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Real Estate Course
Chapter 3 - Legal Issues: Estates & Interests
| Term | Definition |
|---|---|
| Real Estate / Real Property | Land, and generally whatever is erected upon or affixed thereto. |
| Bundle of Rights | The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the rig |
| Fee Simple Estate | Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees. |
| Air Rights | Rights in real property to use the space above the surface of the land. |
| Riparian Rights | The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”. |
| Littoral Rights | The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. |
| Chattel | Personal property, such as household goods. |
| Illiquidity | The concept that property is an illiquid asset because it cannot easily be sold or exchanged for cash. |
| Special Purpose Real Estate | Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was b |
| Life Estate | The conveyance of title to property for the duration of the life of the grantee. |
| Remainder Interests / Remainderman | The person who is to receive the property after the termination of the prior estate. |
| Tenancy in Common | An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”. |
| Partition | The division which is made of real property between those who own it in undivided shares. |
| Trustee | Any person who holds property, authority, or a position of trust and responsibility for the benefit of another. |
| Trustor | A person who conveys title to a trustee. |
| Act of Waste | Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property. |
| Beneficiary | The person who receives or is to receive the benefits resulting from certain acts. |
| Escheat | The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent. |
| Estate for Years | A leasehold estate for any specific period of time. An estate for years is not automatically renewed. |
| Fixture / Trade Fixture | Personal property so attached to the land or improvements as to become part of the real property. |
| Curtesy | A husband’s interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate. |
| Dower | The part of or interest in real estate of a deceased husband given by law to his widow during her life. |
| Joint Tenancy | Ownership of real property by two or more persons, each of whom has an undivided interest with the “right of survivorship”. |
| Joint Venture | A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. |
| Personal Property | Any property which is not real property. |
| Reversionary Interest | The interest which a grantor has in lands or other property upon the termination of the preceding estate. |
| Right of Survivorship | Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety. |
| Severalty | Ownership by only a single individual. |
| Undivided Interest | The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property. |
| Unities of Interest, Possession, Time and Title | Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the |
| Involuntary Lien | A lien imposed against property without consent of the owner, e.g., taxes, special assessments. |
| Voluntary Lien | A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. |
| Mortgage | An instrument in writing, duly executed and delivered, that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond. |
| General Lien | A lien that attaches to all personal and real property of a person or firm. |
| Specific Lien | A lien that only binds to a specific asset or property. |
| Lis Pendens | A legal document, filed in the office of the county clerk giving notice that an auction or proceeding is pending in the courts affecting the title to the property. (Not applicable in commission disputes.) |
| Mechanic's Lien | A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. |
| Tax Lien | A lien imposed by law upon a property to secure the payment of taxes. |
| Encumbrance | Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. |
| Subordination Agreement | A legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another. |
| Easement | A right to cross or otherwise use someone else’s property for a specified purpose. |
| Easement for Light and Air | A type of negative easement. This easement prevents an adjoining land owner from building any structure that would obstruct the passage of light or air from reaching the dominant land. |
| Easement in Gross | An easement that benefits an individual or a legal entity, rather than a dominant estate. |
| Easement Appurtenant | An easement that benefits the dominant estate and “runs with the land”. In other words, an easement appurtenant generally transfers automatically when the dominant estate is transferred. |
| Appurtenances | Something which is outside property itself but belongs to the land and adds to its greater enjoyment such as a right-of-way or a barn or a dwelling. |
| Dominant Tenement | A parcel of real property that has an easement over another piece of property (the servient estate). |
| Servient Tenement | A parcel of real property that is encumbered by an easement of a dominant estate. |
| Easement by Necessity | Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. |
| Easement by Prescription | Implied easements granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years. |
| Easement by Grant | The creation of an easement by one party expressly transferring the easement to another party. |
| Easement by Implication | An easement that is not created by express statements between the parties; but as a result of surrounding circumstances that dictate that an easement must have been intended by the parties. |
| Easement by Condemnation | An easement created by the government or government agency that has exercised its right under eminent domain. |
| Party Wall | A wall built along the line separating two properties, partly on each, which wall either owner, the owner’s heirs and assigns has the right to use; such right constituting an easement over so much of the adjoining owner’s land as is covered by the wall. |
| Encroachment | A building, part of a building, or obstruction which intrudes upon or invades a highway or sidewalk or trespasses upon the property of another. |
| License | Permission granted by a party to another party as an element of an agreement between both parties. |
| Possessory | The intent and right of a person to occupy and/or exercise control over a particular plot of land. |
| Non-Possessory | A term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. |
| Right-of-Way | The right to pass over another’s land pursuant to an easement or license. |
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drister05
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