Term
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Definition
| tangible property such as automobiles,furniture, and equipment, and intangible property such as securities, patents, and copyrights |
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Term
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Definition
| a voluntary transfer of title to property without payment of consideration by the donee. To be valid, three elements must be shown: 1. donative intent, 2. delivery, and 3. acceptance |
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Term
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Definition
| a person who gives a gift |
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Term
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Definition
| a person who receives a gift |
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Term
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Definition
| made during a person's lifetime that is irrevocable transfer of ownership. |
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Term
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Definition
| made in contemplation of death.can be revoked from the donor up until they die. takes precedence over a prior conflicting will. |
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Term
| Uniform Gift to Minors Act |
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Definition
| establish procedures for adults to make gifts of money and securities to minors. |
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Term
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Definition
| an owner voluntarily paces somewhere and then inadvertently forgets. |
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Term
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Definition
owner leaves somewhere because of negligence, carelessness, or inadvertence.
Finder obtains title against the whole world except owner. |
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Term
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Definition
| owner discards with the intent to relinquish rights in it or mislaid or lost, gives up any further attempts to locate it. Finder acquires title. |
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Term
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Definition
| a transaction in which an owner transfers his or her personal property to another to be held, stored, delivered, or for some other purpose. Title does not transfer. |
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Term
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Definition
| the owner of property in bailment |
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Term
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Definition
| holder of goods who is not the seller or buyer (e.g., a warehouse or common carrier) |
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Term
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Definition
| the land itself as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land. |
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Term
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Definition
| good that are affixed to real estate so as to become part thereof (lights, fencing) |
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Term
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Definition
| ownership rights in real property; the bundle of legal rights of the owner to possess, use and enjoy the property. |
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Term
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Definition
| an estate in which the owner has a present possessory interest in the real property |
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Term
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Definition
| a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property. |
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Term
| fee simple defeasible (qualified fee) |
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Definition
| a type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur. (e.g., not used for non-religious purpose) |
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Term
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Definition
| an interest in land for a person's lifetime; upon that person's death, the interest will be transferred to another party. |
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Term
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Definition
| the grantor retains for him-or-herself or a third party |
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Term
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Definition
| a right of possession that returns to the grantor after the expiration of a limited or contingent estate |
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Term
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Definition
| a right to possession that returns to a third party upon the expiration of a limited or contingent estate. |
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Term
| co-ownership (concurrent ownership) |
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Definition
| two or more people own real property |
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Term
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Definition
| a form of co-ownership that includes the right to survivorship. |
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Term
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Definition
| a form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants. |
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Term
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Definition
| a form of co-ownership of real property that can be used only by married couples. |
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Term
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Definition
| a form of ownership in which each spouse owns an equal on-half share of the income of both spouses and the assets acquired during the marriage. |
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Term
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Definition
| a common form of ownership in a multiple-dwelling building in which the purchaser has title to the individual unit and owns the common areas as a tenant in common with the other condominium owners. |
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Term
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Definition
| a form of co-ownership of a multi-dwelling building in which a corporation owns the building and the residents own shares in the corporation. |
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Term
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Definition
| a writing that describes a person's ownership interest in a piece of real property |
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Term
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Definition
| the party who transfers an ownership interest in real property. |
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Term
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Definition
| the party to whom an interest in real property is transferred. |
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Term
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Definition
| the passing of title from a seller to a buyer for a price. |
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Term
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Definition
| contains the greatest number of warranties and provides the most protection to grantees |
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Term
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Definition
| least amount of protection because the grantor conveys only whatever interest he or she has in the property. |
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Term
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Definition
| a state statute that requires a mortgage or deed of trust to be recorded in the county recorder's office on the county in which the real property is located. |
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Term
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Definition
| an action brought by a party seeking an order of the court declaring who has title to disputed property. by its decision, the court "quiets title" |
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Term
| marketable title (good title) |
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Definition
| to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property. |
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