Chapter 2 Property, Estates, & Ownership Flashcards
Bundle of Rights UPTEE
use: right to use property
Possess: the right to live on property
Transfer: right to sell property
Encumber: the right to borrow money and use as security for loan
Enjoy: the right to peace and quiet enjoyment
Chattel is defined as
Personal property
Land includes
surface, airspace, materials and minerals beneath
Defined Channel is
a natural watercourse even if its dry
Can water be owned?
NO
Correlative-rights doctrine
an owner may take only a reasonable share of underground waters
riparian rights
owner of property bordering a stream. have reasonable use of flowing water
littoral
water rights of a bordering lake/ocean own to average low water mark or high tide mark
appropriation
right to use water for a beneficial use by diverting surface water
Are minerals owned as real property?
yes, unless fugitive substances non solid
migratory minerals
oil gas-cannot be owned until taken out of the ground but the rights to the minerals, oils can be sold seperately
tests of fixture MARIA
method of attachment:
adaptation: has item been especially made for the property
relationship of parties: court favors tenant or buyer
intention: most important test
Agreement of parties
fructus naturales
naturally occurring plant growth
fructus industriales
are annual crops produced and are considered personal property
emblements
annual crops cultivated by tenant farmers. property of tenants not the landowners
appurtenance
anything used with the land for its benefit
easements and stock in a mutual water company
estate
is the ownership interest or claim a person has in real property
freehold estate
indefinitely measured by the length of someones life. estate of inheritance estates in fee life estates estate in reversion estate in remainder
easement
an interested owned by one person in the land of another person
fee simple estate
greatest ownership interest unqualified indefinite duration free tranferable and inheritable also know as estate of inheritance or perpetual estate
feel simple absolute
transferred with no conditions or limitations on its use
fee simple subject to condition subsequent
seller imposes qualifications or conditions. if violated may lead to termination of estate
condition subsequent
there is something the owner must not do
life estate
is one that is limited in duration of a measuring life
pur autre vie
meaning estate for anothers life duration
remainderman
person identified in the instrument creating the interest. who the estate reverts back to
non free hold estates
tenancy for years
periodic tenancy
tenancy at will
tenancy at sufferance
are leases real property
yes
tenancy
leasehold interest in real estate and its duration
tenancy for years
fixed length of time and specific end date
periodic tenancy
an idefinite period of time. month to month but must give 30 days notice
tenancy at will
tenant obtains property with owners permission but with no rental agreement. may be ended by unilateral decision of either party and must give 30 days notice by both
tenancy at sufferance
occurs when the tenant originally obtained possesion but wont leave after lease is up… must evict
title
evidence that someone owns that land and is in lawful possession
separate ownership
owned by one person, or entity
ownership in severalty
concurrent ownership
owned by two or more entities tenancy in common joint tenancy community property tenancy in partnership
tenancy in common
two or more people
undivided interests
equal right of possesion
undivided interest
means that each owner has a certain equitable interest in property
4 characteristics of tenants in common
tenants in common may take title at different times
tenants in common may take title on seperate deeds
may have unequal interest
equal right of possession
partition action
when tenants dont agree. and ask court to decide
joint tenancy
two or more owners with the right of survivorship
right of survivorhsip
1 tenant dies the others automatically becomes sole owner
unities of joint tenancy t-tip
time become joint tenants at same time
title take title on same deed
interest have equal undivided interest
possession have equal right of possesion
community property
all property acquire by man and wife during valid marriage
property excluded from community property
property owned before marriage
property acquired by gift or inheritance
income derived from separate property
also, community property with right of survivorship
tenancy in partnership
two or more person who form a partnership for business purposes
what is acknowledgment in recording process
formal declaration before a notary public
what does executed mean
signed
abstract of judgement
summary of court decision
constructive notice
recording of a document and possession of property
