1real property
land, including anything affixed to the land or growing upon the land
2personal property
property other than real property
3intellectual property
the results of one's thoughts, ideas, or inventions
4fixtures
items affixed to real property and treated like real property
5fee simple
ownership of land with the right to freely transfer the property
6fee simple absolute
fee simple wihtout conditions
7joint tenancy
co-ownership of property characterized by a right of survivorship
8tenants in common
co-ownership of property that carries no right of survivorship
9community property
property owned jointly by married persons; not all states recognize community property
10tenants by entirety
property owned jointly by married persons in noncommunity property states
11life estate
the right to use real property for the term of someone's life
12defeasible fee
interest in real property that can terminate because of some future event or contingency
13Fee simple interest subject to a condition subsequent
property ownership that is terminated upon a designated occurrence that happens or fails to happen
14deed
document that evidences real property; it is also used to convey property
15legal description
identifying information on a land document that is specific to particular piece of property
16Recording statute
law that dictates legal procedure by which an individual claiming an interest in real property formally establishes their claim to that property and includes the legal description of the property
17what are the three different types of deeds
- warranty deeds
- grant deeds
- quitclaim deeds
18warranty deeds
type of deed used in some states that implies certain representations regarding title; a deed containing a covenant of warranty
19grant deed
type of deed used in some states for the transfer or sale of real property from one person (or entity) to another person (or entity)
20quitclaim deed
a deed that implies no representation or warranties regarding the title
21adverse possession
acquisition of property that is titled to someone else through possession of the real property
22acronym to remember elements of adverse possession
OCEAN
23open or obvious usage of the property
O in ocean
24continuous possession for state's prescribed time period
C in ocean
25exclusive possession by adverse possessor
E in ocean
26actual possession of another's property
A in ocean
27notiorous or usage that is not secretive
N in ocean
28easement
right to a limited use of a portion of another's property
29license
permission to use another's property for a specified purpose and during a defined period of time
30mortgage
encumbrance against real property
31foreclosure
legal proceeding involving the sale of encumbered or mortgaged property when the owner fails to pay the debt
32deed of trust
document that evidences a debt secured by real property
33tenancy
the right to use another's property for a limited time
34zoning
method of property planning in which a municipality or other tier of government divides land into areas of usage for specific purposes
35eminent domain
power of the government to take private property and convert it into public use under the 5th amendment
36month-to-month tenancy
indefinite tenancy that is renewed on a monthly basis until notice is provided by either party
37rental agreement
short-term agreement between parties that can be updated and changed with each new period
38lease
an agreement between an owner of property and another in which the owner of property gives the other person the right to use the property for a short period of time
39warrant of habitability
requirement that landlords keep their property “habitable” or in a living condition, which typically requires working plumbing, heat, and electrical fixtures
40unlawful detainer
lawsuit to evict a tenant
41quiet title
lawsuit to determine title to a property; this occurs where more than one party claims ownership or where ownership is uncertain
42specific performance
contract-type action, but in real estate this often involves an action where one party sues to get formal title and possession of property based on some contract
43ejectment
lawsuit to reclaim possession of property from an individual who claims some interest in the property
44unlawful detainer
lawsuit to remove a party, usually a tenant, who no longer has the right to occupy the premises, often because of failure to pay rent or failure to comply with conditions of the lease or rental agreement
45partition
lawsuit to divide property between two or more owners sometimes where parties cannot agree on the use of the property
46infringement
improper interference in the intellectual property rights of another person
47copyright
method of protecting “original works of authorship” against misappropriation
48fair use doctrine
allows the use of copyrighted material without permission under certain circumstances
49how long are patents good for
20 years
50patent
type of intellectual property that identifies a unique process, plant, or design concept
51trademark
intellectual property that protects a sign, design, or expression that identifies a product or service of a company or person
52trade secrets
intellectual property that protects formulas, practices, processes, and other similar information that has an inherent economic value because it is not generally known to others