Forms of Real Estate Ownership
Each tenant holds an undivided interest in the property. No individual may transfer the ownership of the entire property
What is tenancy in common
Estate that last for an indeterminable length of time, such as for a lifetime or forever
What is a Freehold Estate
Real property becomes personal property
What is severance
Exaggeration of a property's benefits
Property acquired during a marriage
What is Community Property
Highest interest recognized by law
What is Fee simple or fee simple absolute
Situs
What is location
The holder of a life estate is called
What is Fraud
Real estate is the only asset in this type of trust
What is Land Trust
Words such as "so long as" "while" "during"
What is a fee simple determinable
Immediate removal of land
What is Avulsion
Prescriptive period runs from 10 to 21 years
Hidden structural defect
What is a latent defect
What is a Condominium
What is Homestead
Enabling acts of a state's authority
What is Police Power
Obligates an agent to act in good faith at all times
What is Obedience
Each spouse has an equal undivided interest in the property
What is Tenancy by the entirety
Action brought by a property owner seeking just compensation for land adjacent to land used for public use that has caused their land value to decrease
defined as the earth's surface extending downward to the center of the earth and upward to infinity
What is Land
Life estate based on the life of someone else
What is Pur Autre Vie
reasonable care, skill, honest and fair dealing are provided to
What is a customer