7 Estates & Interests

Question 1

What is Real Estate?

What is Real Property?

What is personal property?

Answer 1

Physical land and all that is permanently attached to it

Land it’s attachments and it’s rights

Not real property. Moveable not fixed to land

Question 2

Bundle of Legal Rights (5)

Answer 2

Acessary rights or entitlement
Possession   occupy and use
Right of Quiet Enjoyment
Right of Disposition   sell give divide
Right of Exclusion  private property
Right of Control  alter or change

Question 3

What is encroachment

Answer 3

Thing trespassing

Question 4

What is appurtenances

Answer 4

rights that go with real property

Question 5

What is riparian or littoral right?

Answer 5

right to access to water

Question 6

Rule of Capture

Answer 6

Finders keepers Oil well

Question 7

What is accreation?

Answer 7

Silt build up new land goes to owner

Question 8

What is avulsion?

Answer 8

Land is torn away

Question 9

What are trade fixtures?

Answer 9

Equipment or personal property of commercial tennant

Question 10

What is personal property

Answer 10

Chattel moveable and not fixed to land. Conceyed by bill of sale

Question 11

Real Property Interests?

Answer 11

Ownerhip, easementfinancial claim

Question 12

What is Freehold Estate?

Answer 12

Possessory interest of uncertain duration many types

Question 13

Fee Simple Estate?

Answer 13

Fullest freehold no conditions whole bundle

Question 14

Qualified Fee Estate?

Answer 14

Conditions or requirements and title reverts back to grantor

Question 15

Fee on Condition Estate?

Answer 15

May go to court to revert to Grantor

Question 16

What is Life Estate

Answer 16

Freehold estate that lasts as long as specific person lives

Question 17

Wvie?hat is Life Estate pur autre

Answer 17

For another’s life

Question 18

Reviosionary Life Estate?

Answer 18

Property reverts to the grantor or grantor’s heirs

Question 19

Remainder Life Estate?

Answer 19

Grantor grants to one person and then another person the remainer

Question 20

Leasehold Estate?

Answer 20

temporay but exclusive right = leasee or tennant

Question 21

Forms of Ownership? ((5)

Answer 21

Ownership in Severalty Single person ownership
Co-ownership more than 1 Undivided interests
Tennancy in Common no survivorship right death goes to heirs
Joint Tennancy own everything jointly with survivorship rights
Tenancy by Entirety Married couple