Real property ownership, leases, and easements as they apply to running a business, from an intro business law course.
29 cards · basic cards · AI-written, checked twice. Edit anything.
- Fee simple
Show answer
Absolute ownership of real property with the power to transfer or devise it indefinitely- Life estate
Show answer
Ownership of property for the duration of someone's life, after which it reverts to another party- Joint tenancy
Show answer
Co-ownership with right of survivorship, meaning the survivor inherits the deceased co-owner's share- Tenancy in common
Show answer
Co-ownership where each owner holds an equal or specified share that can be transferred independently- Tenancy by the entirety
Show answer
Co-ownership available only to married couples with right of survivorship and equal, undivided interests- Bundle of rights
Show answer
The collection of legal rights that come with property ownership: use, exclusion, transfer, and enjoyment- Deed
Show answer
A written document that transfers ownership of real property from one party to another- Recording statute
Show answer
State law that establishes the legal effect of recording a deed and protects subsequent purchasers who buy without notice- Adverse possession
Show answer
Acquiring property ownership by openly occupying land for a statutory period (typically 7-21 years) without the owner's permission- Marketable title
Show answer
Clear ownership of property free from defects that would make it difficult or impossible to sell- Lease
Show answer
A contract in which the property owner (lessor) grants the tenant (lessee) the right to occupy property for a set period in exchange for rent- Term of years tenancy
Show answer
A lease for a fixed period with a definite beginning and ending date- Periodic tenancy
Show answer
A lease that renews automatically at the end of each period (month to month, year to year) unless terminated by proper notice- Tenancy at will
Show answer
A lease with no fixed duration that either party can terminate at any time, typically with short notice- Tenancy at sufferance
Show answer
An occupancy that arises when a tenant wrongfully remains in possession after the lease ends and the landlord has not evicted them
FlashKeepers