ch48

West's Business Law with Online Research Guide, 9th Edition

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ELEMENTS OF REAL PROPERTY Real property consists of: (1) Land , including the (a) soil on the surface of the earth, (b) all of the water on or below the surface, and (c) most of the airspace above the surface; (2) Plant Life and Vegetation , both natural and cultivated, as well as the produce of plant life and other vegetation; and (3) Fixtures: Buildings and other improvements that are attached to real property in such a way that they take on the characteristics of the real property and become part of the real property. Ch. 48: Real Property - No. 1 West’s Business Law (9th ed.)
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OWNERSHIP OF REAL PROPERTY Fee Simple Absolute: An ownership interest in real property that affords the owner the greatest possible aggregation of rights, privileges, and power. Only an individual and his heirs can hold a fee simple absolute. Fee Simple Defeasible: An ownership interest in real property that can revert to the grantor of the interest (or his heirs or assigns) upon the occurrence or nonoccurrence of a specified event. Life Estate: An interest in real property that affords the holder all rights of possession and use of land but exists only for the duration of the life of some person, usually the holder of the life estate. Ch. 48: Real Property - No. 2 West’s Business Law (9th ed.)
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LEASEHOLD ESTATES Lease: A contract by which the owner of real property (the landlord or lessor ) grants to a person (the tenant or lessee ) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of consideration. Leasehold Estate: An estate in real property held by a tenant under a lease, giving the tenant a qualified right to possess or use the land. Tenancy for Years: A leasehold estate for a specified period of time. Periodic Tenancy: A leasehold estate for an indefinite period conditioned upon the receipt of rent at fixed intervals. Tenancy at Will: A leasehold estate that permits either the lessor or lessee to terminate the tenancy, without cause and without notice. Tenancy at Sufferance: A situation that arises when a tenant continues to occupy the real property after his leasehold estate expires. Ch. 48: Real Property - No. 3 West’s Business Law (9th ed.)
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Easement: A non-possessory right to use another’s property in a manner established by express or implied agreement. Profit: The right to enter upon and remove things (e.g., trees, oil, topsoil) from the property of another. Easement or Profit Appurtenant: An easement or profit pertaining to a piece of land adjacent to that owned by the holder of the easement or profit. Easement or Profit in Gross: An easement or profit that does not require the holder of the easement or profit to own an adjacent piece of land. License:
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ch48 - ELEMENTS OF REAL PROPERTY Real property consists of:...

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