Real Estate Terms for MO All Answers Correct
Estate for Years - ️ A leasehold interest that exists for a specified time with a definite start and end date; does not end
due to the death of either party or the sale of the property; no notice is required for termination.
Personal Property - �...
- ✔️ A leasehold interest that exists for a specified time with a definite start and end date; does not end
due to the death of either party or the sale of the property; no notice is required for termination.
Personal Property
- ✔️ Items that are movable and not classified as real property, often referred to as chattels, such as
cars, cash, and stocks.
Chattel
- ✔️ A term used to describe personal property as opposed to real property.
Severance
- ✔️ The process of severing an item. For instance, a tree is considered an appurtenance until it is cut
down, at which point it becomes personal property.
Fixture
- ✔️ An item that was previously personal property but is now permanently attached to a property,
thereby becoming real property, such as a chandelier or ceiling fan.
Trade Fixture
- ✔️ Business-related personal property that is permanently affixed by a tenant and can be removed up
until the last day of the lease. If left behind, the landlord assumes ownership through accession.
Emblements
- ✔️ Crops that are cultivated during the year a property is sold or transferred; classified as personal
property.
Government Rights in Real Property
,- ✔️ Include taxation, police power, zoning, eminent domain, and escheat.
Police Power
- ✔️ The state’s authority to enact measures that protect and promote the health, safety, morals, and
general welfare of its population.
Eminent Domain
- ✔️ The state’s right to take private property for public use.
Condemnation
- ✔️ The legal act of declaring property unfit for use (such as unsafe structures) or taking land for public
consumption.
Escheat
- ✔️ The process by which property reverts to the state when someone dies intestate (without a valid
will) and has no capable heirs or when the property is abandoned.
Freehold Estate
- ✔️ An estate in land where the ownership duration is indeterminate, in contrast to leasehold estates.
It lasts at least for a lifetime and lacks a definite ending.
Leasehold Estate
- ✔️ The tenant's right to occupy real estate for the duration of the lease, representing a personal
property interest.
Fee Simple
- ✔️ The highest level of ownership interest in real estate recognized under the law, granting the holder
full rights to the property.
Conditional Fee
, - ✔️ Ownership subject to certain conditions; if these conditions are violated, the estate may
terminate. Unlike determinable fees, conditions are not part of the estate's wording and don't
automatically end the fee simple but grant the grantor a right of entry if breached.
Estate in Reversion
- ✔️ The grantor of a life estate retains an estate in reversion, meaning the property returns to the
grantor when the life tenant dies.
Estate in Remainder
- ✔️ Grants a life estate to one party, with the property passing to a third party upon the death of the
life tenant.
Dower
- ✔️ A life estate that a wife is entitled to receive upon her husband's death.
Curtesy
- ✔️ The rights a husband acquires in his wife's property after her death.
Homestead
- ✔️ Land obtained from U.S. public lands by recording a claim and living on it, according to homestead
laws.
Severalty
- ✔️ Ownership of real estate by one individual only; however, a corporation may also own property in
severalty.
Tenancy in Common
- ✔️ A co-ownership form where each owner holds an undivided interest as though they were the sole
owner, with rights to partition and inheritance. Ownership shares can be unequal.
Joint Tenancy
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