Basics A: Overview

Question 1

Limitations to Real Property Ownership

Answer 1

Airspace - restricted to “useable” airspace

Surface - government owns all mines and minerals

Question 2

What is the exception to surface right limitations?

Answer 2

Land homesteaded before 1905 is not subject to surface limitations
(government does not own mines and minerals)

Question 3

What is the “Heaven vs. Hell Model”

Answer 3

Rights to property start from core of Earth and extend in a V or “pie” shape into the sky
(No longer used)

Question 4

What is the “reasonable amount of space” owned above and below one’s property?

Answer 4

Above = Approx. 40,000 feet above surface

Below = Approx. 1 foot below

Question 5

Another term for fixtures and chattels

Answer 5

Fixtures = Attached goods

Chattels = Unattached goods

Question 6

What does estate in land carry some combination of?

Answer 6

Right to exclusive possession
AND/OR
Right of disposition

Question 7

Define: Right to exclusive possession

Answer 7

Right to prevent unwanted people from being on property (trespassing)

Question 8

Define: Right of disposition

Answer 8

Right to dispose of property through selling, inheritance, or intestacy

Question 9

What are the 4 interests in land which LTO will issue certificate for?

Answer 9

1. Fee Simple
2. Life Estate
3. Reversionary or Remainder Interest
4. Leasehold Estate

Question 10

Define: Fee Simple

Answer 10

Greatest interest one can have

Includes rights to:
- Hold land for indefinite period of time (right to possession)
- Dispose of land to anyone you wish (right of disposition)

Question 11

Define: Life Estate

Answer 11

Fee Simple which separates right to possession from right to disposition

Grants lifetime right to possession
Does not grant right to disposition AFTER DEATH

Question 12

What is “Life Estate pur autre vie”

Answer 12

The granting of right of disposition based on the lifetime of another person (not the owner)

Question 13

Define: Reversionary or Remainder Interest

Answer 13

The counterpart of a Life Estate interest

The interest which holds right to disposition of a Life Estate

Question 14

What happens when the owner of Life Estate passes?

Answer 14

Right of possession reverts to person holding Reversionary Interest and interest becomes Fee Simple

Question 15

Define: Leasehold Estate

Answer 15

Owner of Fee Simple gives another person right to possession
(Landlord and Tenant)