7 Estates & Interests Flashcards
What is Real Estate?
What is Real Property?
What is personal property?
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
Bundle of Legal Rights (5)
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
What is encroachment
Thing trespassing
What is appurtenances
rights that go with real property
What is riparian or littoral right?
right to access to water
Rule of Capture
Finders keepers Oil well
What is accreation?
Silt build up new land goes to owner
What is avulsion?
Land is torn away
What are trade fixtures?
Equipment or personal property of commercial tennant
What is personal property
Chattel moveable and not fixed to land. Conceyed by bill of sale
Real Property Interests?
Ownerhip, easementfinancial claim
What is Freehold Estate?
Possessory interest of uncertain duration many types
Fee Simple Estate?
Fullest freehold no conditions whole bundle
Qualified Fee Estate?
Conditions or requirements and title reverts back to grantor
Fee on Condition Estate?
May go to court to revert to Grantor
What is Life Estate
Freehold estate that lasts as long as specific person lives
Wvie?hat is Life Estate pur autre
For another’s life
Reviosionary Life Estate?
Property reverts to the grantor or grantor’s heirs
Remainder Life Estate?
Grantor grants to one person and then another person the remainer
Leasehold Estate?
temporay but exclusive right = leasee or tennant
Forms of Ownership? ((5)
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
