Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RE Principles And Practices > Ch 1- Property Rights: Private & Govt > Flashcards

Ch 1- Property Rights: Private & Govt Flashcards

1
Q

Feudal system

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Magna Carta (yr 1215)

A

Said that land could be inherited within the nobility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Allodial system

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Bundle of rights

A

DEEP C

Disposition
Exclusion
Enjoyment
Possession 
Control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Disposition

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Exclusion

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Enjoyment

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Possession

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Control

A

Allows the owner to physically alter or change the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Trespass, encroachment, nuisance

A

Activities that interfere with owner’s bundle of rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Land

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Real estate

A

The actual physical land as well as all of the attachments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Atrachments

A

Items and property attached to the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Real property

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Corporeal property

A

Physical or tangible real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Incorporeal property

A

Non physical attachments (like rights of inheritance)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Appurtenances

A

Rights that go along with real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Real property (realty)

A

Land and everything intended to remain with it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Personal property

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Chattel

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Personalty

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Bill of sale

A

Document used to transfer personal property

23
Q

Deed

A

Document used to transfer real property

24
Q

Natural attachments (fructus naturales)

A

Plants growing on the land, whether naturally occurring or planted

25
Q

Crops (fructus industriales)

A

AKA emblements are fruits of industry

26
Q

Doctrine of emblements

A

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

27
Q

Improvement

A

A major fixture that significantly increases he value of the property

28
Q

Fixture

A

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)

29
Q

Annexation

A

Attaching or affixing personal property to real property

30
Q

Severance

A

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

31
Q

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

A 
Method of Attachment
Agreement 
Relationship 
Intent
Adaptability
32
Q

Trade fixtures

A

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

33
Q

Physical characteristics of real property

A

Immobility
Indestructibility
Nonhomogeneity
Situs

34
Q

Situs

A

Location of real property

35
Q

Economic characteristics of real property

A

Scarcity
Modification
Fixity

36
Q

Scarcity

A

Perceived supply of something relative to the demand for it

37
Q

Fixity

A

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

38
Q

Modification

A

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

39
Q

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

A

Cost

40
Q

Government authority on real property

A

Police Power
Eminent domain
Taxation
Escheat

41
Q

Escheat

A

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

42
Q

Spot zoning

A

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

43
Q

Building codes

A

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

44
Q

Certificate of Occupancy

A

Document that confirms a structure is fit and ready for occupancy

45
Q

Eminent domain

A

Governments right to take private property for public use

46
Q

Condemnation

A

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

47
Q

Inverse condemnation

A

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

48
Q

Taxation

A

Process of government levying a charge on people or items

49
Q

Ad valorem

A

According to value

50
Q

Special assessments

A

Taxes levied only against properties that benefit from a public improvement

51
Q

Intestate

A

Status of a person who dies without a will

52
Q

Escheat

A

Term that refers to the reversion of property to the state

53
Q

Laws of descent

A

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

54
Q

Probate process

A

Formal court proceeding to confirm the validity of a will

RE Principles And Practices (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions