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Business Law Chapter 18 Vocab Drill

AB
doctrine of captureGrants ownership of natural fluid minerals to the party who extracts them.
easementsIrrevocable rights to some limited use of another’s land.
restrictive covenantA promise, usually made in writing, by the buyer to the seller that limits the use of land in some way.
zoning ordinancesAdopted by cities or counties to regulate the location of residential, business, and industrial districts.
spot zoningThe treatment of a single property in a manner inconsistent with the treatment of similar properties in the area.
varianceMay be granted by a city or a county to allow a landowner to make some use of his or her land that is inconsistent with the general zoning ordinance.
trespassOccurs when a person is on another’s land without a right to be there.
estateThe bundle of ownership rights in, and powers over, realty.
conveyanceA transaction in which an estate is transferred from a grantor to a grantee by deed.
fee simple absoluteGreatest possible bundle of rights and interests in realty.
deedThe legal document used to transfer ownership of real property.
adverse possessionMethod of acquiring title to another’s land by continuously occupying it in an adverse, open, and notorious fashion for a prescribed number of years.
eminent domainThe power of the government to take private property for public use in exchange for the fair market price.
leaseAn agreement in which one party receives temporary possession of another’s real property in exchange for rent.
rentThe consideration given in return for temporary possession of another’s real property.
landlordThe person conveying possession of realty in a lease.
tenantThe person receiving possession of realty in a lease.
evictionThe owner of a property blocks a tenant from possession of all the real property.
sublettingWhen the tenant of a property leases all of the property to a third person for a period of time that is less than that remaining on the lease, or leases part of the property to a third person for part or all of the term remaining on the lease.


Mountain Brook H. S.
Mountain Brook, AL

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