Chapter 1 -property Flashcards
Bundle of rights?
Consists of all legal rights that are attached to the ownership of real property.
- use
- posses
- transfer
- encumber
- enjoy
Property?
Anything that may be owned and gained lawfully.
Feudal?
System of land ownership wherein all property was owned by the current monarch or an appointed noble.
Allodial?
System of private land ownership in which individuals have the right to own real property.
Real property?
Includes the land, anything permanently attached to the land, anything appurtenant to the land, or anything immovable by law,
Real property is transferred by?
Deed, devise or descent
Airspace is considered?
Real property
Surface rights?
Are the rights to use the surface of land, including the right to drill or mine through the surface when subsurface rights re involved.
Subsurface rights?
Ar the rights to the natural resources ( minerals,gas and oil) below the surface.
Riparian rights?
The owner of property bordering a river or stream.
Riparian-river
Littoral rights?
Owners of land bordering closed bodies of water, such as lakes or oceans ad generally own the land up to the mean vegetation line.
Improvements
Such as houses, garages, fences, swimming pools, or anything resting on the land are permanent and owned as a part of the property.
Fixtures?
Is real property that used to be personal property.
Tests of a fixture?
- adaptation of the item and agreement of the parties
- intent
- method of attachment
Trade fixtures?
Are items of personal property used to conduct a business, such as shelves, cash registers, room partitions, or wall mirrors.
Fructus naturales?
Real property, includes anything growing and attached by its roots, such a trees, shrubs, and flowers.
Emblements, or fructus industrials?
Are crops produced by human labor such as lettuce, grapes, fruits, nuts, wheats, corn,cotton,are personal property.
Personal property?
Known as personalty, or chattel, is movable and transferred or sold using a bill of sale.
Estate?
Is the ownership interest or claim a person as in real property.
Freehold estates?
Are real property estates of ownership.
Life estate?
Is one that is limited in duration to the life of its owner.
Pur autre vie is a life estate based on the life of a designated person.
Legal life estates?
Curtesy- is the husbands life estate in all, inheritable real estate of deceased wife.
Dower- is the wife’s I’ve estate in all, inheritable real estate of deceased husband.
Homestead?
Is a tract of land owned and occupied as the family home.
Less-than-freehold-estate?
(Leasehold estates) is owned by renters and tenants.
Type of leasehold estates?
Estate for years-a specific period of time
Estate from period to period-a month to month lease
Tenancy at will-no fixed period of time, may be terminated by either party.
Tenancy at sufferance-tenant remains in possession after the lease expiration.
The possessory right to occupy the property granted by the lease is?
Personal property
Concurrent ownership or co-ownership?
Property owned by two or more persons or entities at the same time.
Types of concurrent ownership?
- tenancy in common
- joint tenancy
- community property
- tenancy by the entirety
Tenancy in common?
Consists of two or more persons,whose interests are not necessarily equal, wit no right of survivorship .
Joint tenancy?
Exists when two or more parties own real property as co-owners with equal interest and the right of survivorship.
The right of survivorship?
Means that if one of the co-tenants dies,the surviving tenants automatically becomes sole owner of the property.
The four unities of joint tenancy?
- title
- time
- interest
- possession
Community property?
All property acquired during the marriage with the exception of separate property and property acquired by gift or inheritance.
Tenancy by the entirety?
Is ownership by husband and wife in which each owns the entire property.
Acknowledgement?
Is a formal declaration before a notary public or certain public officials, by the person (grantor) who signed (executed) the instrument (deed) that he or she in fact did execute (sign) the document.
Constructive notice?
Is given to he world by recording the document.
Actual notice?
Occurs if a person has direct,express information about the ownership interest of a property.
Priority?
Means the order in which deeds and other instruments are recorded.
