Estate of real property
with a potential infinite
duration. The ownership of
a fee simple determinable
is subject to a condition,
the breach of which can
result in termination of
the estate. A fee simple
determinable automatically
expires on the nonoccurrence
or occurrence of a
condition.

Co-ownership of property by two or more persons.  Each owner's interest in the property is capable if inheritance.

Ownership of real property by a husband and wife.  The husband and wife are treated as a single owner, and neither the husband nore the wife can transfer the property without the other's consent.

Rule of law in states following the civil law of Spain and France,which provides that real property acquired during marriage is owned equally by the husband and wife.

Method by which coowners of real property can divide the common property into separate ownerships.  Partition may be by voluntary agreement of the co-owners or by court action.

Agreement entered into by a married couple that, among other things, outlines an agreement between the couple regarding the division and ownership of property in the event of separation or divorce.

Widow's interest in real property of her husband that provides a means of support after the husband's death.

Interest in real propety of the wife that the law in some states gives to the surviving husband at the time of the wife's death.

Right given to in many states to e.ect, at her husband's death, to receive either dower of some ownership (fee simple) share of her husband's real property.

Form of property ownership in which the owner owns an individual unitin a multiunit building and is a tenant in common with other owners of units in the building in certain common areas.

Common areas or common elements of a condominium is that portion of the condominium property that is owned in common by all the owners of units in the condominium.

Legal document required by state condominium acts to create a  condominium.

Plat of survey of condominium property required by state condominium acts.  the plat must show in sufficient detail the olcation and dimensions of the real property, as well as all condominium units located on the real property.

Common area of a condominium that is limited in use to one or more condominium unit owners.

Governing body of a condominium, the members of which are owners of condominium units.  The condominium association usually is in the formof a nonprofit corporation.

Sum of money owed by a condominium owner for monthly upkeep of the common areas of the condominium.

Form of ownership of real property in which a corporation owns a multiunit building and leases living space in the building ot the shareholders of the corporation.

Form of ownership of real property in which an owner owns the property for a short period, usually one or two weeks out of each year.  Time-share ownership typically is used for vacarion or recreational property.

Right to terminate a contract.

A claim, charhge, or liability on property, such as a lien or mortgage, that lowers its value.

Legitimate police power of government to regulate the use of real property

Public laws that regulate methods and materials to be used in the construction of improvements.

Also known as Superfund, is federal legislation which created a trust fund designed to finance the activities of ent Environmental Protection Agency and gave the Environmental Protection Agency the authority to recover cleanup costs for contaminated properties for the responsible parties for the contamination.

An examination of real property to determine if it contains environmental contamintion.

A more intensive environmental examination of property usually including the testing of soil and water for evidence of contamination.

Power of government to take private property for public use.

Taxes assessed against real property usually measured by the value of the real property being taxed.

Money debt attached to real property.  The holder of the lien can sell the real property to pay the debt.

Money debt resulting from a lawsuit.  Judgments are liens on real property owned by the judgment debtor.

Lien imposed by law on real property to secure payment for work performend or materials furnished for the construction. repair, or alteration of emprovements on the real property.

Right granted to a nonowner of real property to use the real property for a specific purpose; for example, a right given to an electric utility company to locate an electric line on real property.

Easement created to benefit a particular parcel of real property.  The easement transfers automatically with a transfer of the ownership of the real property benefited by the easement.

Easement granting the owner of the easement the right to use real property for a particular purpose.  The easement does not benefit a parcel of real property owned by the owner or the easement.

Parcel of land benefited by an appurtenant easement

Parcel of land on which an appurtenant easement is located.

Easement created by the conduct of the parties to the easement, not by written agreement.

Easement created when a person uses real property for a period of time without the owner's permission.

Easement of r access to a public street that is necessary for the use and enjoyment of the property benefited by the easement

A revocable privilege or permission to do an act or a series of acts on land possessed by another.

Agreement between two or more persons consisting of a promise or mutual promises that the law will enforce or the performance of which the law recognizes as a duty.

A person who hires an agent to act on his or her behalf. A principal is generally resopnsible for the acts of the agent.

Written document authorizing another person to act as one' agent.

Something of value given to make the promises in a contract enforceable.

Remedy for breach of real estate contract that requires a defaulting party to perform the promises under the contract.

Remedy for default of a real estate contract wherein the contract is terminated and the defaulting party must reimburse the injrued party for espenses incurred in connection with the contract

Amount of money agreed on by the parties to a contract to be the damages in the event of a default of the contract.

A person who holds a special relationship of confidence and trust to a principal and owes to the principal a duty to exercise all of the affairs of the principal in good faith and with loyalty.

Authority that has clearly been given by a principal to an agent.

Authority that is implied by law tobe those things necessary and proper for an agent to carry out the duties of an agency.

Agreement entered into between an owner and a real estate broker retaining the realestate broker to assist the owner in selling real propety.

Personal check in which the bank certifies that the funds are in the account and that the check will be honored on presentment for payment.

Check issued by a bank, the payment of which is guaranteed by the full faith and credit of the bank.

Date set forth in a real estate contract of which the parties agree to perform all the promises of the contract.  The date on which ownership of the real property is transferred from seller to purchaser and the purchaser pays the seller the purchase price for the real propety.

Money paid by the purchaser at the time the real estate ontract is signed.  the money may be used as a down payment on thepurchase price or may be rtained by the seller for damages in the event the purchaser defaults on the contract.

Provision contained in a contract that requires strict performance of the contract by the date or dates provided therein.

Condition in a contract that must be satisfied in accordance with the terms of the contract before one or both of the parties are required to perform their contractual obligations.

Rule of evidence that provides that a written agreement is the best and only evidence of the agreement between the parties and that the parties are not permitted to bring in oral testimony regarding other agreements concerning the transacation.

Signature of a party to a legal document.  The act of signing a legal document.

A form of a residential seller must furnish that informs the buyer about all known physical conditions on the property and its improvements.

A contract by which an owner of property, usually called the optionor, agrees with another person, usually called the optionee, that the optionee shall have the right to buy the owner's real property at a fixed price within a certain time on agreed terms and conditions.