Real Estate Property Rights and Ownership Vocabulary

Vocabulary flashcards defining key real estate terms, ownership interests, land description methods, property rights, government powers, and legal concepts from the provided lecture notes.

Fee Simple

The highest form of ownership; complete, unconditional ownership with the right to use, sell, or bequeath the property indefinitely.

Life Estate

An ownership interest that lasts only for the life of a specified person (the life tenant); the property then reverts or passes to another party.

Remainder Interest

The future interest that passes to a third party after a life estate ends.

Reversion

The future interest that returns to the original grantor after a life estate ends.

Tenancy in Common

Co-ownership where two or more owners hold undivided interests, which may be unequal, with no right of survivorship.

Joint Tenancy

Co-ownership with equal shares and the right of survivorship; when one owner dies, their share passes automatically to the surviving owner(s).

Tenancy by the Entirety

A form of joint ownership available only to married couples, with right of survivorship and protection from individual creditors.

Estate for Years

A leasehold with a definite beginning and ending date, stated in the lease.

Periodic Tenancy

A leasehold that renews automatically (e.g., month-to-month) until either party gives proper notice to terminate.

Estate at Will

A leasehold with no fixed term that either party can terminate at any time with proper notice.

Estate at Sufferance

Occurs when a tenant remains in possession after the lease expires without the landlord's consent.

Metes and Bounds

A legal description method that defines property boundaries using distances and directions from a point of beginning.

Government (Rectangular) Survey System

A legal description method using a grid of township lines, range lines, and sections to describe land.

Township

A six-mile-square unit of land in the rectangular survey system, containing 36 sections.

Section

One square mile (640 acres) of land; there are 36 sections in a township.

Lot and Block (Plat) Method

A legal description method that refers to a recorded subdivision plat showing lot and block numbers.

Riparian Rights

The rights of a property owner whose land borders a flowing waterway, such as a river or stream.

Littoral Rights

The rights of a property owner whose land borders a non-flowing body of water, such as an ocean or lake.

Easement Appurtenant

An easement that benefits an adjoining parcel of land and transfers with the property when sold.

Easement in Gross

An easement that benefits a person or company rather than a parcel of land, and does not transfer with the property.

Encroachment

An improvement or structure that illegally intrudes onto a neighboring property.

Police Power

The government's right to regulate property for the health, safety, and welfare of the public (e.g., zoning).

Eminent Domain

The government's right to take private property for public use, provided just compensation is paid.

Escheat

The government's right to take ownership of property when an owner dies with no will and no heirs.

Taxation

The government's power to levy taxes on real property to fund public services.

Homestead Exemption

A Florida law that reduces the taxable value of an owner-occupied primary residence and offers creditor protection.

Emblements

Annually cultivated crops that are legally considered personal property, even while still attached to the land.

Fixture

An item that was once personal property but has become part of the real property by attachment.

Chattel

Another term for personal property, as opposed to real property.

Appurtenance

A right or improvement that belongs to and passes with the land, such as an easement.

Condominium

A form of ownership where an individual owns a unit and shares ownership of common areas with other unit owners.

Cooperative

A form of ownership where a corporation owns the building and residents own shares in the corporation, giving them the right to occupy a unit.

Planned Unit Development (PUD)

A development with a mix of land uses governed by a master plan and often a homeowners' association.