Chapter 2 - Rights

Question 1

What are the bundle of rights?

Answer 1

Right of possession, use or control, enjoyment and disposition.

Question 2

What determines the value of property?

Answer 2

Physical characteristics, rights that go with, and limitations or restrictions on the rights

Question 3

Estates in land

Answer 3

Possessory : present right to occupy

Non-possessory : future right to occupy

Question 4

Types of possessory estates.

Answer 4

1. Free hold

2. Lease hold

Question 5

Types of freehold

Answer 5

1. Fee simple - absolute
   - determinable
   - condition subsequent
2. Conventional life Estate
   - ordinary life Estate
   - life Estate Pur Autre Vie

Question 6

Types of leasehold.

Answer 6

1. Estate for years: lease agreement for a specific period of time
2. Estate from period- period: similar to a month to month lease. It automatically renews.
3. Estate at will: verbal agreement lease (for less than a year)
4. Estate at sufferance: holdover tenant. (Tenants continues to take possession even after the lease term is up)

Question 7

Types of non-possessory estates.

Answer 7

1. Remainder
2. Reversionary
3. Legal life Estate - dower and curtesy
   - homestead protection

Question 8

What are the public encumbrances?

Answer 8

1. Police power- enforced laws that regulate the use of private property
2. Eminent domain- the gov. Can take your property for public use
3. Taxation- the right for government to levy taxes on property per ad valorem
4. Escheat- gov takes property after death with no heirs

Question 9

What are the specific liens?

Answer 9

1. Property tax : involuntary
2. Mortgage : voluntary
3. Mechanic’s : involuntary
4. Vendee’s : voluntary
5. Attachment: involuntary

Question 10

What are the general liens?

Answer 10

1. Judgment
2. Fed and state income taxes
3. Fed and state inheritance tax
4. Descendants debts

Question 11

Private encumbrances

Answer 11

1. Easements
2. Private restrictions
3. Encroachments

Question 12

What kind of different kinds of easements are there?

Answer 12

1. Easement appurtenant(ces)
2. Easements in gross
3. Licenses

Question 13

Easement appurtenant vs. in gross

Answer 13

Appurtenant: involves more than one parcel of land, runs with the land and serves the property.

In gross : involves only one tract of land(servient estate), does not run with the land and serves the person with the easement.

Question 14

What is a license pertaining to easements?

Answer 14

A personal permission to use the land of another.