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Chapter 7
Real Property Ownership
| Question | Answer |
|---|---|
| Freehold Estate | An estate in real property which lasts for an unlimited duration or the duration is not determinable such as a life estate. |
| Control | The right to use a property within the boundaries of the law. |
| condominium unit | The part of the condominium development that is intended for individual use. |
| fee simple defeasible | An estate of inheritance that may be nullified by an occurrence or non-occurrence of an action or event. |
| lessor | Landlord |
| individual property | Property of married persons that was acquired prior to marriage, income that has been designated as individual property, appreciation of value from individual property or gifts and inheritance received during marriage. |
| condominium ownership | Fee simple unit ownership of real property. Residents own their unit plus a share of common elements. |
| fixture | An article that was once personal property but has been so affixed to real estate that it has become real property. |
| accession | The right of the owner of the property to become entitled to all which the property produces and to all that is added to it, either naturally or artificially. For example, the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property. |
| bill of sale | A legal document used to transfer the ownership of personal property. |
| bundle of legal rights | Real property ownership, under the allodial system, includes rights regarding the ownership of land, improvements to land, and the use of land. These rights generally include: the right of quiet enjoyment, possession, disposal, exclusion, control, and the right to encumber. |
| joint tenancy | Two or more persons holding title to real property who are named on the same deed, hold an equal interest which was obtained at the same time, and share an undivided possession of the property. Under this form of ownership the co-owners benefit by the "right of survivorship". |
| common elements | All real property in a condominium development that is not described as a unit. |
| homestead | The home or dwelling of a married person and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre if available and not exceeding 40 acres. |
| grantor | A party who is conveying an interest in real property. |
| condemnation | A judicial or administrative proceeding to exercise the power of eminent domain. |
| exclusion | The right held by a property owner or lessee to keep others from using a property. |
| probate | Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedant's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. |
| escheat | The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs. |
| predetermine date property | Property of married couples that was acquired prior to Wisconsin becoming a marital property state. |
| severalty | Ownership which is separate from all others. The sole ownership of real property. |
| mobile home | A structure considered personal property for property tax purposes unless: it is permanently attached to the ground, it is receiving utilities, and it lies upon land owned by the owner of the structure. |
| estate in land | A recognized interest in the use, possession, control, and disposition a person has in land. |
| quiet enjoyment | The right a property owner has to the uninterrupted use of the property from third party claims. |
| eminent domain | Grants the government the right to take private land for public use. |
| leasehold | A personal property interest in land acquired under a lease. |
| survivorship marital property | Upon death of a spouse, the ownership rights of that spouse in the property vest solely in the surviving spouse by nontestamentary disposition at death. |
| partition suit | A court process that divides co-owner's interests in real property when the parties do not all voluntarily agree to terminate the co-ownership. |
| mixed marital property | A combination of both individual and marital property that will always be treated as marital. |
| taxation | The right the government has to place a charge on real estate to raise funds to meet the public need. |
| disposition | The right held by a property owner to lease, sell, or will the property away. |
| tenant in common | A form of ownership where two or more people hold title on the same property. Each person's interest is held in severalty and each person retains the right to will away their interest. |
| encumbrance | Any claim against a property that may diminish its value. |
| marital property | Property ownership recognized in Wisconsin that views the married couple as equal partners. It establishes ownership rights and the right to manage and control the property. Marital property is the real and personal property of all married persons. |
| possession | The act of occupying a property. |
| lessee | Tenant |
| grantee | A party who is receiving an interest in real property. |
| cooperative ownership | A multi-unit building which is owned by a corporation. Residents living in the building own stock in the corporation and have a proprietary lease. |
| police power | The power the government has to preserve order and protect the public health and general welfare. |
| time-share ownership | A type of ownership that permits several individuals to hold legal title to a property. The units are sold in time intervals. |
| management and control | The ability that a married person has, under Wisconsin's marital property laws, to control marital property. |
| personal property (Chattel, personalty) | Property that is portable or unattached to the real estate. |
| life estate | An estate with a duration limited to the life of the party holding it or of some other person. |
| improvement | An economic characteristic of real estate. A valuable addition to land such as buildings, sewers and sidewalks. |
| fee simple absolute (fee simple | The largest estate of ownership which automatically passes upon death to the owner's heirs and devisees, either by will or by descent. The estate includes the complete bundle of legal rights. |
| Joint Unity | A requirement for joint tenancy. Joint tenancy requires unity of possession, interest time and title. |
| life tenant | One who holds an estate in land for the period of his/her own life or that of another person. |
| proprietary lease | A written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant is given the right to occupy a particular unit. |
| Trade fixtures | Items of personal property, which have become permanently attached to leasehold property, used for the purpose of operating a trade or business. |
| limited common elements | Common elements of the condominium, which are identified in the declaration or plat as reserved for the exclusive use of one or more unit owner. |
| percentage interest | Determines the extent of the condominium unit owner's undivided ownership interest in the common elements, their responsibilities for common expenses, their voting power, and the amount of proceeds in the event that the condominium is terminated. |
Created by:
lisahale782006
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