Business Law 2 Chapter 18 Vocab – Flashcards
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Adverse Possession
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Method of acquiring title to another's land by continuously occupying it in an adverse, open, and notorious fashion for a prescribed period of years.
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Conveyance
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Transfer of an estate from a grantor to a grantee by a deed
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Deed
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Legal document used to transfer ownership of real property.
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Doctrine of Capture
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Grants ownership of fluid minerals to the party who extracts them.
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Easement
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Irrevocable right to the limited use of another's land.
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Eminent Domain
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Power of the government to take private property for public use in exchange for the fair market price.
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Estate
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Bundle of ownership rights in, and powers over, realty; also property of the deceased.
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Eviction
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Legal action taken to remove a tenant from possession of all the landlord's real property.
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Fee Simple Absolute
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Greatest possible bundle of rights and interests in realty.
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Landlord
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One who, through a lease, transfers to another exclusive possession and control of real property.
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Lease
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Agreement in which one party receives temporary possession of another's real property in exchange for rent.
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Leasehold Estate
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Tenants' ownership interest in real estate.
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Rent
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Consideration given by a tenant in return for temporary possession of a property.
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Restrictive Covenant
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Promise as a part of a contract or deed limiting the owner's use of the realty.
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Spot Zoning
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Treatment of a single property in a manner inconsistent with the treatment of similar properties in the area.
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Subletting
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Tenant transfers to a third party all the property for a period less than the remaining time of the lease or part of the property for part or all of the remaining term of the lease.
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Tenant
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One who, through a lease, is given possession of real property.
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Trespass
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To be on the land of another without right or permission of the owner.
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Variance
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Granted by a city or county to allow a landowner to make some use of his or her land that is inconsistent with the general zoning ordinance.
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Zoning Ordinance
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Regulate the location of residential, business, and industrial districts.
