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8 Cards in this Set
- Front
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Real property |
Category of property that is immovable by law. Include load bearing wall, stock in a mutual water company and mineral |
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Personal property also known as chattel |
Category of property that is generally movable |
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Riparian right |
Water right in regard to a moving Boby of water like river or a stream |
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Appurtenances |
Run with the land and they require no separate conveyance. Include Easements, stock in a mutual water company, and minerals.they are considered real property |
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Freehold estate |
Estate in which ownership is for an indeterminate length of time. |
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Fee simple estate also referred to as estate of inheritance |
One type of freehold estate and as such is indefinite in duration. A fee simple estate can also be sold or inherited,and is not free of Encumbrance. Absolute is the most interest that one can hold in a land. |
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Fee simple Defeasible |
Put conditions on the use of a property. |
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Life estate |
Another type of freehold estate because it is indefinite in duration. Life estate is measure by the length of someone life. Like if the owner dies you lose the estate and thus the leases will terminate. |
