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Principles of RE 1-10
Ch. 1- 10 Important/difficult terms RE Principles
11
Real Estate & Planning
Undergraduate 4
02/28/2011

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Cards

Term
alienable
Definition
a property owner's right to transfer interests owned in a property during his or her lifetime.
Term
descendible
Definition
a property owner's right to transfer interests owned in a property to legal heirs should the owner die without a valid will.
Term
devisable
Definition
a property owner's right to transfer interests owned in a property via a will.
Term
defeasible (estate)
Definition
an estate that can be lost should some event or stated condition come to pass
Term
real estate
Definition
property in land and buildings
Term
real property
Definition
the legal interests associated with ownership of the physical real estate.
Term
test of intent of parties
Definition
the most crucial test used ot determine whether something is a fixture or personal property.
Term
littoral proprietors
Definition
Owner whose land joins a navigatable boyd of water, such as an ocean, a sea, or certain rivers, usually owns the land to the high water mark
Term
Riparian rights docterine
Definition
The dominant docterine theory in the Eastern US, sates all owners whose land underlies or borders the nonnavigable water have equal rights to the water
Term
Prior Appropriation docterine
Definition
Dominant theory west of the Mississippi River, the fist person to use a body of water for some beneficial economic purpose has a right to use all teh water needed, even if the landowners who later find a use for the water may be precluded from using it.
Term
fee simple absolute estate
Definition
the fullest and most complete set of ownership rights one can possess in real property. Also known as a fee estate or fee simple estate, this estate is the one most commonly associated with "owning real estate" and is the type of estate acquired in a typical transaction.
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