REU Chapter 3 A

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.

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.

Estate for Years

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

Trustor

A person who conveys title to a trustee.

Fee Simple Estate

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees.

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".

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.

Unities of Interest, Possession, Time and Title

Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the entirety, they must have the four unities (Interest, Possession, Time, and Title)

Real Estate / Real Property

Land, and generally whatever is erected upon or affixed thereto.

Severalty

Ownership by only a single individual.

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, such as household goods.

Special Purpose Real Estate

Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property's utility for purposes other than the one for which it was built. For example, a church, theater, or school.

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.

Air Rights

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

Illiquidity

The concept that property is an illiquid asset because it cannot easily be sold or exchanged for cash.

Life Estate

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

Partition

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

Undivided Interest

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

Reversionary Interest

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

Dower

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

Remainder Interests / Remainderman

The person who is to receive the property after the termination of the prior estate.

Beneficiary

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

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.

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.

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. Riparian literally means "riverbank".

Littoral Rights

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.