chapter 2
Real property includes what?
land, physical improvements, and the rights to use both.
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.
partnership
This refers to a written document that, when properly executed and delivered, conveys title to land
What is a deed?
This type of insurance transfers the risk of a defect in ownership to the insurance company
personal property
a right or interest in things of a
temporary or movable nature;
anything not classified as real property
This is a hold or claim one person has on another’s property to secure payment of a debt or obligation.
lien
This type of partnership includes general partnerships, limited partnerships, joint ventures, LLPs, and LLLPs.
partnership
The number of years of occupancy required to claim adverse possession in the state of Arkansas
What is seven?
This official serves as a witness and cosigns acknowledgements.
What is a notary?
What are the types of lot types?
Flag lot
T lot
Inside lot
Cul de sac lot
Key lot
Corner lot
The party who holds a lien is called this, while the property owner subject to the lien is called this.
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
What is a gift deed?
The county clerk, recorder, or registrar's office are examples of this type of office
What is public recorder's office?
What are the 4 economic characteristics of land?
scarcity, modification, fixity, and situs.
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
What is accretion?
This term refers to the linkage of property ownership that connects the present owner to the original source of title
What is chain of title?
What are the physical characteristics of land?
immobility, indestructibility, and nonhomogeneity.
This category of estates includes ownership interests such as qualified fee estates, life estates, and statutory estates.
freehold estates
This broad term refers to two or more individuals combining resources to pursue an investment too large to undertake individually.
syndication
This covenant conveys that the grantor owns
the land and holds the right to convey title to it
What is seisin
This is a summary of all recorded documents affecting the title of a property
What is abstract of title?