1.
Blue Sky Laws: State laws that regulate the offer and sale of securities.
2.
Community property: Property acquired during a marriage through the efforts of either the husband of the wife or both, with each having an undivided one-half interest in the property.
3.
Community Property with the right of survivorship: A hybrid form of concurrent ownership on which property is owned by the spouses as community property but also provides a right of survivorship.
4.
Concurent Estate: Ownership or possession of property by two or more people at the same time
5.
Contingent remainder: A future interest that depends on the occurrence of an uncertain event.
6.
Corporation: A type of business organization that is owned by shareholders but managed by a board of directors who elect the executive officers.
7.
Executory interest: A future interest associated with the fee simple subject to an executor condition wherein the interest may return to a party other than the grantor when there is a breach of a condition to which it was granted.
8.
Fee simple absolute: An estate limited absolutely to its owners and their heirs that assigns forever without limitation or condition.
9.
Fee simple defeasible: A fee estate that may end upon the happening of a specified event.
10.
Fee simple determinable: A type of defeasible fee that ends automatically when land is used ion a manner forbidden in the grant of ownership.
11.
Fee simple subject to a condition subsequent: A type of defeasible fee that entitles the grantor to end the interest by exercising the right of entry after the grantee breaches a condition under which it was granted.
12.
Fee simple subject to an executory limitation or interest: A type of defeasible fee that ends automatically when land is used in a manner forbidden in the grant of ownership, but vest in someone other than the grantor.
13.
Four unities: The four characteristics of an interest held in joint tenancy: unity of time, unity of title, unity of interest, and unity of possession.
14.
Freehold Estate: An indefinite estate for life or in fee.
15.
Joint and several liability: A liability is joint and several when the creditor may demand payment or sue one or more of the parties to such liability separately or all of them together at the creditor's option.
16.
Joint Tenancy: Ownership of real or personal property by two or more people in which each owns an undivided interest in the whole and each has the right of survivorship.
17.
Life estate: An estate in which duration is measured by the life of a person.
18.
Limited liability company: A hybrid form of business organization that provides the limited liability of a corporation and the tax advantages of a partnership.
19.
Limited Partnership: A type of partnership comprised of one or more general partners who manages the business and who manage the business and who are personally liable for partnership one or more limited partners who contribute capital and share in profits but take no part in running the business and incur no liability with respect to partnership obligations beyond their contribution.
20.
Nonfreehold Estate or leasehold Estate: An ownership interest in land generally of a fixed of determinable duration.
21.
Partnership: Section 6 of the Uniform Partnership Act defines a partnership as " an association of two or more persons to carry on as co-owners of a business for profit."
22.
Possibility of reverter: Future interest associated with the fee simple determinable estate wherein the interest may return to the grantor when there is a breach of condition to which it was granted.
23.
Probate: The court procedure by which a will is proved to be valid or invalid. In current usage, this term had been expanded to refer generally to the legal procedure wherein the estate of the decedent is administered.
24.
Real Estate Investment Trust (REITs): An entity invests in real estate ventures and must distribute at least 90% of its net income to investors.
25.
Remainder: A future interest left in the in the grantor after the grantor conveys an estate smaller than her own.
26.
Remainderman: The holder of a remainder interest.
27.
Restraint on alienation: A provision in an instrument of conveyance that prohibits the grantee from transferring there property that is the subject of the restraint.
28.
Reversion: A future interest created in favor of a party other than the grantor that generally follows a life estate. Can be vested or contingent.
29.
Right of entry: A future interest associated with the fee simple subject to a condition subsequent in which the grantor may elect to end the interest after the grantee breaches a condition under which the it was granted.
30.
S corporation: A closely held corporation with no more than one hundred shareholders who elect to be taxed like partners.
31.
Separate property: Property acquired before the marriage or acquired by the husband or wife through gift or inheritance during the marriage that is owned by a married person in his or her own right.
32.
Severance: A joint tenant's transfer of her interest that terminates the joint tenancy and converts it to a tenancy in common.
33.
Syndication: A group of investors who combine their funds and managerial resources to acquire real estate and other assets.
34.
Tenancy by the entirety: A tenancy created between a husband and wife under which they hold title to the whole property with the right of survivorship.
35.
Tenancy in common: Concurrent tenancy in which there is a unity of possession but unities of time, title, and interest are not required.
36.
Tenancy in partnership: The manner in which partners co-own partnership property.
37.
Trust: An arrangement in which one party, the trustee holds and manages property for the penifit of another, the beneficiary.
38.
Umbrella Partnership Real Estate Investment Trust (UPREIT): A type or real estate investment trust in which an umbrella partnership rather than the REIT owns a direct interest in the properties.
39.
Undivided interest: The interest of a concurrent owner entitling her to a share of the whole property but not to a specific part of it.
40.
Unity of interest: The requirement that joint owners must have equal interests in the land. One of the four unities needed to create a joint tenancy.
41.
Unity of possession: The requirement that joint tenants must have equal, undivided interests in the possession of the land. One of the four unities needed to create a joint tenancy.
42.
Unity of time: The requirement that the interests of joint tenants must vest at the same time. One of the four unities needed to create a joint tenancy.
43.
Unity of title: The requirement that joint tenants must acquire their interests in the same conveyance. One of the four unities needed to create a joint tenancy.
44.
Vested remainder: A future interest in which the remainderman has a absolute right to the possessory interest at the end of a prior interest.
45.
Waste: A destructive use of the teal property by one in rightful possession.
