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Business Law Ch. 49
Interest in Real Property
33
Business
Undergraduate 1
03/22/2010

Additional Business Flashcards

 


 

Cards

Term
document issued to the shipper by the carrier (1)­as a receipt for the goods, (2)­as evidence of their carriage contract, and (3)­as a document of title.
Definition
Bill of Lading
Term
right to immediate possession of real property for an indefinite time.
Definition
Fee estates
Term
absolute ownership of property
Definition
Fee simple
Term
ownership subject to its being taken away upon the happening of an event.
Definition
Qualified Fee
Term
ownership right in property for the life of a designated person, while remainder is the ownership estate that takes effect when the prior estate terminates.
Definition
Life Estates
Term
grantor's right to property upon termination of another estate.
Definition
Reversion
Term
are of two kinds: --- (unconditional remainder that is a fixed, present interest to be enjoyed in the future) and --- (remainder interest conditional upon the happening of an event in addition to the termination of the preceding estate).
Definition

vested remainders

contingent remainders

Term
both (1)­a contract for use and possession of land and (2)­a grant of an estate in land.
Definition
lease
Term
owner of land who grants a leasehold interest to another while retaining a reversionary interest in the property.
Definition
landlord
Term
possessor of the leasehold interest in the land.
Definition
Tenant
Term
lease consisting of specific terms that continue in indefinite succession.
Definition
Periodic Tenancy
Term
lease that is terminable at any time.
Definition
Tenancy of Will
Term
possession of real property without a lease.
Definition
Tenancy at Sufferance
Term
if the tenant breaches one of the covenants of her lease, the landlord may terminate the lease and --- her from the premises.
Definition
evict or eviction
Term
under the common law, if the premises are destroyed the tenant is not relieved of his obligation to pay rent and cannot terminate the lease.
Definition
Destruction of the Premises
Term
the right of the tenant to have physical possession of the premises free of landlord interference.
Definition
Quiet Enjoyment
Term
most courts impose for residential leases an implied warranty of habitability that the leased premises are fit for ordinary residential purposes.
Definition
Fitness for Use
Term
unless there is a statute or a specific provision in the lease, the landlord has no duty to --- or --- the premises
Definition

Repair

Restore

Term
co-ownership in which each tenant holds an undivided interest with no right of survivorship.
Definition
Tenancy in Common
Term
co-ownership with the right of survivorship; requires the presence of the four unities (time, title, interest, and possession).
Definition
Joint Tenancy
Term
co-ownership by spouses in which neither may convey his or her interest during life.
Definition
Tenancy by Entireties
Term
spouses' rights in property acquired by the other during their marriage.
Definition
Community Property
Term
separate ownership of an individual unit with tenancy in common with respect to common areas.
Definition
Condominium
Term
the corporate owner of the property leases units to its shareholders as tenants.
Definition
Cooperative
Term
limited right to use the land of another in a specified manner.
Definition
Easement
Term
rights and duties created by the easement pertain to and run with the land of the owner of the easement (dominant parcel) and the land subject to the easement
Definition
Appurtenant
Term
--- liability - rights and duties created by the easement are personal to the individual who received the right.
Definition
In gross
Term
right to remove produce from the land of another.
Definition
Profits a’ Prendre
Term
permission to use land of another.
Definition
License
Term

(1)­express grant or reservation, (2)­implied grant or reservation, (3)­necessity, (4)­dedication, and (5)­prescription (adverse use)

 

Are all created by:

Definition
Easements
Term
Joint Tenancy has all of these rights except:
A. Undivided Interest
B. Right to Possession
C. Right to Sell
D. Right to Mortgage
E. Levy by Creditors
F. Right to Will
G. Right to Survivorship
Definition
F. Right to Will
Term
Tenancy in Common has all of the following rights except:
A. Undivided Interest
B. Right to Possession
C. Right to Sell
D. Right to Mortgage
E. Levy by Creditors
F. Right to Will
G. Right to Survivorship
Definition
G. Right to Survivorship
Term
Tenancy by Entireties contains which of the following rights?
A. Undivided Interest
B. Right to Possession
C. Right to Sell
D. Right to Mortgage
E. Levy by Creditors
F. Right to Will
G. Right to Survivorship
Definition
A. Undivided Interest
B. Right to Possession
G. Right to Survivorship
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