Essentials of Business Law Chapter 24

The ground and everything permanently attached to it, including land, buildings, trees, and shrubs; the airspace above and the ground below the land also are included.

Tangible and intangible property that is not real property.

A gift between the living that meets all of the legal requirements for a gift.

A gift, given by a living person who expects to die from a known cause, that meets all of the legal requirements for a gift.

The right of an owner of property to any increase in the property.

Ownership of a particular piece of property that is held by one person.

When two or more persons own equal shares of personal property with right of survivorship.

A form of joint ownership of property by husband and wife in which both have a right to the entire property and the right of survivorship.

A form of joint ownership of property by two or more persons in which any owner's interest can be sold, transferred, or inherited.

Property acquired during marriage that, in some states, belongs to both husband and wife.

A right or interest in land granted to a party to make beneficial use of the land owned by another.

An estate in which a person owns the land for life or forever.

An estate in which a person has an interest in real property that comes from a lease.

When an owner of a freehold estate holds it absolutely.

A freehold estate in which a person has an ownership interest only for his or her lifetime.

The instrument, or document, that conveys an interest in real property between parties.

The legal process that occurs when property is taken by the government against the will of the property owner.

When ownership of real property is taken by the government and the previous owner is compensated at the fair market value of the property.

When title to land is acquired by a person's exclusive, continuous, open, known, and hostile use of the property over a period of time.