Chapter 3A Legal Issues: Estates & Interest Flashcards
Real Estate / Real Property
Land, and generally whatever is erected upon or affixed thereto.
Chattel
Personal property, such as household goods.
- wrench
- scissors
Littoral Rights
The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.
Riparian Rights
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.
Air Rights
Rights in real property to use the space above the surface of the land.
Fee Simple Estate
Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.
Bundle of Rights
The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.
Illiquidity
The concept that property is an illiquid asset because it cannot easily be sold or exchanged for cash.
Special Purpose Real Estate
Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built. For example, a church, theater, or school.
Life Estate
The conveyance of title to property for the duration of the life of the grantee.
- Trust
- Gifting it to someone for a term of years/time
Remainder Interests / Remainderman
The person who is to receive the property after the termination of the prior estate.
- happens in secondary marriages, house is own by day who has children from first marriage, he marries a new women that has kids from previous marriage. He gives her a life estate (allows her to live there until she passes) and then the house goes to his children.
Tenancy in Common
An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.
Partition
The division which is made of real property between those who own it in undivided shares.
Trustee
Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.
Trustor
A person who conveys title to a trustee.
Act of Waste
Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.
Fixture / Trade Fixture
Personal property so attached to the land or improvements as to become part of the real property.
- Cannot be removed
Estate for Years
A leasehold estate for any specific period of time. An estate for years is not automatically renewed, it has to be agreed upon.
- Landlord does not have to give notice
Escheat
The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.
Beneficiary
The person who receives or is to receive the benefits resulting from certain acts.
Curtesy
A husband’s interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.
Unities of Interest, Possession, Time and Title
Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the entirety, they must have the four unities (Interest, Possession, Time, and Title)
Undivided Interest
The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.
Severalty
Ownership by only a single individual.
Right of Survivorship
Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.
Reversionary Interest
The interest which a grantor has in lands or other property upon the termination of the preceding estate.
Personal Property
Any property which is not real property.
- Paintings
- Couches
- Lamps
Joint Venture
A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.
Dower
The part of or interest in real estate of a deceased husband given by law to his widow during her life.
Joint Tenancy
Ownership of real property by two or more persons, each of whom has an undivided interest with the “right of survivorship”.
Real Property v. Real Estate
The main difference between property and estate is that property includes both movable and immovable things while real estate only includes immovable property.
Types of Real Property
1) Condominum
2) Residential
3) Brownstones
4) Comerrical - Retail store
5) Industrial - zones area and restrictions to proximity to other zones
6) Special Purpose - parks, recreation, education
Condominum
- Real Property
- ## Pecentage of ownwership in building
Free Simple Defeasible
Owner of the property holds a fee simple title with contigencies upon certain conditions.
- Land must be used for education
- Owner gifts the house to sister but she can not have her exboyfriend live with her.
Leasehold Estate
Ownership of a temporary right to hold land or property in which lessee/tenant holds rights of real property by some form of title from lesor/landlord
Periodic Estate
Month to month is common, notice is required by the landlord (how ever long the duration of the period of rent is for)
Tenancy at Sufferance
When landlord take tenant to court to have them move out because of some reasonable reason
Estate of Will
No period of time, no term, goes on until partiedr agree to end it or give notice
Tenancy by Entirety
Tenancy used during marriages where the property is owned 100% by both husband and wife and there is surviorship
