Real Property Essentials Flashcards
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Terms in this set
- Easement A non-possessory right to use another's land for a specific purpose, such as a right of way.
- Mortgage A security interest in real property given to secure repayment of a debt.
- Covenant A written promise concerning land use that can bind successors if it touches and concerns the land.
- Fixture Personal property so attached to real property that it becomes part of the realty and passes with the land.
- Tenancy A form of co-ownership or possession of property — joint tenancy, tenancy in common, tenancy by the entirety, or a leasehold.
- Estate The nature, duration, and extent of a person's interest in land — fee simple, life estate, or leasehold.
- Adverse Possession Acquiring title by possession that is open, notorious, continuous, hostile, and exclusive for the statutory period.
- Recording Public filing of a deed or other instrument to give notice and determine priority among competing claimants.
- Encumbrance A claim, lien, charge, or restriction on title that may affect the use or value of the property.
- License A revocable permission to use another's land; a personal privilege, not an interest in land.