Property Law Vocabulary Flashcards

A collection of flashcards to help understand key vocabulary terms in Property Law.

Ownership

The entirety of powers of use and disposal within the law.

Possession

Control over the thing itself exercised by a person or their agents, which may or may not confer ownership.

Possession by a Trespasser

An unlawful possession that does not extinguish the rights of the original owner.

Fee Simple Absolute

Complete ownership without any conditions, allowing for immediate possession and inheritance.

Fee Tail

An estate that is passed down to a person's lineal descendants with restrictions on inheritance.

Life Estate

An estate granted for the life of a person, after which the property may revert to the grantor or pass to designated beneficiaries.

Joint Tenancy

A type of co-ownership where two or more individuals hold equal undivided interest in the property, featuring right of survivorship.

Tenancy in Common

A type of co-ownership where two or more individuals hold divided ownership, with no right of survivorship.

Easement

An interest that gives a person the right to use someone else’s real property for a specific purpose without ownership.

Future Interest

An interest in property that gives an individual the right to possess the property at a future time.

Executory Interest

An interest created by a will or a deed that will take effect in the future when a certain event occurs.

Mortgage

The transfer of interest in real property as collateral for a loan.

Leasehold

The right to possess a property for a specified time under a contractual agreement.

Tenancy for Years

A leasehold with a fixed start and end date.

Tenancy at Will

A lease arrangement that may end at any time with proper notice from either party.

Tenancy at Sufferance

A situation where a tenant remains in possession of the property without the landlord's permission.

Warranty of Habitability

An implied obligation of landlords to maintain a rental property in livable condition.

Tenancy by the Entirety

A form of co-ownership available to married couples that provides right of survivorship.