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Property Ownership
Washington State Exam Prep
| Term | Definition |
|---|---|
| Fixture | An item that is permanently attached to real property |
| Improvement | Anything added to the land which benefits the land, such as a building, driveway, etc. |
| Trade Fixture | A piece of equipment or other item that is on or attached to the real estate and is used in a trade or business |
| Annexation | An attachment of personal property to real property, thereby making it a fixture ( also know as an attachment ) |
| Severance | Altering the characteristic of an item from real property to personal property by removing it from the land |
| Real Property | Real Estates, +/plus the interest, benefits and rights included with ownership |
| Land | Surface, all natural things attached to it subsurface and air above the surface |
| Freehold Estate | An inheritable estate with absolute ownership |
| Joint Tenancy | Property is owned by a group of two or more persons; the death of one person simply raises the stake the other have in the property; called right of survivorship |
| Timeshare Estate | The type of timeshare ownership that is a fee simple ownership |
| Servient Estate | The property that is impacted by the easement |
| Base Line | An imaginary line that runs east and west and crosses the principal meridian at a specified point; it is used by surveyors as a reference point to located and describe land under the rectangular survey system |
| Bundle of Right | The tangible and intangible rights of ownership that come with owning real property. The bundle of right includes the right of Possession, Disposition, Enjoyment, Exclusion, and Control |
| Benchmark | A permanent affixed brass plaque that is numbered and is used as a point of reference by sureyors when measuring elevation |
| Arulision | A loss of existing land by the sudden changes in a watercourse washing it away |
| Alluvion | The material that creates an increase of soil and thus land parcel size due to accretion |
| Accretion | The gradual growth in the size of a land parcel due to water-deposited sand, silt, or gravel |
| Air Right | Rights to use the airspace above the land may be sold or leased independently of land it self |
| Cooperative | Form of read property ownership in which the owner is a member of an association that owns the building and shares stock in the association |
| Condominium | A form of ownership that consists of an individual interest in a unit ( commercial, industrial, or residential ) and an undivided interest in the project's common areas |
| Situs | The location of a property Ex. Often the stitus of a parcel will determine it value |
| Possession | The right to live or work on a property |
| Pur Autr Vie | "For the life of another", a life state that lasts for the life of someone other than the life tenant |
| Principal Meridian | An imaginary line that runs north and south and crosses a base line at a specific point, and use by surveyors of reference to locate and describe land using the rectangular survey system |
| Timeshare Use | This type of timeshare ownership does not convey ownership, just the night to occupy the property for the period of time set forth in the timeshare contract |
| Townhome ( Townhouse ) | A single-family home attached to another on one side; often built in a two-story design |
| Water Rights | The rights to use the water either on or adjacent to one's land |
| Reversion | The lessor's right to reclaim possession of the property at the end of the lease term |
| Right of way | A type of easement |
| Timeshare | A condominium-type property that is occupied for short periods by multiple unrelated individuals. These individuals may own real interest in the property or simply the right to use the property for specific time and duration |
| Tenancy in Common | A form ownership that includes an undivided interest in the property; owners may sell, mortgage or transfer their interest without the consent of co-owners |
| Township | A square that is six miles ( 36 square miles ) and make up the principal unit of the rectangular government survey system |
| Monument | A natural or man-made permanent landmark that serves as a point to reference in a metes-and-bounds description |
| Mets and bound | A survey system using point of reference and directional indicators to identify and locate a property for legal purposes |
| Life Estate | A freehold estate granted for someone's lifetime |
| Leasehold Estate | This defines the legal relationship between the parties who sign the lease. It grants possession, but not title, to the tenant, and is for a limited period of time |
| Lien | A creditor's legal right to have their debt paid out of the property of a defaulting debtor, usually by a court sale |
| Lot and Block | A legal description that refers to a lot and block number within a subdivision as indicated on a recorded subdivision plat |
| Legal Description | A method of identifying a property in written words that allows for an unambiguous interpretation of a property's boundaries and location |
| Fee simple Absolute | An inheritable estate with obsolute ownership; provides the most complete form of ownership and bundle of rights in real property |
Created by:
karlajulio
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