Term
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Definition
| the surface of the earth extending downward to the center of the earth and upward to infinity |
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Term
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Definition
| land plus things permanently attached |
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Term
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Definition
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Term
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Definition
non-Freehold
leasehold
corporeal
incorporeal |
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Term
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Definition
| personal property- interest in real property. includes documents such as leases, mortgages, and land contracts. |
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Term
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Definition
| fruits of the industry such as annual growing crops |
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Term
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Definition
| anything that belongs to the real property such as water that runs with the land |
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Term
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Definition
| an item of personal property that has been permanently attached to the property |
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Term
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Definition
| fixtures used in a trade or business by a tenant. Sometimes called chattel fixtures |
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Term
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Definition
| trade fixtures that are not removed by a tenant prior to lease expiration. becomes property of the landlord |
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Term
| two ways to lose title by nature |
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Definition
erosion
avulsion (earthquake or mudslide) |
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Term
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Definition
| all rights to the property only gov agencies can supersede. |
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Term
| two ways to gain title to land by nature |
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Definition
accretion- material that builds up from erosion
reliction- gaining material to land by the receding of water |
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Term
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Definition
| (next to) each party owns equal rights. For example- a river inbetween two properties would be split down the middle. |
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Term
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Definition
| ownership of property along large lakes seas or oceans |
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Term
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Definition
| ownership of property along bodies of water that flow |
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Term
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Definition
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Term
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Definition
| the degree, quantity, nature and extent of ownership one has in real property |
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Term
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Definition
ownership- holding title
lease- gives possession |
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Term
| interest in real property |
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Definition
| one's rights, powers, privilege's and/or immunities |
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Term
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Definition
| (can be inherited) today it is used to describe the degree of ownership |
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Term
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Definition
| the right to ownership of land (either original or derivative) |
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Term
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Definition
| actual ownership of real property and unpredictable duration. |
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Term
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Definition
| those inheritable by lineal heirs and collateral |
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Term
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Definition
| (fee simple absolute) highest degree of ownership recognized by state. Length of ownership is unpredictable |
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Term
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Definition
| it is predetermined how you use the property. Terms given must be followed |
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Term
| fee simple subject to a condition subsequent |
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Definition
| a condition on how you must use the property. restrictions that prohibit future use |
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Term
| fee simple subject to an executory interest |
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Definition
| upon the happening of an event (death) the title is automatically transferred to a third party. |
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Term
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Definition
| limited in duration to the life of the owner or someone else's life. |
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Term
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Definition
ordinary-terminates upon owner's death
pur Autre vie-based on life of some other person |
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Term
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Definition
reversionary- future interest which is creates at the same time as another estate.
remainder- same as above but goes to 3rd party upon death |
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Term
| types of leaseholds/tenancies |
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Definition
tenancy for years- definit period of time
periodic tenancy- period to period (months)
tenancy at will- uncertain duration
tenancy at sufferance- without consent of owner |
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Term
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Definition
| owned by one individual or corporation (sole ownership) |
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Term
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Definition
| each owner has complete possession of property |
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Term
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Definition
| property owned by two or more persons with right of survivalship built-in |
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Term
| joint tenancy requirements |
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Definition
unity of:
possession
interest
time
title |
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Term
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Definition
| common law type NOT recognized in SC law |
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Term
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Definition
the horizontal property act
master deed records all |
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Term
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Definition
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Term
| timeshare or interval ownership |
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Definition
| allows numerous buyers to buy interesting real estate |
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Term
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Definition
two or more co-owners
can have general and limited partners |
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Term
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Definition
| A limited liability company is a combination of both a partnership and corporation. Has tax benefits. |
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Term
| real estate investment trust |
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Definition
| (REIT) 75% or more of income must come from real estate. Requires 100 shareholders. |
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