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Right of ownership of real estate held by a person
tenements
Co-ownership based upon intervals of time
interval ownership
Increased soil, gravel, or sand on a stream bank resulting from the flow or current of the water
alluvian
Sudden loss or gain of land as a result of water or shift in a bed of a river that has been used as a boundary
avulsion
An instrument transferring ownership of personal property
bill of sale
A collective term for state security laws usually administered by the secretary of state's office
blue sky laws
The gradual building up of land in a watercourse by deposits of silt, sand, and gravel over time
accretion
The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property
bundle of rights
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease
cooperative
personal property
chattel or personalty
Title to real property held by two or more persons at the same time; also called concurrent ownership
co-ownership
tangible
corporeal
The master deed that contains a legal description of a condominium facility
declaration of condominium
A written instrument transferring an interest in real property when delivered to the grantee
deed
Subject to being defeated or lost
defeasible
Personal property growing in the soil, requiring planting and cultivation; annual crops
emblements
The right of a life tenant or lessee to cut timber on the property for fuel or for making repairs
estovers
Personal property
chattel or personalty
An inheritable estate in land providing the greatest interest of any form of title
fee simple absolute
Personal property that has become real property by having been permanently attached to real property
fixture
A right of title to land
freehold estates
tems on real estate that are not part of real estate but instead are personal property, such as crops
fruits of industry
The land and dwelling of a homeowner
homestead
Intangible things such as rights
incorporeal
A form of co-ownership limited to husband and wife; does not include the rights of survivorship
community property
Distribution of property by decent as provided by statute
intestate succession
Pass to another
convey
Rights in the air space above the surface of land
air rights
Items on real estate that are part of real estate, such as trees and shrubs
fruits of nature
A form of co-ownership that includes the right of survivorship
joint tenancy
Type of trust in which title to land is transferred to a trustee who holds the title for the benefit of the beneficiaries
land trust
Nonfreehold estate; of limited duration, providing the right of possession and control but not title; a tenant's interest in property
leasehold estate
A freehold estate created for the duration of the life or lives of certain named persons; a noninheritable estate
life estate
One holding a life estate
life tenant
Rights belonging to owner of land that borders a lake, ocean, or sea
littoral rights
The instrument that legally establishes a condominium; also called condominium declaration
master deed
Transfer of title to real property
alienation
Any property capable of being inherited, be it real, personal, corporeal, or incorporeal
hereditaments
A landowner's ability to take minerals from the earth or to sell or lease this right to others
mineral rights
An organization of stockbrokers empowered to regulate the over-the- counter securities market and with authority to expel members guilty of fraudulent or unethical practices
National Association of Securities Dealers Regulatory (NASDR)
Leaseholds; estates with a length determined by agreement or statute; establishes possession of land as opposed to ownership in fee
nonfreehold estates
A form of business organization in which the business is owned by two or more persons, called partners
partnership
Latin meaning "for the life of another;" a life estate measured by the life of someone other than the life tenant
pur autre vie
A future interest in a life estate
remainder
In a condominium, a part of the common elements that only a particular unit owner has the right to use, such as an assigned parking space, a balcony, or a storage locker
limited common elements
Return of title to the holder of a future interest, such as the grantor in a life estate not in remainder
reversion
A form of ownership of real property consisting of individual ownership of some aspects and co-ownership of other aspects of the property
condominium
Provides for a lessee or an association to have the first opportunity to purchase the property before it is offered to anyone else
right of first refusal
A company that has the liability protection of a corporation but is taxed as a partnership
limited liability company
The disclosure concerning the developer and the project that is required by the Illinois real estate time-share act to be filed with the office of banks and real estate and provided to prospective purchasers
Public Offering Statement
The right for property to descend to the heirs of the owner as set out by will or by intestate succession
right of inheritance
Items that are installed by a commercial tenant and are removable upon termination of the tenancy
trade fixture
The right for property to descend to the heirs of the owner as set out by will or by intestate succession
right of inheritance
The right of an owner to receive the title to a co-owner's share upon death of the co-owner, as in the case of joint tenancy and tenancy by the entirety
right of survivorship
The federal agency charged with regulating the sale and issuance of securities
Securities and Exchange Commission (SEC)
Property owned in severalty by one's spouse
separate property
Ownership by only one person
severalty
A business owned by one individual
sole proprietorship
Rights to the area below the earth's surface, also called mineral rights
subsurface rights
Co-ownership that does not include the right of survivorship
tenancy in common
Co-ownership with the right of survivorship, limited to husband and wife
tenants by the entirety
Time, title, interest, and possession
unities
Ownership in which the purchaser owns the property for a certain specified time interval
timesharing
A legal relationship under which title to property is transferred to a person known as trustee
trust
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