Vocab quiz #2

A type of ownership interest in real property that is not absolute and can be diminished or undone upon the occurrence of a specified event or condition.

The legal process that allows a government to take private property for public use, provided that just compensation is offered to the owner.

The right of a landowner whose property borders a body of water to make reasonable use of it, including activities like fishing and boating.

A legal arrangement where a person manages property for the benefit of another person or a group, often involving a trustee.

An estate that includes the right to use and enjoy the property, but does not provide full ownership, often designated for a designated period.

An ownership interest in property that is fully vested and not subject to any conditions or limitations.

A system of ownership in which an individual owns a specific unit of property within a larger complex and shares ownership of common areas with other unit owners.

A type of residential ownership where residents own shares in a corporation that in turn owns the property, rather than owning the property directly.

The division of property wherein ownership is shared among multiple individuals, with each having a legal claim to a specific portion.

A legal term describing property that is passed on to the state when someone dies without a valid will or heirs.

A legal term for someone who dies without having made a valid will, often leading to state laws determining how their property is distributed.

The right someone has to use another person's land for a specific purpose, such as allowing access to a road or utility line.

An interest in land that gives the holder a right to occupy the property for the duration of a specified person's lifetime.

An interest in property that follows a life estate, where the property will pass to another designated person after the life tenant's death.

The legal right of an individual or entity to make use of a portion of another person's property, often for things like access routes or utilities.