Front
Fee Simple Absolute
Back
The highest form of ownership interest
Provides the owner with the full bundle of rights, lasting forever with no conditions.
Public Deck
Real Estate License Exam Prep
Study for your real estate license exam with 50 essential concepts covering ownership, contracts, financing, and fair housing.
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Front
Joint Tenancy
Back
Ownership by two or more people with right of survivorship
Requires the four unities: Time, Title, Interest, and Possession (TTIP).
Front
Tenancy in Common
Back
Ownership by two or more people without right of survivorship
Interests can be unequal; upon death, the share passes to the owner's heirs.
Front
Life Estate
Back
Ownership limited to the duration of a person's life
The property reverts to the grantor or passes to a remainderman upon death.
Front
Eminent Domain
Back
The government's right to take private property for public use
Requires the payment of 'just compensation' to the owner.
Front
Escheat
Back
Reversion of property to the state
Occurs when an owner dies intestate (without a will) and has no legal heirs.
Front
Encroachment
Back
An unauthorized physical intrusion onto another's land
Example: A neighbor's fence or driveway crossing the property line.
Front
Easement Appurtenant
Back
A right to use a neighbor's land that 'runs with the land'
Involves a dominant tenement (beneficiary) and a servient tenement (burdened).
Front
Ownership in Severalty
Back
Ownership by one individual or one corporation
The term comes from the owner being 'severed' from all others.
Front
Fixture
Back
Personal property that has become real property
Determined by the method of attachment, adaptation, and agreement (MARIA).
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