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41 Cards in this Set
- Front
- Back
Accretion |
Addition to the land through natural causes, usually by a change in water flow (soil washing up onto land)
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Ad Valorem Tax |
An assessment on real property according to its market value
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Adverse Possession |
Rightful owner loses land to occupant who has taken possession in a hostile, distinct, continuous, visible and actual way for the statutory period.
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Allodial System |
The system of landownership that permits individuals to own land in fee simple title; used in the US
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Avulsion |
Loss of land due to sudden change in water (opposite of accretion)
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Bundle of Rights |
The legal rights an owner of real estate acquires, such as the right of possession, use, enjoyment; including the right to sell, will and mortgage
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Chattel |
Personal Property, moveable in nature
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Codocil |
An addition to a will that may alter the provisions of the will
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Color of Title |
A title that appears to be good but upon the title search is found to be defective; indicates another may have some rights of ownership
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Descent |
Property of an intestate passes to heirs by descent |
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Devise |
A gift of real estate by will |
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Doctrine of Prior Appropriation |
The first owner or user has the right to divert water for his use |
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Durability |
An economic characteristic of land that considers improvements made to land that are not as durable as the land |
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Easement by Prescription |
Rights to the land of another gained through continuous use |
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Eminent Domain |
Right of government to take private property for public use upon just payment to the owner |
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Escheat |
Right of the sovereign state to succeed to the property of an intestate without heirs |
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Feudal System |
System whereby the governing body of the land retains ownership of real property |
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Fixtures |
Personal Property that becomes real when permanently affixed to real property, such as a light fixture, oven and range, or bookcase |
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Hereditaments |
Inheritable property, real or personal |
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Immobility |
Incapable or being removed, fixed in location; an important physical characteristic of land |
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Indestructible |
A physical characteristic of land describing that land as a permanent commodity that cannot be destroyed
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Intestate |
Person who dies without leaving a will
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Involuntary Alienation |
Loss of property for nonpayment of debts such as taxes or mortgage foreclosure
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Land |
The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto
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Land Patents |
A document issued by the government granting fee title in public lands to miners, settlers and war veterans
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Littoral Rights |
Rights of a landowner who borders a lake or other nonflowing body of water to use the water
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Mill |
A rate of currency used in determining property taxes |
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Nonhomogeneous |
Characteristic of real property for another; no two are alike |
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Personal Property |
Movable items not affixed to real property, such as chattels |
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Police Power |
Right of government to pass legislation protecting
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Probate |
A court of law with the authority to verify the legality of a will and carry out its instructions |
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Profit a Prendre |
The right to remove something for profit from another's land such a minerals, oil, or timber |
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Quiet Title Action |
Action in court to either establish title or to remove a cloud on a title |
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Real Estate |
Land and all improvements that are "on" or permanently attached and any improvements "to" the land, such as sidewalks and sewers |
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Real Property |
The land and all improvements, plus all the rights and privileges the owner of real estate possesses; the "bundle of rights" on has
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Riparian Rights |
Rights of a landowner to use waters of an adjacent stream or lake |
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Scarcity |
In short supply in comparison to demand |
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Situs |
The location or site of a real property; value is partially based on a property's situs |
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Tenements |
Term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land |
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Testate |
A person who dies leaving a will that designates the distribution of his estate |
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Voluntary Alienation |
The transfer of title freely by the owner |