Chapter 23: Real and Personal Property Flashcards
Real Property
- Land and anything permanently attached to the land.
- (E.g. building, trees, plants)
Personal Property
- Moveable items.
- Anything that can be moved
What makes up land? (4)
- Soil on surface of the Earth.
- Natural / artificial structures attached to it.
- Bodies of water
- Much of Airspace above & below land.
Airspace rights
- Right for commercial and private airplanes to fly over property.
(and create clouds and produce rain artificially).
Subsurface Rights
- Right to soil, minerals, natural gas on land.
Plant Life and Vegetation:
- Considered real property in a contract unless stated otherwise.
- Generally brings great value to real property (realty)
- (E.g. trees, plants, crops)
Fixture
Personal property that is so closely attached to Real Property that it becomes viewed as Real Property.
______________ are included in the sale of _________ unless the ______________ specifies otherwise.
Fixture; land; contract
No one may actually _____________ or __________ a piece of land.
possess; hold
One who possesses the ____________ “_____________” of rights is said to own property in __________ __________.
entire; “bundle”; fee simple
Fee Simple Absolute
An ownership interest where owner has greatest aggregation of power, privileges, and rights possible.
Privileges that comes with Ownership in Fee Simple Absolute:
- Sell property by deed or will
- Exclusive possession over / use of property.
- Last infinitely and passed onto heirs upon death.
Ownership of property is fee simple doesn’t give owners the _____________ to use the property in ________ ways they might want to. Improper usage of property on _______________, violating the rights of other _____________ _____________ to enjoy their property may result in a __________ of _______________.
discretion; all; land; property owners; tort; nuisance
Concurrent Ownership
Joint ownership of real or personal property.
Two Types of Concurrent Ownership
1) Tenancy in Common
2) Joint Tenancy
Tenancy in Common
- Two or more tenants own undivided interest in property.
- One of the tenants in common’s share of undivided interest is passed to heirs upon death.
Joint Tenancy
- Two or more tenants own undivided interest in property.
- The undivided interest of a deceased tenant is divided among the remaining tenants.
Right of Survivorship
Right of surviving tenant to receive the undivided interest of deceased joint tenant.
Termination of Joint Tenancy
Joint tenant may pass interest to another party (outside of existing joint tenants).
However, in doing so, the joint tenancy is terminated, and the person who was given interest is now a tenant in common.
Community Property
Concurrent ownership wherein husband and wife share undivided one half interest in property.
If husband wife split, the property is divided equally.
Lease
right to possess/use a good for a specified period of time in exchange for a payment.
lessor
party in a lease contract that offers good.
lessee
party in lease contract that buys good.
Leasehold Estate
arises when real property owner / lessor agrees to convey the right to exclusively and temporarily possess/use property to lessee for specified period of time.
Fixed Term Tenancy
- Aka, “Tenancy for years”
- Tenancy where property is leased to tenant for a specified period of time, either in months, a year, or several years.
Periodic Tenancy
- Tenancy where there is no specified period of time-period for which property is leased to tenant.
- Payments (rent) are to be paid in intervals at a fixed rate (monthly, annually).
Easement
Right to use another person’s real property without taking anything from the property.
(i.e. walking/driving across someone’s property)
Profit
Right to use another person’s real property and take something from the property /use some product of the property.
Appurtenant
relating; related; connected
Easement or Profit Appurtenant
The right of one property owner to go onto the land adjacent to theirs, owned by another property owner.
(meant to benefit the land [whoever owns property next])
Dominant estate
Land that is benefited by interest (right to go onto another person’s land).
Servient Estate
Land that is burdened by interest
Easement or Profit in Gross
Right to use/take something from another persons land is given only to the person who doesn’t own an adjacent tract of land.
(meant to benefit particular person /business [not the land/ whoever owns the land next])
Creation of an Easement or Profit:
Most easements and profits are created in an ___________ contract, __________, or ________. This allows the parties to define the ____________, and ___________ of ____________ of use.
express; deed; will; extent; length; time
Creation of an Easement or Profit:
The creation of an easement or profit may come about if the ______________ of a ___________ of property / land (between two parties) _____________ it’s existence, such that it becomes ____________________ for one of the parties.
division; parcel; implies; necessary
Termination of Easement or Profit (SEE PAST FLASHCARDS IF NEEDED):
1) _____________ estate can ___________ the rights back to the _____________ estate.
2) _____________ the easement and profit rights, and produce ________________ of you’re _____________ to not use them / _________________ them to the other property owner.
3) _____-_______ of the easement / profit rights accompanied by an _________ act showing you’re ___________ to ____________ the rights.
4) If the owner of the _____________ estate becomes the owner of the ______________ estate as well.
Dominant; deed; servient
Abandon; evidence; intent; relinquish
Non-use; overt; intent; abandon
servient; dominant
License
Revocable right to enter onto another person’s land.
(e.g. going to the movies: You’re ticket is proof of your allowed access to be on someone else’s property [the movie theater]. If you over stay your welcome, the theater can bring a tort of trespass against you).
Implied Warranty of Habitability
implied promise by seller that house is in good working condition for human habitation.
Seller’s Duty to Disclose Hidden Defects
Seller of a house is required to disclose any defects that couldn’t be reasonably discovered to the buyer.
If the seller doesn’t disclose any ____________ ____________ to buyer of property, buyer has right to _______________ contract, and _______ for damages regarding ____________ or __________________.
hidden defects; rescind; sue; fraud; misrepresentation
Deed
Document for formal transfer of (title) real property
Grantor
Party buying title to property in deed.
Grantee
Party selling title to property in deed.
Quitclaim Deed
Offers the least protection against the defects of a title.
- Because grantee only receives as much interest in the title (property) as the grantor had.
- if grantor had no interest, grantee receives no interest.
Adverse Possession
Obtaining title to land without deed (consent of owner) for a specified (statutory) period of time.
Eminent Domain
Power of the govt. to take all land from private citizens for public use
awards just compensation to owner.
