Real Property Law Principles

This set of flashcards covers key vocabulary and concepts related to real property law.

Real Property

Includes land, permanent structures, all things growing on land, and fixtures.

Fixture

Chattels that are affixed to realty, becoming part of it, influenced by the intent of the attacher.

Freehold Estate

Title to property held by one or more persons, includes Fee Simple Absolute and Defeasible Fees.

Fee Simple Absolute

A type of freehold estate with indefinite duration and full rights of ownership.

Defeasible Fees

Interests that may be cut short by a specified condition, including Fee Simple Determinable, Fee Simple Subject to Condition Subsequent, and Fee Simple Subject to Executory Limitation.

Life Estate

An estate held for the life of a person, with limitations on the holder's powers over the property.

Waste

Actions by the life tenant that harm the property or decrease its value, categorized into voluntary, permissive, and ameliorative waste.

Future Interests

Interests in property that will be or may be held by a person after the present interest ends.

Vested Remainder

A future interest that immediately follows an estate of known duration, with no condition precedent.

Contingent Remainder

A future interest that is contingent on an event occurring or an unascertained person.

Easement

A non-possessory interest allowing the holder to use someone's land for a specified purpose.

Covenant

A promise to do or not do something with property, which can be enforced legally.

Mortgage

A security interest in land, which serves as collateral for a monetary obligation.

Adverse Possession

Possession of property for a statutory period, potentially granting the possessor title.

Rule Against Perpetuities

A legal rule that limits the duration of future interests to within a life in being plus 21 years.

Tenancy in Common

A type of concurrent estate where tenants hold separate but undivided interests in property.

Joint Tenancy

A concurrent estate with right of survivorship, requiring equal ownership and interest.

Tenancy by the Entirety

A joint ownership of property between a married couple, with each spouse holding an equal interest.

Recurring Lease

A lease that continues for successive intervals until proper notice is given to terminate.

Land Contract

A contract outlining the sale of real property, enforceable only if written.

Title Insurance

Insurance protecting against defects with the title to property.

Equitable Conversion

A legal doctrine that assigns ownership of property to the buyer upon contracting, subject to payment.