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Chapter 1
The Evolution of Ownership
34
Real Estate & Planning
Beginner
07/20/2016

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Term
Air Rights
Definition
Rights above the physical surface of the land.
Term
Bundle of Rights
Definition
Rights of ownership associated with the possession, use, enjoyment and disposition of real estate.
Term
Chattel
Definition
Personal property which is tangible and movable.
Term
Concurrent Ownership
Definition
Two or more person having ownership at the same time.
Term
Condominium
Definition
The fee simple ownership of a specified amount of space in a multiple dwelling.
Term
Co-operative
Definition
A brokerage who is co-operating with a listing brokerage in a real estate trade.
Term
Crown Patent
Definition
Original deed issued from the Crown (gov't) representing the root of title for a particular property.
Term
Dominant Tenement
Definition
The estate that derives benefit from a servient tenement, as in a right-of-way.
Term
Easement
Definition
A right enjoyed by one landowner over the land of another.
Term
Escheat
Definition
The reversion of property to the state in the event the owner thereof dies leaving no will.
Term
Estate
Definition
An interest in land.
Term
Expropriation
Definition
Taking of private property by the state for public use, with fair compensation to the owner, through the exercise of the right of eminent domain.
Term
Fee Simple
Definition
The highest estate or absolute right in real property.
Term
Future Estate
Definition
An interest in land that arises at the end of life estate.
Term
Joint Tenancy
Definition
Ownership of land by two or more persons whereby, on the death of one, the survivor(s) take the whole estate.
Term
Leasehold Estate
Definition
An interest in land for a specified period of time.
Term
Matrimonial Home
Definition
Special status given to selected properties pursuant to the Family Law Act.
Term
Mineral Rights
Definition
Rights regarding minerals on or below the land.
Term
Partnership
Definition
A contractual relationship between two or more parties, typically evidenced by a partnership agreement.
Term
Personal Property
Definition
All property, except land and the improvements thereon.
Term
Profit a Prendre
Definition
Tangible and intangible attributes of land improvements.
Term
Real Property
Definition
Tangible and intangible attributes of land improvements.
Term
Restrictive Covenant
Definition
A limitation placed upon the use of property, contained in the deed.
Term
Rights
Definition
An interest in property.
Term
Right to Survivorship
Definition
The distinguishing feature of joint tenancies which provides that, where land is held in undivided portions by co-owners.
Term
Right-of-Way
Definition
The right to pass over another's land, more or less frequently, according to the nature of the easement.
Term
Riparian Right
Definition
The rights of the owner of lands on the banks of watercourses, to take advantageous use of the water on, under or adjacent to this land, including the right to acquire accretions, wharf slips and fish therefrom.
Term
Servient Tenement
Definition
Land over which an easement exists in favor of the dominant tenement.
Term
Surface Rights
Definition
Rights associated with ground level as opposed to mineral or air right.
Term
Tenants in Common
Definition
Ownership of land by two or more persons; does not pass to the survivor, but is treated as an asset of the deceased's estate.
Term
Tenure
Definition
A method of land holding for a temporary time period, but does not involve ownership of the land.
Term
Title
Definition
The means of evidence by which the owner of land has lawful ownership thereof.
Term
Fixture
Definition
Permanent improvements to a property that may not be removed at the expiration of the term of lease or tenure.
Term
Fractional Interest
Definition
A single right, within the bundle of rights, in fee simple ownership.
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