chapter 1 Flashcards
property
real and personal property/ quality and quantity of ownership
(the right or interest which a person has in land or chattels to the exclusion of all others
appurtenances
an article or right adapted to the use of the property to which it is connected and which is intended to be a permanent accession to the property and which will pass with the title to a new owner,such as easements and rights of way
method of annexation
portability
fixture
personal property (personalty) which has become real estate because it is attached in some way to real property
personalty
all articles of personal property goods and chattels
chattel
an article of tangible personal property transferred by bill of sale
tangible personal property
all items which are physical and have substance i.e.-tables, chairs
intangible property
rights rather than items i.e.- royalties,trademarks,and copyrights
corporeal (in real property)
the actual land and all items affixed to it
incorporeal (in real property)
any interest in realty which cannot be considered physical and which is not apparent i.e. easements, rights of way and licenses
Bundle of rights (4 basic rights)
possession, quiet enjoyment, disposition, control
limitations on bundle of rights
Eminent domain, police power, taxation, escheat
eminent domain
the right of the state or government agency to take private property for the public use or good and government must pay a fair price.
police power
the power of the government to do whatever is necessary to protect the public welfare. the two most common limitations are zoning by-laws and building codes
special assessments
for municipal improvements( betterments) which specifically benefit a property(roads, water, sewer etc.) and are liens that take precedence over other liens
intestate
when a person dies without a will in which case estate goes to next of kin or heirs
escheat
when a landowner dies intestate and there are no heirs or bill collectors, the title reverts to the state
easement
a right of a person to use the land of another, it is an encumbrance which may affect the physical condition of a property
encumbrance
any right to, or interest in real estate, which while possibly diminishing the value of the property, does not prohibit the passing of the title
easement appurtenant
a right in anothers land (servient estate) which benefits and attaches to the owners land (dominant estate) and automatically runs with the land
easement in gross
a limited right of one person to use land of another(servient estate) and does not benefit any land of the owner of the easement , such as an overhead power line or underground pipeline. There being no dominant estate, such an easement may not automatically run with the land, but may be expressly transferred
affirmative easement
allows the holder to do certain acts on anothers land , such as have access or egress
negative easement
owner of property is usually restricted from putting any permanent structure on the easement
easement by deed
most common- to give a deed setting forth the description of the area covered by the easement and nature of it
easement by necessity
allowed by law as necessary for full enjoyment of parcel of real estate
easement by prescription
acquired by continuous exclusive and adverse use for a period of time established by state law
estoppel
when a person alleges existence of a fact and causes another to believe its existence and subsequently act to its detriment, then the person who caused the action would be “estopped” or prohibited from denying existence of the fact
license
a right granted to a person for specific use of the land of another. sometimes limited in time but usually revokable at the will of the owner, and is not transferred with title. Terminates at the death of either grantor or grantee.Does NOT run with land
encroachment
an illegal intrusion into or over the property of another.
rights benefits and improvements that transfer with title are
appurtenances
a law of descent and distribution apllies
when a person dies intestate
license
(similar to an easement) limited in time, usually revokable at the will of the owner, and does not transfer with title
