Business Law 2 Chapter 18 Vocab – Flashcards

Unlock all answers in this set

Unlock answers
question
Adverse Possession
answer
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.
question
Conveyance
answer
Transfer of an estate from a grantor to a grantee by a deed
question
Deed
answer
Legal document used to transfer ownership of real property.
question
Doctrine of Capture
answer
Grants ownership of fluid minerals to the party who extracts them.
question
Easement
answer
Irrevocable right to the limited use of another's land.
question
Eminent Domain
answer
Power of the government to take private property for public use in exchange for the fair market price.
question
Estate
answer
Bundle of ownership rights in, and powers over, realty; also property of the deceased.
question
Eviction
answer
Legal action taken to remove a tenant from possession of all the landlord's real property.
question
Fee Simple Absolute
answer
Greatest possible bundle of rights and interests in realty.
question
Landlord
answer
One who, through a lease, transfers to another exclusive possession and control of real property.
question
Lease
answer
Agreement in which one party receives temporary possession of another's real property in exchange for rent.
question
Leasehold Estate
answer
Tenants' ownership interest in real estate.
question
Rent
answer
Consideration given by a tenant in return for temporary possession of a property.
question
Restrictive Covenant
answer
Promise as a part of a contract or deed limiting the owner's use of the realty.
question
Spot Zoning
answer
Treatment of a single property in a manner inconsistent with the treatment of similar properties in the area.
question
Subletting
answer
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.
question
Tenant
answer
One who, through a lease, is given possession of real property.
question
Trespass
answer
To be on the land of another without right or permission of the owner.
question
Variance
answer
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.
question
Zoning Ordinance
answer
Regulate the location of residential, business, and industrial districts.
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New