Land: “The top of the earth, it’s tress, bushes, waters, extending down and upwards”
Improvements: “Improved assets that fall on, in or on top of the property”
Appurtenances: “Occurs when the attachment becomes part of the property”
Underground Right: “Known as subsurface rights, anything that is under the ground you own is yours and it is considered real property”
Air Rights: “The ownership of rights that extend above the property”
Bundle of Rights: “Set of legal rights assigned to the title holder of real property”
Disposition: “The right of the owner to dispose of the property”
Enjoyment: One of the bundle of rights that allows the owner of the property to "enjoy" the property freely and openly
Exclusion: “The right to exclude others from using the land”
Possession: The right to possess the land with legal title”
Control: “The right to control the property under legal conditions”
Chattle: An individual’s personal property (another term used in real estate)”
Tangible Property: “A person’s personal property that can be seen, touched, held”
Intangible Property: A person’s property that can NOT be seen, touched or held”
Affixture: “The conversion of personal property to real property”
Severance: The conversion of real property to personal property”
Conversion: “The act of changing from one type of property to another”
Real Property: “Land, anything under it or over it, rights, improvements and fixtures”
Personal Property: “All property that is not real property”
Accession: “The acquisition of tenants property by landlord due to failure of removing the property at end of lease”
Fructus Naturales: “The plants or crops that yield or produce the harvested crop”
Fructus Industriales: “The actual fruit or material that came from the plant”
Emblements: “Items that came from the crop and are now personal property”
Corporeal: “Often referred to as real property that is inheritable
Incorporeal: Often referred to as personal property that is inheritable”
Estate: “The degree, quantity and nature of one’s interest in land”
Leasehold Estate: “Ownership of a temporary right to hold land or property”
Lessor: “Landlord or the ‘Giv-or of the lease’ but retains bundle or rights”
Lessee: “Tenant or the ‘Receiv-ee of the lease’ but has some rights under the lease”
Freehold Estate: “Any estate which is free from hold of any entity”
Grantor: “The person who is giving the estate (Giv-or)
Grantee: “The person who is receiving the estate (Receiv-ee)”
Fee Simple Absolute: “Highest and most desirable form of property ownership”
Indefeasible Fee: “Unable to annul, forfeit or end the estate as long as the owner abides by all legal rights”
Fee Simple Qualified: “A type of fee estate which has limitations placed upon it”
Defeasible: “Can be terminated if certain criteria is met or not met”
Annul: “To declare invalid (void)”
Fee Simple Determinable: “As long as something is done (or not done) in deed”
Reverter Clause: “Automatically transfers full ownership back to grantor”
Fee Simple on Condition Subsequent: “Subject to a prohibited declaration in deed”
Fee Simple Conditional: “Inheritance of property is limited to direct descendants only” (직계비속에게만 제한적으로 상속가능)
Devise: To will or transfer real property upon one’s death”
Waste: “Lowering the value of property by neglect”
Estate in Reversion: “A life estate that ends upon the death of the life tenant and reverts back to grantor or the grantors heirs”
Estate in Remainder: “Upon the death of life tenant, property will revert to a 3rd party”
Remainderman: “A third party who has a remainder interest in real property”
Estate por autre vie: “A life estate that is based upon the life of someone else”
Homestead: “An owner’s primary residence is protected from general creditors”
Dower: “Life estate the wife has when her husband dies”
Curtsey: Life estate the husband has when his wife dies”
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