Wisconsin Real Estate Ownership and
Property Rights — Comprehensive Guide to
Estates, Interests, and Legal Classifications
Accession ✔✔The right of a property owner to become entitled to all the property produces and to all
that is added to it, either naturally or artificially. For example, the owner of an office building would
acquire the abandoned trade fixtures of a tenant as real property by accession.
Bill of sale ✔✔A legal document used to transfer ownership of personal property.
Bundle of rights ✔✔Real property ownership right including the right of quiet enjoyment, possession,
disposal, exclusion, control, and the right to encumber
Common elements ✔✔All real property in a condominium development that is not described as a unit
Condominium ownership ✔✔Fee simple unit ownership of real property. Residents own their units plus
a share of common elements.
Condominium unit ✔✔The part of the condominium development that is intended for individual use.
Control ✔✔The right to use a property within the boundaries of the law.
, Cooperative lease ✔✔A written lease in a cooperative apartment building, between the
owner/cooperation and the tenant/stockholder, in which the tenant is given the right to occupy a
particular unit.
Cooperative ownership ✔✔A multi-unit building that is owned by a corporation. Residents living in the
building own stock as shareholders in the corporation and have a lease as a tenant for the living space.
Disposition ✔✔The right held by a property owner to lease, sell, or will the property away.
Eminent domain ✔✔A government's right to take private and for public use
Escheat ✔✔The reversion of property to the state or county, as provided by state law, in cases where a
decedent dies intestate and there are no heirs.
Estate in land ✔✔A recognized interest in the use possession, control, and disposition a person has in
land
Exclusion ✔✔The right held by a property owner or leasee to keep others from using a property.
Fee simple absolute(fee simple) ✔✔The largest estate of ownership that automatically passes upon
death to the owners heirs and devisees, either by will or by descent. . That estate includes the complete
bundle of legal rights.
Fee simple defeasible estate ✔✔An estate of inheritance that may be nullified upon the occurrence or
non-occurrence of a particular event
Property Rights — Comprehensive Guide to
Estates, Interests, and Legal Classifications
Accession ✔✔The right of a property owner to become entitled to all the property produces and to all
that is added to it, either naturally or artificially. For example, the owner of an office building would
acquire the abandoned trade fixtures of a tenant as real property by accession.
Bill of sale ✔✔A legal document used to transfer ownership of personal property.
Bundle of rights ✔✔Real property ownership right including the right of quiet enjoyment, possession,
disposal, exclusion, control, and the right to encumber
Common elements ✔✔All real property in a condominium development that is not described as a unit
Condominium ownership ✔✔Fee simple unit ownership of real property. Residents own their units plus
a share of common elements.
Condominium unit ✔✔The part of the condominium development that is intended for individual use.
Control ✔✔The right to use a property within the boundaries of the law.
, Cooperative lease ✔✔A written lease in a cooperative apartment building, between the
owner/cooperation and the tenant/stockholder, in which the tenant is given the right to occupy a
particular unit.
Cooperative ownership ✔✔A multi-unit building that is owned by a corporation. Residents living in the
building own stock as shareholders in the corporation and have a lease as a tenant for the living space.
Disposition ✔✔The right held by a property owner to lease, sell, or will the property away.
Eminent domain ✔✔A government's right to take private and for public use
Escheat ✔✔The reversion of property to the state or county, as provided by state law, in cases where a
decedent dies intestate and there are no heirs.
Estate in land ✔✔A recognized interest in the use possession, control, and disposition a person has in
land
Exclusion ✔✔The right held by a property owner or leasee to keep others from using a property.
Fee simple absolute(fee simple) ✔✔The largest estate of ownership that automatically passes upon
death to the owners heirs and devisees, either by will or by descent. . That estate includes the complete
bundle of legal rights.
Fee simple defeasible estate ✔✔An estate of inheritance that may be nullified upon the occurrence or
non-occurrence of a particular event
