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Chapter 1

TermDefinition
Easement The right, privilege, or interest that one party has in the land of another.
Escheat The reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.
Erosion The gradual wearing away of the land through process of nature, as by streams and winds.
Freehold An interest in real estate without a predetermined time span.
Avulsion The sudden removal of land from one owner to another that occurs when a river abruptly changes its channel.
Dower Under common law, the legal right of a wife or child to part of a deceased husband's or father's property.
Real Estate Land and all attachments that are of a permanent nature.
Chattel Personal property, including autos, household goods, and clothing.
Fixtures Personal property attached to the land or improvements so as to become part of the real estate.
Cooperative A type of corporate ownership of real property whereby stockholders of the corporation are entitled to use certain dwelling unit or other units of space.
Tenancy by the Entireties An estate that exists only between husband and wife, with equal right of possession and enjoyment during their joint lives and with the right of survivorship, that is, when one dies, the property goes to the surviving tenant.
Constructive Notice The legal presumption that everyone has knowledge of a fact when that fact is a matter of public record.
Property The rights that one individual has in lands or goods to the exclusion of all others.
License 1) Permission 2) A privilege or right granted by a state to an individual to operate as a real estate broker or salesperson.
Joint Tenancy Ownership of realty by two or more persons, each of whom has an undivided interest with right of survivorship.
Condominium A system of ownership of individual units in a multiunit structure, combined with joint ownership of community used property.
Color of Title That which appears to be good title but is not.
Tenancy in Severalty Ownership of real property by an individual as an individual; Ownership by one person or by a legal entity.
Bequeath To give or hand down personal property by a will.
Littoral Part of the shore zone of a large body of water.
Intestate A person who dies leaving no will or a defective will. His/her property goes to his/her legal heirs.
Riparian Owner A person who owns land bounding upon a lake, river, or other body of water.
Foreclosure A legal procedure whereby property pledged as security for a debt is sold to pay a defaulted debt.
Community Property Property accumulated through joint efforts of husband and wife and owned by them in equal shares.
Accretion Addition to land through the process of nature, such as deposits of soil carried by streams.
Annexation The process by which an incorporated city expands it's boundaries to include a specified area.
Tenancy in Common An ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship.
Separate Property Property acquired by either spouse prior to marriage or by gift or devise after marriage, as distinct from community property.
Curtesy The right of a husband to all or part of his deceased wife's realty regardless of the provisions of her will. Curtesy exists only in a few states.
Devise A gift of real estate by will or last testament.
Adverse Possession A means of acquiring title to real estate when an occupant has been in actual, open, notorius, exclusive, hostile, and continuous occupancy of the property for the period required by state law.
Fee Simple or Fee Absolute Absolute ownership of real property.
Condemnation The taking of private property for public use, with just compensation to the owner, under eminent domain; Used by governments to acquire land for streets, parks, schools, and by utilities to acquire necessary property.
Corporeal Visible or tangible. Corporeal rights in real estate include such things as the right of occupancy under a lease.
Eminent Domain The right of the government or a public utility to acquire property for necessary public use by condemnation.
Homestead The status provided to a home-owners principal residence by some statw statutes; Protects the home against judgements up to specified amounts.
Estate The degree, quantity, nature, and extent of interest a person has in real or personal property.
Created by: Knuck2185
 

 



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