Chapter 3 (A) Vocab Terms

Joint Venture

A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.

Trustor

A person who conveys title to a trustee

Subsurface Rights

A property owner's rights to the water and other substances below the surface of the land is known

Estate in Severalty

An estate which the tenant holds his own right, without being joined in interest with any other person

Trustee

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.

Personal Property

Any property which is not real property.

Act of Waste

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.

Joint Tenancy

Ownership of real property by two or more persons, each of whom has an undivided interest with the "right of survivorship".

Fixture / Trade Fixture

Personal property so attached to the land or improvements as to become part of the real property.

Chattel

Personal property, or anything not considered real property

Right of Survivorship

Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.

Partition

The division which is made of real property between those who own it in undivided shares.

Reversionary Interest

The interest which a grantor has in lands or other property upon the termination of the preceding estate.

Beneficiary

The person who receives or is to receive the benefits resulting from certain acts.

Escheat

The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.

Estate for Years

A leasehold estate for any specific period of time. An estate for years is not automatically renewed.

Tenancy in Common

An ownership of real property by two or more persons, each of whom has an undivided interest, without the "right of survivorship".

Life Estate

The conveyance of title property for the duration of the life of the grantee.

Undivided Interest

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.

Dower

The part of or interest in real estate of a deceased husband given by law to his widow during her life.

Fixture

Personal property so attached to the land or improvements as to become part of the real property

Curtesy

A husband's interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.

Tenancy by the Entirety

Ownership of real property by a married couple in which interests cannot be transferred without the consent of the other spouse

Air Rights

Rights in real property to use the space above the surface of the land.

Bundle of Rights

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

Riparian Rights

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property