Essentials of Business Law Chapter 24

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Author:
Drizzle
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276197
Filename:
Essentials of Business Law Chapter 24
Updated:
2014-06-05 14:56:15
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Business Law
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Chapter 24
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  1. Real property
    The ground and everything permanently attached to it, including land, buildings, trees, and shrubs; the airspace above and the ground below the land also are included.
  2. Personal property
    Tangible and intangible property that is not real property.
  3. Inter vivos gift
    A gift between the living that meets all of the legal requirements for a gift.
  4. Gift in causa mortis
    A gift, given by a living person who expects to die from a known cause, that meets all of the legal requirements for a gift.
  5. Accession
    The right of an owner of property to any increase in the property.
  6. Severatly
    Ownership of a particular piece of property that is held by one person.
  7. Joint tenancy
    When two or more persons own equal shares of personal property with right of survivorship.
  8. Tenancy by the entirety
    A form of joint ownership of property by husband and wife in which both have a right to the entire property and the right of survivorship.
  9. Tenancy in common
    A form of joint ownership of property by two or more persons in which any owner's interest can be sold, transferred, or inherited.
  10. Community property
    Property acquired during marriage that, in some states, belongs to both husband and wife.
  11. Easement
    A right or interest in land granted to a party to make beneficial use of the land owned by another.
  12. Freehold estate
    An estate in which a person owns the land for life or forever.
  13. Leasehold estate
    An estate in which a person has an interest in real property that comes from a lease.
  14. Fee simple
    When an owner of a freehold estate holds it absolutely.
  15. Life estate
    A freehold estate in which a person has an ownership interest only for his or her lifetime.
  16. Deed
    The instrument, or document, that conveys an interest in real property between parties.
  17. Condemnation
    The legal process that occurs when property is taken by the government against the will of the property owner.
  18. Eminent domain
    When ownership of real property is taken by the government and the previous owner is compensated at the fair market value of the property.
  19. Adverse possession
    When title to land is acquired by a person's exclusive, continuous, open, known, and hostile use of the property over a period of time.

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