| A | B |
|---|
| Real property | The land itself as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land. |
| Fixtures | Goods that are affixed to real estate so as to become part thereof. |
| Air space parcel | Air space above the surface of the earth of an owner’s real property. |
| Estate | Ownership rights in real property; the bundle of legal rights that the owner has to possess, use, and enjoy the property. |
| Freehold estate | An estate in which the owner has a present possessory interest in the real property. |
| Fee simple absolute | A type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property. |
| Fee simple defeasible | A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur. |
| Life estate | An interest in land for a person’s lifetime; upon that person’s death, the interest will be transferred to another party. |
| Concurrent or co-ownership | A situation in which two or more persons own a piece of real property. |
| Joint tenancy | A form of co-ownership that includes the right of survivorship. |
| Tenancy in common | A form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant’s estate and not to the co-tenants. |
| Tenancy by the entirety | A form of co-ownership of real property that can be used only by married couples. |
| Community property | A form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired from that income during the marriage. |
| Future interest | The interest that a grantor retains for him- or herself or a third party. |
| Reversion | A right of possession that returns to the grantor after the expiration of a limited or contingent estate. |
| Remainder | A situation in which the right of possession returns to a third party upon the expiration of a limited or contingent estate. |
| Marketable title | Title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property. |
| Adverse possession | A doctrine that says a person who wrongfully possesses someone else’s real property obtains title to that property if certain statutory requirements are met. |
| Nonpossessory interest | A person’s holding of an interest in another person’s property without actually owning any part of the property. |
| Easement | A given or required right to make limited use of someone else’s land without owning or leasing it. |
| License | Permission for a person to enter upon another’s property for a specified and usually short period of time. |
| Landlord-tenant relationship | A relationship created when the owner of a freehold estate (landlord) transfers a right to exclusively and temporarily possess the owner’s property to another (tenant). |
| Leasehold | A tenant’s interest in leased property. |
| Joint tenancy | This is joint ownership with the right of survivorship. Jack and Jill own the real property in joint tenancy; i.e. they both own it. If Jack dies, Jill owns it and vice-versa. Each party can sell or give its share without the other’s consent. |
| Tenancy in common | If Jack and Jill own a piece of real property in a tenancy in common form of ownership, if Jack (or Jill) does, then the other party does not take sole ownership. The deceased party’s ownership is passed to that person’s estate. While the person is alive, the person’s share of the ownership can be sold, given, or devised to a third party without the co-owner’s consent. |
| Tenancy by the entirety | The use of this is limited to married couples. As with joint tenancy, there is right of survivorship BUT the share cannot be given or sold without the consent of the spouse. |
| Community property | This co-ownership applies only to married couples. The joint ownership is the marital community’s estate and each spouse owns one-half of the income earned during the marriage and one-half of the assets acquired during the marriage. The property cannot be transferred, given or sold without the other spouse’s consent. The spouses may have separate property but should take care that it is not commingled with the community property or it may lose its separate status. |
| Lease | A transfer of the right to the possession and use of real property for a set term in return for certain consideration; the rental agreement between a landlord and a tenant. |
| Zoning ordinances | Local laws that are adopted by municipalities and local governments to regulate land use within their boundaries. |
| Variance | An exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance. |
| Eminent domain | A doctrine under which the government may take private property for public use, provided that just compensation is paid to the private property holder. |
| Environmental Impact statement | A document that must be prepared for all proposed legislation or major federal action that significantly affects the quality of the human environment. |
| Superfund | An act which gives the federal government a mandate to deal with hazardous wastes that have been spilled, stored, or abandoned. It provides for the creation of a government fund to finance the cleanup of hazardous waste sites. |
| Endangered Species Act | A federal statute that protects endangered and threatened species of animals. |
| Kyoto Protocol | An international treaty to reduce greenhouse gases. |
| Sustainability | Government and private sector programs that seek to maintain or improve the environment and minimize actions that can have a negative impact on it. A key aspect of such programs involves planning ahead so that current needs do not erode or destroy the environment in the future. |
