vocab
An interest in land. land is owned completely, without any limitations
What is fee simple?
An estate that exists indefinitely, for a lifetime, or forever
What is a freehold estate?
All property used for housing
What is residential use?
title is held by two or more parties
what is Co-ownership?
Right of Land that borders large lakes, bays, and oceans
What are Littoral Rights?
A type of estate that is created by a lease. Also known as a tenancy for a definite term.
What is an Estate for years?
A type of estate that ends when you die
What is a life estate?
Real estate that includes farms, timberland, pastureland, orchards
What is agricultural use?
A type of shared ownership of property, where each owner has an undivided interest in the property.
What is Joint Tenancy?
Owner’s rights in land bordering rivers or streams
What are Riparian Rights
When a security or other asset that cannot easily and quickly be sold or exchanged for cash without a substantial loss in value.
What is illiquidity?
Personal property estates for particular period (rent)
What is a leasehold estate?
The lawful combination of other categories zoning permits
What is mixed-use?
when a married couple purchases real estate the interest that the married couple has in the property.
what is Tenancy by the entirety?
This is included in Real Property
What is land, real estate, and bundle of legal rights?
An interest created by a deed that reserves to the grantor a future ownership right upon the occurrence of some condition.
What is Reversionary interest?
Gift or sale requires real property be used for specific purpose where ownership does NOT automatically revert to owner’s heirs
What is a Fee on Condition Estate?
Religious institutions, schools, cemeteries, hospitals, government-held lands
What is special purpose use?
one of three types of concurrent estates (defined as an estate that has shared ownership, in which each owner owns a share of the property).
What is Tenancy in common?
personal property that is converted to real estate
What are Fixtures?
A concept in the common law of real property that describes conditions that must exist in order to create certain kinds of property interests
What are the unities of time, title, interest, and possession?
Gift or sale requires real property be used for specific purpose where ownership DOES automatically reverts to owner’s heirs
What is Qualified (Determinable) Fee Estate?
Includes use for warehouses, factories, land in industrial districts, research facilities
What is industrial use?
when the property is owned by one individual, corporation, or other entity.
What is Ownership in severalty?
These are the bundle of legal rights
What is Possession, Control of property, Enjoyment,Exclusion, and disposition?