held by the grantor). |
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Riparian Rights |
The water rights of landowner whose property is adjacent to or crossed by a river (or any body of water). |
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Reversion |
A future interest that becomes possessory when a temporary estate (such as a life estate) terminates, & that is held by the grantor ( or his/her successors in interest). |
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Situs |
Place where something exists; an area of preference or preference by people for a certain location thus giving economic attributes (Value to the property). |
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Trade Fixtures |
Equipment a tenant installs for use in his/her trade or business, & can be removed by tenant before the lease expires. |
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Tenancy in Common |
A former of co-ownership in which 2 or more persons each have an undivided interest in the entire property (unity of possession), but no right of survivorship. |
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Acknowledgement |
When a person who has signed a document formally declares to an unauthorized official (usually a notary public) that he/she signed voluntary. The official certifies that the signature is voluntary and genuine. |
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Bargain & Sale Deed |
A deed that implies the grantor owns the property and has the right to convey it, but does not carry any warranties. |
