Chapter 1 -property

Question 1

Bundle of rights?

Answer 1

Consists of all legal rights that are attached to the ownership of real property.

• use
• posses
• transfer
• encumber
• enjoy

Question 2

Property?

Answer 2

Anything that may be owned and gained lawfully.

Question 3

Feudal?

Answer 3

System of land ownership wherein all property was owned by the current monarch or an appointed noble.

Question 4

Allodial?

Answer 4

System of private land ownership in which individuals have the right to own real property.

Question 5

Real property?

Answer 5

Includes the land, anything permanently attached to the land, anything appurtenant to the land, or anything immovable by law,

Question 6

Real property is transferred by?

Answer 6

Deed, devise or descent

Question 7

Airspace is considered?

Answer 7

Real property

Question 8

Surface rights?

Answer 8

Are the rights to use the surface of land, including the right to drill or mine through the surface when subsurface rights re involved.

Question 9

Subsurface rights?

Answer 9

Ar the rights to the natural resources ( minerals,gas and oil) below the surface.

Question 10

Riparian rights?

Answer 10

The owner of property bordering a river or stream.

Riparian-river

Question 11

Littoral rights?

Answer 11

Owners of land bordering closed bodies of water, such as lakes or oceans ad generally own the land up to the mean vegetation line.

Question 12

Improvements

Answer 12

Such as houses, garages, fences, swimming pools, or anything resting on the land are permanent and owned as a part of the property.

Question 13

Fixtures?

Answer 13

Is real property that used to be personal property.

Question 14

Tests of a fixture?

Answer 14

• adaptation of the item and agreement of the parties
• intent
• method of attachment

Question 15

Trade fixtures?

Answer 15

Are items of personal property used to conduct a business, such as shelves, cash registers, room partitions, or wall mirrors.

Question 16

Fructus naturales?

Answer 16

Real property, includes anything growing and attached by its roots, such a trees, shrubs, and flowers.

Question 17

Emblements, or fructus industrials?

Answer 17

Are crops produced by human labor such as lettuce, grapes, fruits, nuts, wheats, corn,cotton,are personal property.

Question 18

Personal property?

Answer 18

Known as personalty, or chattel, is movable and transferred or sold using a bill of sale.

Question 19

Estate?

Answer 19

Is the ownership interest or claim a person as in real property.

Question 20

Freehold estates?

Answer 20

Are real property estates of ownership.

Question 21

Life estate?

Answer 21

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.

Question 22

Legal life estates?

Answer 22

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.

Question 23

Homestead?

Answer 23

Is a tract of land owned and occupied as the family home.

Question 24

Less-than-freehold-estate?

Answer 24

(Leasehold estates) is owned by renters and tenants.

Question 25

Type of leasehold estates?

Answer 25

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.

Question 26

The possessory right to occupy the property granted by the lease is?

Answer 26

Personal property

Question 27

Concurrent ownership or co-ownership?

Answer 27

Property owned by two or more persons or entities at the same time.

Question 28

Types of concurrent ownership?

Answer 28

* tenancy in common * joint tenancy * community property * tenancy by the entirety

Question 29

Tenancy in common?

Answer 29

Consists of two or more persons,whose interests are not necessarily equal, wit no right of survivorship .

Question 30

Joint tenancy?

Answer 30

Exists when two or more parties own real property as co-owners with equal interest and the right of survivorship.

Question 31

The right of survivorship?

Answer 31

Means that if one of the co-tenants dies,the surviving tenants automatically becomes sole owner of the property.

Question 32

The four unities of joint tenancy?

Answer 32

* title * time * interest * possession

Question 33

Community property?

Answer 33

All property acquired during the marriage with the exception of separate property and property acquired by gift or inheritance.

Question 34

Tenancy by the entirety?

Answer 34

Is ownership by husband and wife in which each owns the entire property.

Question 35

Acknowledgement?

Answer 35

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.

Question 36

Constructive notice?

Answer 36

Is given to he world by recording the document.

Question 37

Actual notice?

Answer 37

Occurs if a person has direct,express information about the ownership interest of a property.

Question 38

Priority?

Answer 38

Means the order in which deeds and other instruments are recorded.