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CPCU 530 - Chapter 7
Definitions
80
Other
Not Applicable
12/05/2007

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Term
Property
Definition
the real estate, buildings, objects or articles, intangible assets, or rights with exchangeable value of which someone may claim legal ownership
Term
Real property, or realty
Definition
any land, including structures or rights attached to the land
Term
Personal property
Definition
all property that is not real property
Term
Ownership
Definition
the singular rights of a property owner to exclude others from the property and to pass a valid title to the property; the obligations associated with the property
Term
Title
Definition
the legal ownership of property; the highest right to property that a person can acquire
Term
Possession
Definition
the exercise of custody or control over property
Term
Intellectual property rights
Definition
the legal entitlement attached to the expressed form of an idea or of other intangible subject matter
Term
Copyright
Definition
the legal right for a period of years to exclusively use and control an original written document, piece of music, software, or other form of expression
Term
Fair use
Definition
the right to use copyrighted material in a reasonable manner without the copyright owner’s consent
Term
Patent
Definition
an intellectual property right granted to an inventor or applicant for a limited period to exclusively use and control a new, useful, and nonobvious invention
Term
Accession
Definition
an increase or addition to property
Term
Confusion
Definition
in property law, the intermingling of goods belonging to different owners
Term
Bailment
Definition
the transfer of possession of personal property from one person to another for a specified purpose and the return of the property when the purpose has been fulfilled
Term
Bailor
Definition
a person or an entity who delivers property to another (the bailee) under a bailment contract
Term
Bailee
Definition
a person or an entity who receives property from another (the bailor) under a bailment contract
Term
Lien
Definition
a creditor’s legal right or interest in another’s property, usually lasting until satisfaction of the specific debt or duty that the lien secures
Term
Possessory lien
Definition
a bailee’s right to retain possession of a bailor’s property as security for the payment of a debt or performance of some other act
Term
Common carrier
Definition
a transportation provider that offers its services to the public and that is licensed by federal or state agencies
Term
Shipper
Definition
a party that owns or orders the shipment of goods
Term
Factor
Definition
a bailee entrusted with possession of another’s goods for sale on commission
Term
Gift
Definition
the voluntary and gratuitous transfer of property without consideration
Term
Donor
Definition
the giver of a gift
Term
Donee
Definition
the recipient of a gift
Term
Fixture
Definition
any personal property affixed to real property in such a way as to become part of the real property
Term
Real property estate
Definition
any of a variety of ownership interests in real property
Term
Interest
Definition
a right, claim, or legal share of property
Term
Fee simple estate
Definition
a full ownership interest in property with the unconditional right to dispose of it
Term
Life tenant
Definition
a person entitled to exclusive possession of real property and to all income the land produces for the duration of that person’s or someone else’s life
Term
Tenancy
Definition
a right to possession or ownership, or both, of property
Term
Joint tenancy
Definition
a concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other
Term
Tenancy by the entirety
Definition
a joint tenancy between husband and wife
Term
Tenancy in common
Definition
a concurrent ownership of property, in equal or unequal shares, by two or more joint tenants who lack survivorship rights
Term
Community property
Definition
property owned or acquired by both spouses during a marriage by their communal efforts
Term
Cooperative ownership
Definition
ownership, usually of real property such as an apartment building, by a corporation, the stockholders of which receive long-term proprietary leases to a portion of the property and a proportional vote in its affairs based on the number of shares owned
Term
Condominium
Definition
a single unit in a building or complex for which the unit owner has a separate title and exclusive ownership as well as the joint ownership of the common areas and facilities
Term
Vendor
Definition
the seller of real property
Term
Vendee
Definition
the purchaser of real property
Term
Grantor
Definition
the seller of real property after execution of the deed
Term
Grantee
Definition
the buyer of real property after execution of the deed
Term
Deed
Definition
a written instrument that transfers interest in real property
Term
Quit-claim deed
Definition
a deed that transfers only the title or interest, if any, the grantor has in land at the time of transfer
Term
General warranty deed
Definition
a deed that contains the grantor’s warranty that the title is free of all encumbrances, that the grantor has the title being transferred, and that no one else has a better title
Term
Special warranty deed
Definition
a deed that contains warranties against only those encumbrances and defects in title that might have been created since the grantor took title
Term
Bargain-and-sale deed
Definition
a deed that transfers real property to a buyer for valuable consideration but that lacks any guarantee from the seller about the validity of the title
Term
Mortgagor
Definition
a borrower who pledges real property as security for the money to purchase the property
Term
Mortgagee
Definition
a lender in a mortgage arrangement, such as a bank or another financing institution
Term
Foreclosure
Definition
a legal proceeding to terminate a mortgagor’s interest in property; the mortgagee’s remedy when the mortgagor defaults on payments
Term
Trust deed, or deed of trust, or trust indenture
Definition
a secured interest in real property that is held by a trustee to protect the lender (beneficiary) until the loan is repaid by the borrower (trustor)
Term
Land contract
Definition
a secured interest in real property based on a stipulation that the seller will not transfer title to the property until payment of a certain percentage of the price
Term
Mechanic’s lien
Definition
a lien, granted by law to anyone who repairs a specific piece of property that secures payment for the repairs
Term
Adverse possession
Definition
the claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period
Term
Lateral support
Definition
a property owner’s right to have land supported by the land adjacent to it
Term
Subjacent support
Definition
a property owner’s right to have land supported by the earth below it
Term
Riparian owner
Definition
an owner of land that contains or borders on a naturally flowing waterway
Term
Trade fixture
Definition
an item attached to real property solely for trade purposes, which is removable without permanent injury to the land or building
Term
Improvements and betterments
Definition
alterations to premises made by a tenant that make it more useful for the tenant’s purpose and become part of the leased structure
Term
Incorporeal interest
Definition
a nonmaterial interest in real property
Term
Easement
Definition
a nonpossessory right to use another person’s real property for a particular purpose
Term
Profits a prendre
Definition
a right or privilege to enter another’s land and take away something of value from its soil or from the products of its soil
Term
Land contract
Definition
a secured interest in real property based on a stipulation that the seller will not transfer title to the property until payment of a certain percentage of the price
Term
License
Definition
the permission to use real property for a particular purpose
Term
Zoning
Definition
a government’s regulation of building construction and occupancy and of land use according to a comprehensive plan
Term
Spot zoning
Definition
a provision in a general zoning plan that assigns a different use for a small area of land than that of the surrounding area
Term
Exclusionary zoning
Definition
the act of restricting land use either by prohibiting additional building or by requiring high standards
Term
Special exception
Definition
a land use explicitly permitted by a zoning ordinance but subject to certain limitations
Term
Variance
Definition
an exception to the strict application of a zoning ordinance to permit a use that is no permitted otherwise
Term
Hardship variance
Definition
an exception to the application of a zoning ordinance for lots that, because of size, topography or other physical limitations do not conform to the ordinance requirements for the zone
Term
Use variance
Definition
An exception to the application of a zoning ordinance to permit an otherwise prohibited use within the zone
Term
Nonconforming use
Definition
a land use that is impermissible under current zoning restrictions but that is allowed because the use was lawful before the restrictions took effect
Term
Building codes
Definition
the local ordinance or stat statutes that regulate construction of buildings
Term
Eminent domain
Definition
the right of a government to seize private property for public use
Term
Condemnation proceeding
Definition
a legal procedure by which a government body seeks a court’s permission to seize private property by eminent domain
Term
Tenancy at will
Definition
a landlord-tenant estate in which the tenant has permission to occupy a premises as a landlord desires
Term
Estate for years
Definition
a landlord-tenant estate created for definite period
Term
Periodic tenancy
Definition
a landlord-tenant estate with no fixed termination date and automatic renewal until one of the parties gives notice of intent to terminate
Term
Holdover tenant
Definition
a tenant who has a lease for a number of years and, at the expiration of the lease, continues to occupy the premises
Term
Tenant at sufferance
Definition
a tenant who has a lease for a number of years and, at the expiration of the lease, continues to occupy the premises, without the agreement of the landlord
Term
Security deposit
Definition
a payment required by a landlord from a tenant at the inception of a lease that the landlord can retain for default in payment or damage to the property
Term
Constructive eviction
Definition
actions or inactions of a landlord that create conditions that prevent the tenant from enjoying a substantial or integral part of the premises
Term
Distraint
Definition
a landlord’s right to seize possession of a tenant’s property and hold it for rent when the tenant has defaulted on the rent
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