Chapter 3 Flashcards
Adverse possession
Allows a person who uses another’s property to gain ownership when the use is actual, open, notorious, exclusive, hostile, continuous, and long enough ( set by state law).
Annexation
Is the manner of attachment of personal property to real estate. It is an important determinant of weather the object attached becomes a fixture ( part of the real estate). Annexation is also the process applied by a city to grow by including adjacent land.
Chattel
Are item of personal property, including autos, clothing, and movable furniture.
Color of title
Is what appears to be a good title but is not.
Community property
Is a form of ownership recognized in seven states, most of Spanish origin. Property acquired by a husband and wife by joint effort during their marriage is owned one-half each. Property either owned separately before marriage or inherited during marriage remains.
A condominium
(condo) is a form of ownership whereby a person owns a specific unit, can mortgage it, and has right to use the common property jointly.
A cooperative
(Co-op) is a form of ownership whereby a person owns stock in a corporation, receiving exclusive use of a specific unit and rights to use the common property jointly. Co-op and condo owners must pay assessments.
Constructive notice
occurs when an instrument, such as a deed, is recorded in the county courthouse to give notice to the world of its existence.
Corporeal
refers to property that is tangible (I.e., can be seen or touched). Example, Building , land
Incorporeal property
Refers to intangible property. Example brand name , knowledge, copyright
Devise
Is a transfer of real estate by will or testament.
Bequeath
Is a transfer of personal property by will or last testament.
Dower rights
In states that recognize them, give the wife (or child) an interest in part of her deceased husband’s estate.
Curtesy
The right of a husband to all or part of his deceased wife’s realty regardless of the provisions of her will.
Importance: where curtesy exists, it is the husband’s counterpart to dower.
Easement
Is the right to use the property of another for a specific purpose.
Eminent domain
Is the right of government, or an entity with governmental authority, to take private property for public use. The process is called condemnation, which requires payment of just compensation for the property taken.
Erosion
Is the gradual removal of land by nature.
Avulsion
Is the sudden removal of land, as by a hurricane.
Accretion
is a natural addition to land.
Estate
Is the degree, quantity, nature, and extent of interest a person has in property.
Life estate
Estate that expires on the death of the life tenant.
Remainderman
The person who is to receive possession of a property after the death of the life tenant.
Pur autre vie
(For another’s life) is a type of life estate that end on the death of someone other than the life tenant.
Fee simple
(Fee simple absolute) is the greatest form of ownership one can have. It is subject to eminent domain and land use controls.
Fixture
Is an object that was personal property before being affixed to real estate in a manner that caused it to be part of the real estate. A business may remove a trade fixture (signs, counters, bar stools) when its lease expires.
Foreclosure
Is the process to force the sale of a property for nonpayment of a claim on it.
Freehold estate
Is an interest in real estate without a know termination date.
Nonfreehold
(Less than freehold) When there is an interest in real estate with a preset termination date.
Home stead
Is the protection of family’s home from creditors in certain instances such as bankruptcy; the dollar amount or other limits vary by state.
Interest in real estate
Allows a party certain use but is less than fee simple estate.
Intestate
Refers to a person who died without a will. State law determines heirs.
Joint tenancy
Is a form of ownership characterized by survivorship. When one dies, the remaining hominy tenants inherit the portion owned by the decedent.
A license
Gives a person permission to go onto another’s land for a special purpose.
License
Is also the privilege given by the state to a person to operate as a real estate salesperson or broker.
Littoral
Refers to the shore line of property on a large body of water, such as an ocean. Generally, private ownership stops at the main high-water mark.
Personal property
(Also called personalty) is the fall other than real estate.
Prescription
Refers to an easement acquired by adverse possession.
Property
Refers to the legal rights to use and enjoy things or, in layman’s terms, the things themselves.
Real estate
(Also called realty) refers to land and everything permanently affixed to land.
Riparian
Refers to land bounding on a stream, lake, or river.
Survivorship
Is when a co-owner automatically inherits ownership of the portion that belonged to another person who has died.
Tenancy by entireties
Is a form of joint tenancy (having survivorship) that exists only in certain states and is available only to husband and wife. It protects a spouse’s rights to the home from certain actions of the other spouse.
Tenancy in common
Is a form of co-ownership by two or more people without survivorship. Each tenant in common owns an undivided interest in the whole and may dispose of his/her interest any way he/she pleases.
Tenancy in severally
Is ownership by one person or one entity.
