Chapter 2: Nature & Description of Real Estate
Land, physical improvements, and the rights to use both are characteristics of this term.
Real Property
This term refers to a personal privilege to use land that is temporary, non-assignable, and can be canceled by the owner.
license
This form of ownership involves two or more persons engaged in a business for profit. Some different types include general, limited, joint venture, or limited liability.
partnership
This refers to a written document that, when properly executed and delivered, conveys title to land.
Deed
This type of insurance transfers the risk of a defect in ownership to the insurance company.
Title Insurance
A right or interest in things of a
temporary or movable nature,
Anything not classified as real property.
Personal property
This is a hold or claim one person has on another’s property to secure payment of a debt or obligation.
lien
Shared ownership of a single property among two or
more people is known by this term. It also includes right of survivorship.
Joint tenancy
The number of years of occupancy required to claim adverse possession in the state of Arkansas.
Seven
This official serves as a witness and cosigns acknowledgements.
Notary
This lot type is typically worth less due to car headlights causing annoyance.
T lot
The party who holds a lien is called this term.
lienor
This type of trust, also known as a living trust, may distribute assets during the trustor’s lifetime or after death.
inter vivos trust
"With love and affection" is in reference to this type of deed.
Gift deed
The county clerk, recorder, or registrar's office are examples of this type of office.
Public recorder's office
When an object that was once
personal property is attached to
land and becomes part of
the real estate.
Fixture
This type of lien is placed on property by a vendor who provides labor or materials for improvement.
mechanic’s lien
This type of trust goes into effect only after the trustor has passed away and is specified in a will.
testamentary trust
This type of accession means to increase land by waterborn rock, sand & soil.
Accretion
This term refers to the linkage of property ownership that connects the present owner to the original source of title.
Chain of title
A specific, measured piece of real estate with defined boundaries, officially separated from larger areas for purposes of ownership, taxation, and zoning.
Parcel
This category of estates includes ownership interests such as qualified fee estates, life estates, and statutory estates.
freehold estates
This legal entity pools funds from outside investors to finance and operate real estate ventures, similar to a mutual fund.
real estate investment trust (REIT)
This covenant conveys that the grantor owns
the land and holds the right to convey title to it.
Seisin
This is a summary of all recorded documents affecting the title of a property.
Abstract of title