Real Estate Law - Chapter 1
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23 terms
Terms | Definitions |
|---|---|
 Real Property | Relates to land and objects that are more or less permanently attached to it (homes, buildings, trees, etc.) |
| Personal Property | May include living objects and inanimate objects (ex. animal and a television) |
| Tangible Personal Property | Has a physical substance; can be held, tasted, seen or heard (ex. automobiles, tv's and clothes) |
| Intangible Personal Property | Represents property that has a set of rights that have no physical existence but do represent control or ownership of something of value (ex. bonds, patents, copyrights) |
| Fixture | Item of personal property that becomes real property because of its attachment to the land or a building (ex. air conditioning unit, dishwasher) |
| Riparian Rights | Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use |
| Appropriation | In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it |
| Possession | Occupation of land evidence by visual acts such as enclosure, cultivation, the construction of improvements or the occupancy of existing improvements |
| Inheritance | Ability to acquire ownership to real property because of ones kinship to a deceased property owner who dies without a will |
| Devise | Transfer of real property by means of a last will and testament |
| Will | Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will |
| Conveyance | The transfer of title of some or all of the ownership rights to real property from one person to another. A conveyance is usually by instrument such as a deed, lease, or mortgage |
| Deed | Written document that transfers ownership of real property from one person to another |
| Adverse Possession | Method of acquiring ownership to real property by possession for a statuary time period |
| Tacking | The addition of possession periods by different adverse possessors |
| Color of Title | A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree |
| Fee Simple (Absolute) | Estate of real property with infinite duration and no restrictions on use |
| Fee Simple Determinable | Estate of real property with potential infinite duration. The ownership of a fee simple determinable is subject to a condition, the breach of which can result in termination of the estate. A fee simple determinable automatically expires on the non-occurrence or occurrence of a condition |
| Fee Simple on Condition Subsequent | Estate of real property with potential infinite duration. The ownership of a fee simple on condition subsequent is subject to a condition, the breach of which can result in termination of the estate. A fee simple on condition subsequent continues in existence until an action is brought to recover the property. |
| Life Estate | Estate of real property the duration of which is measured by the life or lives of one or more persons |
| Waste | Action or non-action that causes a loss of value to real property |
| Estate for Years | Estate of real property the duration of which is for a definite period |
| Estate at Will | Estate of real property the duration of which is for a indefinite period. An estate at will can be terminated at the will of the parties |
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