Ch 1- Property Rights: Private & Govt

Question 1

Feudal system

Answer 1

When all the land belonged to the King and any rule over land was at his sufferance

Question 2

Magna Carta (yr 1215)

Answer 2

Said that land could be inherited within the nobility

Question 3

Allodial system

Answer 3

Our current view of land ownership that comes with the “bundle of rights”

Question 4

Bundle of rights

Answer 4

DEEP C

Disposition
Exclusion
Enjoyment
Possession 
Control

Question 5

Disposition

Answer 5

Allows the owner to transfer all or some of the rights to other people

Question 6

Exclusion

Answer 6

Allows owner to stop others from using the property or even entering the property

Question 7

Enjoyment

Answer 7

Gives the owner the freedom to possess and use the land without interference from other people or society

Question 8

Possession

Answer 8

Gives the owner the right to physically occupy the land, use the land, and make it productive

Question 9

Control

Answer 9

Allows the owner to physically alter or change the property

Question 10

Trespass, encroachment, nuisance

Answer 10

Activities that interfere with owner’s bundle of rights

Question 11

Land

Answer 11

Includes the surface of the earth, subsurface, and the atmosphere above area

Question 12

Real estate

Answer 12

The actual physical land as well as all of the attachments

Question 13

Atrachments

Answer 13

Items and property attached to the land

Question 14

Real property

Answer 14

The land, the attachments (real estate), plus the legal interests, rights, and privileges associated with ownership

Question 15

Corporeal property

Answer 15

Physical or tangible real property

Question 16

Incorporeal property

Answer 16

Non physical attachments (like rights of inheritance)

Question 17

Appurtenances

Answer 17

Rights that go along with real property

Question 18

Real property (realty)

Answer 18

Land and everything intended to remain with it

Question 19

Personal property

Answer 19

And property that is moveable and not intended to remain with the land

Question 20

Chattel

Answer 20

Personal property

Question 21

Personalty

Answer 21

Personal property

Question 22

Bill of sale

Answer 22

Document used to transfer personal property

Question 23

Deed

Answer 23

Document used to transfer real property

Question 24

Natural attachments (fructus naturales)

Answer 24

Plants growing on the land, whether naturally occurring or planted

Question 25

Crops (fructus industriales)

Answer 25

AKA emblements are fruits of industry

Question 26

Doctrine of emblements

Answer 26

Allows a tenant farmer to re enter the land to harvest crops that were planted by the farmer but that mature after the tenants departure

Question 27

Improvement

Answer 27

A major fixture that significantly increases he value of the property

Question 28

Fixture

Answer 28

A man made attachment that may or may not be attached to the real property but is closely associated with real property (keys, garage remote)

Question 29

Annexation

Answer 29

Attaching or affixing personal property to real property

Question 30

Severance

Answer 30

When fixtures are detached from the land and revert back to personal property

Question 31

Legal tests to determine what is or isn’t a fixture

Answer 31

``` Method of Attachment Agreement Relationship Intent Adaptability ```

Question 32

Trade fixtures

Answer 32

Fixtures used for business purposes owned by the tenant and can be removed by departing tenants as long as it’s before the lease expires

Question 33

Physical characteristics of real property

Answer 33

Immobility Indestructibility Nonhomogeneity Situs

Question 34

Situs

Answer 34

Location of real property

Question 35

Economic characteristics of real property

Answer 35

Scarcity Modification Fixity

Question 36

Scarcity

Answer 36

Perceived supply of something relative to the demand for it

Question 37

Fixity

Answer 37

Refers to how real property is considered a frozen or illiquid asset

Question 38

Modification

Answer 38

Refers to the fact that improvements on the property can be constructed or removed as needed

Question 39

What is NOT a factor in determining whether or not something is a fixture?

Answer 39

Cost

Question 40

Government authority on real property

Answer 40

Police Power Eminent domain Taxation Escheat

Question 41

Escheat

Answer 41

The right to take back property of the owner does without a will or heirs or of the property is abandoned

Question 42

Spot zoning

Answer 42

Rezongos of a single parcel or a small area to benefit one or more property owners

Question 43

Building codes

Answer 43

Rules that set minimum standards and require builders to use certain construction standards

Question 44

Certificate of Occupancy

Answer 44

Document that confirms a structure is fit and ready for occupancy

Question 45

Eminent domain

Answer 45

Governments right to take private property for public use

Question 46

Condemnation

Answer 46

Government Process for the taking of private property for public use.

Question 47

Inverse condemnation

Answer 47

When government action has caused significant loss of value or inability to use the property

Question 48

Taxation

Answer 48

Process of government levying a charge on people or items

Question 49

Ad valorem

Answer 49

According to value

Question 50

Special assessments

Answer 50

Taxes levied only against properties that benefit from a public improvement

Question 51

Intestate

Answer 51

Status of a person who dies without a will

Question 52

Escheat

Answer 52

Term that refers to the reversion of property to the state

Question 53

Laws of descent

Answer 53

When a property passes to the owners heirs when the owner has no will

Question 54

Probate process

Answer 54

Formal court proceeding to confirm the validity of a will