When taking the vocabulary quiz on a regular basis, you should alternate between the definition and term, that is, try it one time looking at the terms and guessing the definition, and the next time looking at the definition and guessing the word or term.  The answer will be the term or definition at the top.


Property Ownership     Terms     Definitions     Financing     Agency










Estate for Years


Freehold Estate


Joint Tenancy




Personal Property


Real Property





Real Estate (land and improvements), along with the bundle of legal rights that goes along with ownership of that property.  The legal rights are disposition, exclusion, enjoyment, possession and control.  Also called Realty.  Answer




All property that does not fit the definition of real property.  Also called personalty.  Would include chattels and also less tangible items, such as a lease or a license.  Answer




The fruits of the soil.  Referring to the annual crops that grow on a property.  Considered personal property, because AFTER THE REAL PROPERTY IS SOLD, the former owner has the right to come back ONE time and harvest the fruits of their labor (fructus industrialis).  Answer




Permission to use someone else’s property for a specific purpose that can be withdrawn at any time, and which does not transfer with the sale of the property.  For example, a property owner allows a neighbor to park their car on his property.  Answer




An item of personal property.  Something that can be moved.  Answer




A lease for a DEFINITE period of time, even if relatively short in duration.  A lease for the first week of June would fit this definition.  At the end of the week you would have to leave.  Answer




Actual ownership of a property.  An estate or interest in real property that lasts at least a lifetime or forever.  Answer




A form of co-ownership with complete unity of ownership.  Requires the four “unities,” possession, interest, time and title.  All these MUST be equal.  All of the owners have an equal right to possess the property.  They all have an equal interest, meaning they own the same percentage.  They all got the property at the same time, and they are all on the same title, the same deed, the same document.  If ANY of these unities are missing, it can NOT be this form of ownership.  Answer