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Business Law Ch 30
Business Law with UCC Applications Ch 30
| Question | Answer |
|---|---|
| Adverse Possession | The title to real property obtained by taking actual possession of the property, notoriously, exclusively, under a claim of right, and continuously for a period of time set by state statue. |
| Bargain-and Sale Deed | A deed that transfers title to real property but contains no warranties. This type of deed is not valid without consideration. |
| Community Property | Property that is acquired by the personal effects of either spouse during marriage and which, by law, belongs to both spouses equally. |
| Condemnation | The right of federal, state, and local governments, or other public bodies, to take private lands, with compensation to their owners, for public use. (Also called Eminent Domain.) |
| Cotenants | Two or more persons who own real property together. |
| Actual Eviction | An eviction in which the tenant is physically deprived of the leasehold |
| Dominant Tenement | The property to which the right or privilege of an easement attaches. |
| Constructive Eviction | An eviction that occurs by the landlord depriving the tenant of something of substantial nature that was called for under the lease. |
| Easement | The right to use the land of another for a particular purpose. |
| Easement by Prescription | An easement that is obtained by passing over another's property without permission openly and continuously for a period of time set by state statute (20 years in many states). |
| Eminent Domain | The right of federal, state, and local governments, or other public bodies, to take private lands, with compensation to their owners, for public use. (Also called Condemnation.) |
| Estate in Fee Simple | An estate in which the owner owns the land for life with the right to use it or dispose of it freely. |
| Fixture | An article of personal property physically attached to real property in such a way that an interest arises in it under real estate law. |
| General Warranty Deed | A deed that contains express warranties under which a grantor guarantees property to be free of encumbrances created by the grantor or by others who had title previously. (Also called full covenant and warranty deed.) |
| Grantee | A person to whom title to real property is transferred in a deed. |
| Grantor | A person who transfers title to real property in a deed. |
| Joint Tenants | Two or more persons who own property where the right of any deceased owner is automatically transferred to other surviving owners. |
| Life Estate | An estate in which the owner owns real property for his of her life or for life of another. |
| Navigable Airspace | The space above 1,000 feet over populated areas and above 500 feet over water and unpopulated areas. |
| Nonconforming Uses | Uses of land permitted to continue even though newly enacted zoning laws no longer permit similar uses. |
| Quitclaim Deed | A deed that transfers to the buyer only the interest that the seller may have in a property and that contains no warranties. |
| Real Property | The ground and everything permanently attached to it including land, buildings, and growing trees and shrubs; the air space above the land is also included. |
| Remainder Estate | A future interest in property when title is passed to someone other than the grantor or grantor's heirs at the expiration of a life estate. |
| Reversion Estate | A future interest in property when title is returned to the grantor or grantor's heirs at the expiration of a life estate. |
| Right of Way | The right to use the land of another for a particular purpose. |
| Riparian Owners | People who own land along the bank of a river or stream. They have certain rights and duties with respect to the water that flows over, under, and beside their property. |
| Ejectment | The common law given to the lawsuit brought by a landlord to have a tenant evicted from the premises. |
| Special Warranty Deed | A deed containing express warranties under which the grantor guarantees that no defects arose in the title during the time that he or she owned their property. |
| Tenancy by Entirety | Ownership by husband and wife, considered by law as one, with full ownership surviving to the living spouse on the death of the other. |
| Tenants in Common | Owners of an undivided interest in property, with each owner's rights going to his or her heirs upon death rather than to the surviving cotenants. |
| Trade Fixtures | Items of personal property brought upon the land by a tenant that are necessary to carry on the trade of business to which the premises will be devoted. Trade fixtures remain the personal property of the tenant and are removable at the expiration. |
| Variance | An exemption that permits a use that differs from those allowed under the existing zoning law. |
| Zoning Law | A local regulation or ordinance that restricts certain areas to specific uses; for example, area zoned for residential, commercial, agricultural, or other uses. |
| Concurrent Ownership | When two or more people own the same tract of land. (Also known as Co-ownership.) |
| Co-Ownership | When two or more people own the same tract of land. (Also known as Concurrent Ownership.) |
| Easement by Grant | The owner of the land signs a deed, giving the easement to the to the dominant tenement, and keep the remainder of the land. |
| Eviction | An act of the landlord that deprives the tenant of the enjoyment of the premises. |
| Freehold Estates | In the medieval England estates of nobility could last infinitely because the nobles who held them were empowered to pass then on to their heirs. This estate may be transferred to another by sale, gift, will, or by dying without a will. |
| Landlord | A person who owns real property and who rents or leases it to someone else. (Also called Lessor.) |
| Lease | A contract granting the use of certain real property to another for specified period in return for payment of rent. |
| Leasehold Estate | The creation of an ownership interest in the tenant. An interest in real estate that is held under a lease. (Also called Tenancy.) |
| Lessee | A person to whom real property is rented or leased. (Also called a Tenant.) |
| Lessor | A person who owns real property and who rents or leases it to someone else. (Also called Landlord.) |
| License | A grant of permission to do a particular thing, to exercise a certain privilege, to carry on a particular business, or to purse a certain occupation; an agreement that gives no property right or interest in land but allows the licensee to do certain acts. |
| Lodger | A person who has the use of property without actual or exclusive possession of it. |
| Periodic Tenancy | A leasehold estate, or tenancy, that continues for successive periods until one of the parties terminates it by giving notice to the other party. |
| Quiet Enjoyment | The right of a tenant to the undisturbed possession of the property that he or she is renting. |
| Real Estate | The ground and everything permanently attached to it including land, buildings, and growing trees and shrubs; the air space above the land is also included. |
| Servient Tenement | The one whom the easement is imposed. The one who has to allow the easement. |
| Sublease | A lease given by a lessee to a third person conveying the same interest for a shorter term then the period for which the lessee is holding it. (Also called Underlease.) |
| Tenancy | An interest in real estate that is held under a lease. (Also called Leasehold Estate.) |
| Tenancy at Sufferance | A leasehold estate, or tenancy, that arises when a tenant wrongfully remains in possession of the premise after his or her tenancy has expired. |
| Tenancy at Will | A leasehold estate, or tenancy, that continues for as long as both parties desire. |
| Tenancy for Years | A leasehold estate, or tenancy, for a fixed period of time. |
| Tenancy from Year to Year | A leasehold estate, or tenancy, that continues for successive periods until one of the parties terminates it by notice to the other party. |
| Tenant | A person to whom real property is rented or leased. (Also called a Lessee.) |
| Underlease | A lease given by a lessee to a third person conveying the same interest for a shorter term then the period for which the lessee is holding it. (Also called Sublease.) |
| Unlawful Detainer | A legal proceeding that provides landlords with a quick method of evicting a tenant. (Also called summary process, summary ejectment, forcible entry and detainer, and dispossessory warrant proceedings.) |
| Warranty of Habitability | The landlord warrants that the premises are fit for human habitation. |
| Waste | Substantial damage to premises that significantly decrease the value of the property. |
| Easement by Reservation | The owner of the land grants to another person the entire parcel of land except for the easement that he or she keeps. |
| Severalty | The quality or state of sole ownership of a single property. |
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