Real Estate Law Vocab: Ch 1-2

Adverse possession

Method of acquiring ownership to real property by possession for a statutory time period." P. 9

Appropriation

In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it." P. 6

Color of title

A form of adverse possession where the original possession of the property by a prescriber is based upon a written instrument such as a deed or court decree." P. 10

Conveyance

The transfer of title of some or all of the ownership rights to real property from one person to another. A conveyance is usually by instrument such as a deed, lease, or mortgage." P. 8

Deed

Written document that transfers ownership of real property from one person to another." P. 9

Devise

Transfer of real property by means of a last will and testament." P. 8

Estate at will

Estate of real property the duration of which is for an indefinite period. An estate at will can be terminated at the will of the parties." P. 15

Estate for years

Estate of real property the duration of which is for a definite period." P. 15

Fee simple or fee simple absolute

Estate of real property with infinite duration and no restrictions on use." P. 12

Fee simple determinable

Estate of real property with potential infinite duration. The ownership of a fee simple determinable is subject to a condition, the breach of which can result in termination of the estate. A fee simple determinable automatically expires on the nonoccurre

Fee simple on condition subsequent

Estate of real property with potential infinite duration. The ownership of a fee simple on condition subsequent is subject to a condition, the breach of which can result in termination of the estate. A fee simple on condition subsequent continues in exis

Fixture

Item of personal property that becomes real property because of its attachment to the land or the building" P. 2

Inheritence

Ability to acquire ownership to real property because of one's kinship to a deceased property owner who dies without a will." P. 8

Life estate

Estate of real property the duration of which is measured by the life or lives of one or more persons." P. 13

Possession

Occupation of land evidenced by visible acts such as enclosure, cultivation, the construction of improvements, or the occupancy of existing improvements." P. 7

Quiet title

A judicial proceeding to establish ownership to real property." P. 10

Real property

Relates to land and those things that are more or less permanently attached to the land, such as homes, office buildings, and trees." P. 2

Personal property

Can be either tangible or intangible. "Includes living objects, such as animals, and inanimate objects, such as a television." P. 2

Riparian rights

Rights of the owners of the lands adjoining streams, rivers, and lakes relating to the water and its use." P. 6

Tacking

The addition of possession periods by different adverse possessors." P. 9

Waste

Action or nonaction that causes a loss of value to real property, leading to the termination of a life estate." P. 14

Will

Legal document by which a person disposes of his property. A will takes effect on the death of the maker of the will." P. 8

Community property

Rule of law in states following the civil law of Spain and France, which provides that real property acquired during marriage is owned equally by the husband and wife." P. 25

Contribution

Right for a co-owner of a real property to receive reimbursement from other co-owners for their share of expenses that are common to the real property." P. 23

Curtesy

Interest in real property of the wife that the law in some states gives the surviving husband at the time of the wife's death." P. 27

Dower

Widow's interest in real property of her husband that provides a mean of support after the husband's death." P. 27

Elective share or Forced share

Right given to a widow in many states to elect, at her husband's death, to receive either dower or some ownership (fee simple) share of her husband's real property." P. 27

Joint tenancy with the right of survivorship

Ownership of real property by two or more persons. Joint tenants with the right of survivorship hold equal interest in real property, and on the death of any owner, the deceased owner's interest in the real property passes to the surviving owner." P. 21

Partition

Method by which co-owners of real property can divide the common property into separate ownerships. Partition may be by voluntary agreement of the co-owners or by court action." P. 24

Prenuptial agreement

Agreement entered into by a married couple that, among other things, outlines an agreement between the couple regarding the division and ownership of property in the event of separation or divorce." P. 26

Seperate property

Property owned by a spouse in a community property state that is not considered to be community property." P. 26

Tenancy by the entirety

Ownership of real property by a husband and wife. The husband and wife are treated as a single owner, and neither the husband nor the wife can transfer the property without the other's consent." P. 25

Tenancy in common

Co-ownership of real property by two or more persons. Each owner's interest in the property is capable of inheritance." P. 22