Real Property
Chapter 26
Real Property: land and the buildings on the land
Personal Property: everything else (e.g., a table, a car, a pencil)
Fixtures: something expected to be a part of real property (e.g., toilets)
Free Simple Absolute: a legal term used to describe full ownership of real property
Life Estate: the right to use a parcel of real property for as long as the receiving person lives
Tenancy for years/Tenancy at will
Joint Tenancy: for property held in joint ownership, upon the death of one of the owners, the other owner
owns the entire property instantaneously
Tenancy in Common: for property held in joint ownership, if one party dies, his/her heirs own the
property
Community Property: a legal concept in about 12 states that describes how married people own their
property (50/50)
Easements: a right to make a limited use of another’s real property
Restrictive Covenants: Perpetual restrictions placed on a parcel of real estate
Eminent Domain: The government’s right to take your property as long as it pays you fair market value
and uses it for apublic purpose
Zoning: How land can be used in a community
--Residential: homes and apartments (R-1, R-2, R-3)
--Commercial: stores and shops
--Industrial: factories and plants
--Agricultural: farming