Flashcards - Forms of Property Ownership

Flashcards - Forms of Property Ownership
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future interest
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property
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fixture
A fixture, as a legal concept, means any physical property that is permanently attached to real property Property not affixed to real property is considered chattel property
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fee simple absolute
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership
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estate
An estate is the net worth of a person at any point in time alive or dead
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equitable title
In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
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environmental laws
Environmental law - or "environmental and natural resources law" - is a collective term describing the network of treaties, statutes, regulations, and common and customary laws addressing the effects of human activity on the natural environment
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eminent domain
Eminent domain, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation is the power of a state or a national government to take private property for public use
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easement
An easement is a non-possessory right to use and/or enter onto the real property of another without possessing it
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dower
Dower is a provision accorded by law, but traditionally by a husband or his family, to a wife for her support in the event that she should survive her husband
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cooperative
A cooperative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled business
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condominium
A condominium, frequently shortened to condo, is a type of real estate divided into several units that are each separately owned
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concurrent estate
A concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than one person at a time
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chattel
Personal property is generally considered property that is movable, as opposed to real property or real estate
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building codes
A building code is a set of rules that specify the standards for constructed objects such as buildings and nonbuilding structures
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adverse possession
Adverse possession is a method of acquiring title to real property by possession for a statutory period under certain conditions, viz: proof of non-permissive use which is actual, open and notorious, exclusive, adverse, and continuous for the statutory period
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adverse possession
Adverse possession is a method of acquiring title to real property by possession for a statutory period under certain conditions, viz: proof of non-permissive use which is actual, open and notorious, exclusive, adverse, and continuous for the statutory period
building codes
A building code is a set of rules that specify the standards for constructed objects such as buildings and nonbuilding structures
chattel
Personal property is generally considered property that is movable, as opposed to real property or real estate
concurrent estate
A concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than one person at a time
condominium
A condominium, frequently shortened to condo, is a type of real estate divided into several units that are each separately owned
cooperative
A cooperative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled business
dower
Dower is a provision accorded by law, but traditionally by a husband or his family, to a wife for her support in the event that she should survive her husband
easement
An easement is a non-possessory right to use and/or enter onto the real property of another without possessing it
eminent domain
Eminent domain, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation is the power of a state or a national government to take private property for public use
environmental laws
Environmental law - or "environmental and natural resources law" - is a collective term describing the network of treaties, statutes, regulations, and common and customary laws addressing the effects of human activity on the natural environment
equitable title
In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
estate
An estate is the net worth of a person at any point in time alive or dead
fee simple absolute
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership
fixture
A fixture, as a legal concept, means any physical property that is permanently attached to real property Property not affixed to real property is considered chattel property
future interest
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property
incorporeal property
Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership to another person or corporation, but has no physical substance, for example brand identity or knowledge/intellectual property
land sale contract
A land contract is a contract between the seller and buyer of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments
landlocked property
A landlocked state or country is a sovereign state entirely enclosed by land, or whose only coastlines lie on closed seas
life estate
In common law and statutory law, a life estate is the ownership of land for the duration of a person's life
marketable title
Marketable title is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer
profit a prendre
A profit , in the law of real property, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another
Property rights
Property rights are theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned
quiet title action
An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party's title to real property, or personal property having a title, of against anyone and everyone, and thus "quiet" any challenges or claims to the title
Reversion
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has
riparian rights
Riparian water rights is a system for allocating water among those who possess land along its path
short sale
A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property
statutory redemption
The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged
timeshare
A timeshare is a property with a particular form of ownership or use rights
Torrens Title System
Torrens title is a system of land registration, in which a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register
trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another
unity of interest
The four unities is a concept in the common law of real property describing conditions that must exist in order for certain kinds of property interests to be created

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