Real Estate Ownership (Estates)

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Last updated 3:36 PM on 6/9/26
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12 Terms

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Real Estate

Land and improvements made on the land (buildings)

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Real Property

land from the surface to the center of earth and upward into space, including everything attached by humans or nature as well as the bundle of legal rights of ownership

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Owner Rights/ Bundle of Rights

  • The right of exclusion: The right to tell Aunt Sally that she can’t trespass on your property.

  • The right of possession: The right to occupy/live/breathe on your property, no matter what Aunt Sally has to say about it.

  • The right of disposition: The right to sell, lease, and/or will a property to Aunt Sally (or whomever)

  • The right of quiet enjoyment: The right to (legally) use the property for your enjoyment however you (legally) want, no matter what!

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5
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In Severalty

describes undivided ownership of an estate, with an interest that is exclusive from other owners (sole owner)

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Community Property

property owned by a married couple in which each spouse has 1/2 ownership of any property obtained during the marriage, plus a right of survivorship ownership after the death of either spouse

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Separate Property

is a type of property owned by a spouse that is not community property

  • Purchased before the marriage (i.e., Sally bought her Galveston house previous to marrying John)

  • Acquired by one spouse through a gift or inheritance during the marriage

  • Purchased by the spouse with separate funds during the marriage

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Tenancy in common

each co-owner of the property holds their individual portion of the ownership interest in severalty

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Joint Tenancy

co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance

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4 unities of Joint tenancy

Interest

Time

Title

Possession

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testamentary trust

trust created through the use of a will when someone dies; effective upon the death of the trustor

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Living Trust

a trust established by a living trustor in order to convey legal title of property to a trustee for the benefit of a named beneficiary