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41 Cards in this Set

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Accretion

Addition to the land through natural causes, usually by a change in water flow (soil washing up onto land)

Ad Valorem Tax

An assessment on real property according to its market value

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.

Allodial System

The system of landownership that permits individuals to own land in fee simple title; used in the US

Avulsion

Loss of land due to sudden change in water (opposite of accretion)

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

Chattel

Personal Property, moveable in nature

Codocil

An addition to a will that may alter the provisions of the will

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

Descent

Property of an intestate passes to heirs by descent

Devise

A gift of real estate by will

Doctrine of Prior Appropriation

The first owner or user has the right to divert water for his use

Durability

An economic characteristic of land that considers improvements made to land that are not as durable as the land

Easement by Prescription

Rights to the land of another gained through continuous use

Eminent Domain

Right of government to take private property for public use upon just payment to the owner

Escheat

Right of the sovereign state to succeed to the property of an intestate without heirs

Feudal System

System whereby the governing body of the land retains ownership of real property

Fixtures

Personal Property that becomes real when permanently affixed to real property, such as a light fixture, oven and range, or bookcase

Hereditaments

Inheritable property, real or personal

Immobility

Incapable or being removed, fixed in location; an important physical characteristic of land

Indestructible

A physical characteristic of land describing that land as a permanent commodity that cannot be destroyed

Intestate

Person who dies without leaving a will

Involuntary Alienation

Loss of property for nonpayment of debts such as taxes or mortgage foreclosure

Land

The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto

Land Patents

A document issued by the government granting fee title in public lands to miners, settlers and war veterans

Littoral Rights

Rights of a landowner who borders a lake or other nonflowing body of water to use the water

Mill

A rate of currency used in determining property taxes

Nonhomogeneous

Characteristic of real property for another; no two are alike

Personal Property

Movable items not affixed to real property, such as chattels

Police Power

Right of government to pass legislation protecting

Probate

A court of law with the authority to verify the legality of a will and carry out its instructions

Profit a Prendre

The right to remove something for profit from another's land such a minerals, oil, or timber

Quiet Title Action

Action in court to either establish title or to remove a cloud on a title

Real Estate

Land and all improvements that are "on" or permanently attached and any improvements "to" the land, such as sidewalks and sewers

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

Riparian Rights

Rights of a landowner to use waters of an adjacent stream or lake

Scarcity

In short supply in comparison to demand

Situs

The location or site of a real property; value is partially based on a property's situs

Tenements

Term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land

Testate

A person who dies leaving a will that designates the distribution of his estate

Voluntary Alienation

The transfer of title freely by the owner