CH 26 - Real Property and Dirt Law Flashcards
Real property is immovable and includes
Land and structures (or anything that’s built to stay or natural like house, barn, windmill, waterfall)
Possessory ownership
Gives owner the right to possess the land
Fee Simple
Gives owner indefinite right to exclusive possession and use of property
Nuisance
The only exception to fee simple; you can’t use your property to interfere with someone’s else’s (starting a hog farm at the border)
Life Estate
Possession of property lasting for someone’s specified lifetime (owner gives rights to children but still lives there)
Concurrent ownership
Own property with others and share the rights
Joint Tenancy
Uncommon, each person owns portion of interest. When one dies, the interest goes to other owners
Tenancy in Common
Each person owns undivided interest, but at death it passes to a beneficiary
Community Property
Property acquired during marriage , each spouse owns undivided half-interest
Leasehold Estate
Owner conveys rights to use property to tenant for certain time
Fixed Term Tenancy**
Expressed contract for specific time
Periodic Tenancy
No definite duration, but rent paid at certain intervals
Tenancy at Will???
Termination of lease without notice; person staying over at your will
Tenancy at Sufferance
Tenant wrongfully possesses property past time
Easement
Right to use another’s property without owning or taking from it (Own land and can’t get to it, build railroad at neighbor’s permission, and use their property in turn)
Profit
Go on one’s land and take something away (take X-mas trees to work on them)
Easement or profits goes with land at
Sale of transfer and is NOT given to an individual, but the property
License
Revocable right of person to come on to another’s land to hike or take pictures
Seller of property has duty to
Disclose all hidden defects that would affect value (Andy Griffith)
Deed
Written instrument setting forth interests in real property being transferred, must be signed and delivered
General Warranty Deed
Contains number of protections against the problems
Special Warranty Deed
Warrants only that seller had good title during ownership and doesn’t guarantee there are no adverse claims
First person to _____ deed owns property
File it
Adverse Possession
When one person possesses property of another for certain time they can then own it (legalized squatting)
Eminent Domain
Gov’t has ultimate ownership rights to take property if they need it due to the 5th amendment but must compensate you
Inverse Condemnation
Gov’t takes land without paying
Zoning Laws
Manage development and use of land, permissible uses of land
