- Shuffle
Toggle OnToggle Off
- Alphabetize
Toggle OnToggle Off
- Front First
Toggle OnToggle Off
- Both Sides
Toggle OnToggle Off
Front
How to study your flashcards.
Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key
Up/Down arrow keys: Flip the card between the front and back.down keyup key
H key: Show hint (3rd side).h key
PLAY BUTTON
PLAY BUTTON
67 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Accounts Receivable --
|
Money owed to a business from customers for property or services sold.
|
|
|
Annuity --
|
Periodic payments of fixed sums of money.
|
|
|
Bond --
|
Evidence of indebtedness secured by a specific piece of property, paying interest until the loan is repaid.
|
|
|
Chose in Action --
|
One form of intangible personal property.
|
|
|
Closely Held --
|
Privately owned corporation. (usually between spouses)
|
|
|
Community Property --
|
Method of holding title to property acquired during marriage; each spouse owns one half of the property.
Undivided Interest Must be husband & wife. |
FORMS OF OWNERSHIP |
|
Concurrent Ownership --
|
Fee estate held by two or more persons.
|
|
|
Condominium --
|
Type of ownership of real estate with some attributes of a tenancy in common.
|
|
|
Conveyance --
|
Transfer of real estate.
|
|
|
Co-Operative --
|
Type of interest in realty evidenced by owning shares; considered personal property.
|
|
|
Copyright --
|
Government grant of exclusive use of ARTISTIC and literary works given to the creator.
|
|
|
Curtesy --
Dower -- |
Old form of widower's right in property of deceased:
- wife. - husband. |
|
|
Debenture --
|
Unsecured evidence of indebtedness similar to a bond.
|
|
|
Deed --
|
Document specifying title to real estate.
|
|
|
Easement --
|
Right of access over or use of another person's land.
|
|
|
Elective Share --
|
Forced share.
|
|
|
Estate --
|
Right in real property.
|
|
|
Face Value --
|
Amount appearing on a bond or debenture; amount of the loan.
|
|
|
Fee --
|
Estate in real property.
|
|
|
Fee Simple --
(Tenancy in Severalty) |
Highest form of estate.
Absolute - no one else has other rights to property. |
FORMS OF OWNERSHIP |
|
Tenants-In-Common --
|
Multiple ownership of property in which each co-tenant owns a divisible portion of the whole.
(Joint Ownership) Undivided Interest = can do whatever want with your half. |
FORMS OF OWNERSHIP |
|
Joint Tenancy --
|
Method of multiple ownership of property with right of survivorship.
Right of Survivor = if one dies, other gets 100% Required 4 Unities: title, time, interest, possession (done @ same time) |
FORMS OF OWNERSHIP |
|
Life Estates --
Remaindorman -- |
Tenancy for a PERIOD of a person's life.
Possession but NO ownership. Duration of time can vary dependent how was set up. Remaindorman = Beneficiary after the life tenant. (owner of title) |
FORMS OF OWNERSHIP |
|
Leaseholds --
|
Tenancy in real estate for a fixed period of time.
|
FORMS OF OWNERSHIP |
|
Fixture --
|
Property permanently attached to land or buildings - considered to be real property
|
|
|
Foreclosure --
|
Right of mortgagee to seize and attach real estate for non-payment of the loan.
|
|
|
Forced Share --
|
Current right of surviving spouse to a portion of deceased spouse's property.
|
|
|
Freehold --
|
Estate in land for an INDEFINITE period. (as opposed to limited time)
|
|
|
Goodwill --
|
Intangible asset of a business based on the business' reputation.
|
|
|
Grantee --
|
Recipient of real estate.
|
|
|
Grantor --
|
Transferor of real property.
|
|
|
Homestead Exemption --
|
Estate property not subject to creditors' claims.
|
|
|
Intangible Property --
|
Personal property that represents something of value but may have little intrinsic value itself.
|
TYPE OF PERSONAL PROPERTY |
|
Tangible Property --
|
Personal property that is moveable or touchable.
i.e. vehicle, jewelry, collectibles, furniture & furnishings |
TYPE OF PERSONAL PROPERTY |
|
Intellectual Intangible Property examples --
|
i.e. copyright, patent, license, mark (trademark or service mark)
|
TYPE OF PERSONAL PROPERTY |
|
General Intangible Property examples --
|
i.e. savings, CD, stocks or shares, bonds, investments
|
TYPE OF PERSONAL PROPERTY |
|
Landlord --
|
Person who leases real estate.
|
|
|
Lessee --
Lessor -- |
Tenant
Landlord |
|
|
License --
|
Grant of use of intellectual property given by the holder of the exclusive right to the property.
|
|
|
Lien --
|
Creditor's attachment of real and personal property.
|
|
|
Life Estate Pur Autre Vie --
|
Tenancy for the life of another person.
|
|
|
Mark --
|
Exclusive right to use a name or symbol that designates a service or trade.
i.e. trademark = "Pepsi-cola" service mark = CBS or NBC |
|
|
Maturity Date --
|
Date on which debtor repays the bond or debenture.
|
|
|
Mortgage --
|
Security interest on real estate.
|
|
|
Mortgagee --
Mortgagor -- |
Person who GIVES a mortgage to purchase real estate.
-- Person who TAKES a mortgage to purchase real estate. |
|
|
Partition --
|
Method of dividing the interests of multiple owners of real estate. (Court action to force division of property - forced to sell or buy out)
|
|
|
Patent --
|
Government grant of exclusive use of a scientific invention given to the inventor.
|
|
|
Personal Property --
|
Property that is movable and or intangible, not real property.
|
|
|
Power of Appointment --
|
Authority to select a successor beneficiary.
|
|
|
Promissory Note --
|
Evidence of indebtedness.
|
|
|
Prepaid Expense --
|
Right to receive goods or services previously paid for.
|
|
|
Quiet Title --
|
Action to settle title to real estate. (Do when have past errors of property descriptions to 'clean' it up.)
|
|
|
Real Property --
|
Land and anything permanently affixed to the land.
i.e. land, building, mineral rights (water or oil), timeshares |
|
|
Rent --
|
Fee paid by a tenant to a landlord.
|
|
|
Royalty --
|
Fee paid by a licensee to the holder of a copyright.
|
|
|
Secured Interest --
|
Creditor's right to specific property which has been set aside to satisfy the creditor in case of default.
|
|
|
Securities --
|
Contractual, proprietary interests between an investor and a business, evidenced by stocks, bonds, etc.
|
|
|
Share --
|
Stock; portion of a corporation owned by an investor.
|
|
|
Sole Proprietorship --
|
Business owned by one person.
|
|
|
Statutory Share --
|
Forced share of the decedent's estate.
|
|
|
Stock --
|
Evidence of ownership in a corporation.
|
|
|
Straw Man --
|
Method of changing title held by multiple owners.
|
|
|
Tenancy --
|
Right to real property. (right of possession)
|
|
|
Tenancy by the Entirety --
|
Joint ownership of property between legally married couples.
|
FORM OF OWNERSHIP |
|
Tenancy in Partnership --
|
Multiple ownership of property by business partners; property passes to surviving partners, heirs of deceased partner receive the value of the deceased partner's interest in the property.
|
FORM OF OWNERSHIP |
|
Tickler --
|
Checklist or deadline reminder system.
|
|
|
Wrongful Death --
|
Action to recover for the willful or negligent death of a person.
|
