Law of Contracts: Level 2
adaptation (Ans- the use and modification of a particular item for a specific use in a property — specific use for a property could deem an item as real property
Annexation (Ans- attaching (or affixing) personal property to real estate in a way that transforms the personal property into real property
Beneficiary (Ans- the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy
bill of sale (Ans- a certificate of transfer of personal property
common law (Ans- the side of law which arises from judgements and decisions made in courts rather than explicit legislation
community property (Ans- a special form of joint tenancy that exists between a married couple, with each owning a one-half interest; any house or real estate purchased during a marriage is considered community property
condominium (Ans- property where each owner has a separate interest in their own unit and undivided interest in the common areas
cooperative (co-op) (Ans- a residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease 1 / 2
corporation (Ans- a company or group of people recognized as one entity under the law; owners purchase stocks in the corporation (shareholder) and the corporation is run by the board of directors (elected by the shareholders)
Deed (Ans- a legal written document that conveys the intangible ownership rights (title) of a real estate property to another party
emblements (Ans- crops growing on a property which require annual care and are considered the personal property of the owner
Fair Housing Act of 1968 (Ans- a federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status
Fixture (Ans- an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property
general partner (Ans- person in a partnership who takes the lead on day-to-day relationships and assumes full liability for the business
improvement (Ans- any non-natural structure built on or affixed to land
intention (Ans- the owner's intent for an item — was it designed to be a part of the real property
- / 2