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Real Estate- Chapter 04 Vocab
Real Estate Chapter 04- Vocab
18
Law
Post-Graduate
06/06/2014

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Term
sever
Definition

to separate and transfer one of the rights associated with ownership of real property such as when the right to occupy is severed by a lease. 

 

Upon severance of any individual right, the fee simple absolute estate ceases and a lesser estate comes into existence.

Term
possess
Definition
exercising control over the property
Term
license
Definition
an agreement that grants aother the right to engage in a specific profit-generating activity form the land.
Term
encumber
Definition
the right of the fee simple owner to burden the property with a restriction of some kind
Term
occupy
Definition
the right one has to live or reside on the land in whatever manner one whishes
Term
quiet enjoyment
Definition
he right to be free from interference from others- to peacefully use, possess, and occupy real estate
Term
alienate
Definition
the right of the free simple owner to freely transfer his or her interest to another
Term
riparian rights
Definition
rights of landowners related to water that flows on, over, adjacent to, or as a boundary line of their land
Term
air rights
Definition
the rights in the air above the land
Term
mineral or subsurface rights
Definition
rights to use or take any of the minerals found in the earth's crust
Term
nuisance
Definition
unreasonable interference with another property owner's right to peaceful and quiet enjoyment of his or her property
Term
private nuisance
Definition
nuisane that occurs between adjacent landowners but does not invlude phsyical trespass or entrance onto the land of another
Term
publilc nuisance
Definition
nuisance that harms public safety and welfare generally
Term
trespass to land
Definition
direct and intentional interference with the rights of the real property owner
Term
encroachment
Definition
when a property owner builds or erects soemthing on the land of an adjoining property owner
Term
self-help
Definition
right to property owners to correct, on their own and at their own and at their own expesne, violations or their property rights
Term
monetary damages
Definition
monetary aweards as a result of alawsuit to compensate someone financially for a loss or harm sustained
Term
specific performance
Definition
order to do something (remove an encroachment) or stop doing soemthing (nuisance) when monetary awards is not sufficient remedy
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