Book terms quiz 1

fixture

item of personal property that becomes real property because of its attachment to the land or a building

Appropriation

In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it.

Riparian rights

Rights of owners of lands adjoining streams, rivers, and lakes relating to water and its use

Inheritance

Ability acquire ownership to real property because of one's kinship to a deceased property owner without a will

Devise

To transfer real property by will

conveyance

The transfer of title of some or all of the ownership rights to real property from one person to another. A conveyance is usually by deed lease or mortgage

Tacking

The addition of possession periods by different adverse possessors

Color of Title

a title transfer that is defective in a way that is unknown to the new owner

Fee Simple or Fee Simple Absolute

Estate of real property with infinite duration and no restrictions on use.

Fee Simple Determinable

Estate of real property with potential infinite duration. The ownership of a fee simple determinable is subject to a condition, the breach of which can result in termination of the estate. A fee simple determinable automatically expires on the nonoccurrence or occurrence of a condition.

Fee Simple on Condition Subsequent

Estate of real property with potential infinite duration. The ownership of a fee simple on condition subsequent is subject to a condition, the breach of which can result in termination of the estate. A fee simple on condition subsequent continues in existence until an action is brought to recover the property.

Life Estate

Estate of real property the duration of which is measured by the life or lives of one or more persons

waste

Action or non action that causes a loss of value to real property

Estate for years

Duration of estate has a definite time period

Joint Tenancy with Right of Survivorship

an ownership interest where two or more persons own an undivided interest in property on the death of one owner the interest is passed to the surviving owner

Tenancy in Common

Co ownership of property by two or more persons each owners interest is capable by inheritance

Contribution

right of a co-owner of real property to receive reimbursement from other co-owners for their share of expenses that are common to the real property

partition

Method by which co owners of real property can divide common property into separate ownership. Partition might be voluntary or by court action.

Tenancy by the Entirety

special ownership by married couple treated as single owner neither can transfer without the consent of the other

Community Property

Rule of law in states following the civil law of Spain and France, which provides that real property acquired during marriage is owned equally by the husband and wife.

Dower

Widow's interest in real property of her husband that provides a means of support after the husband's death.

Curtesy

Interest in real property of the wife that the law in some states gives to the surviving husband at the time of the wife's death.

Elective share

Right given to a widow in many states to elect, at her husband's death, to receive either dower or some ownership (fee simple) share of her husband's real property.

ad valorem tax

( higher value property - higher property taxes)

Liens are...

Money debt attached to real property

Judgment

Money debt resulting from lawsuit debt taken from real property

Mechanic or materialman's liens

Liens imposed on property when work is done to improve the value without payment

Easement

The right to use the land of another for a particular purpose.