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property/ownership
| Question | Answer |
|---|---|
| What are air rights? | The rights of an owner or lessee to use the air above a property without necessarily having the right to use the land below |
| agreement of the parties | The parties may enter into an agreement in regard to the nature of an item to be utilized with realty. This may help determine if it is a fixture or personal property |
| what is annexation? | The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property |
| appurtenance | The rights, privileges, and improvements that go with a transfer of the land even though they may not be part of it. examples are water rights, rights-of-way, and easments |
| attachment (fixture) | The manner in which a fixture is attached may determine whether the item is personal property or real property |
| base lines | East-west imaginary lines, crossing a principal meridian at a specific point, and forming boundaries of Townships in the Government Survey System (Rectangular Survey System) of land description. |
| benchmark | A fixed reference point or marker placed by a surveyor and used to establish elevations and altitudes above sea level. |
| beneficiary | A person who is to receive payment under a deed of trust or the person for whom a trust operates. It is the lender in a deed of trust arrangement. |
| boundary line | A line that indicates a boundary. A boundary is something (such as a river, a fence, or an imaginary line) that shows where an area ends and another area begins. Water courses, such as streams, lakes, rivers and seas are frequently used as boundaries. |
| bundle of rights | The rights of ownership associated with real property, including the right to use, enjoy, encumber, exclude, and alienate, whether by deed, lease, or devise by will. |
| chattel | Items of tangible personal property. As a personal property interest in real property, a lease is known as a chattel real. personal property such as vehicles, jewelry, furniture. |
| Common elements | The areas in a condominium project or PUD where all owners share an undivided interest and full rights of possession. Such as hallways, swimming pools, clubhouses. |
| Common Interest subdivision | A subdivision that has amenities such as a pool or tennis courts, used by all individual owners. Each owner has an undivided ownership interest based usually on the percentage as a ratio of square footage to the total project square footage. |
| Community Property | In community property states (less than 10), property which is owned by either spouse is presumed to be equally owned by both. |
| Condition Subsequent | A requirement of a defeasible fee whereby the grantee's title depends on a specific condition. If the condition is not met, the grantor must make a statement to this effect and retake the property within a reasonable time period. The owner must go through |
| Condominium Bylaws | Rules and Structure for administering a condominium homeowners' association (hoa) |
Created by:
trinity.kimberlain
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