Chapter 4 - Estates and Interests in Real Property Flashcards
What is an accession?
An acquisition of property by its joining or union with other property
What is an access right?
The right of a property owner to have ingress and egress to and from his property
What is accretion?
Gradual additions to land by deposits of sand or soil by bordering waters through natural causes
What are air rights?
The rights vested by a grant of an estate in real property to all or any portion of the space above the ground
What is alienation?
The transferring of real property from one person to another
What is alluvion?
That increase of soil on a shore or bank of a river as the result of accretion. This land typically belongs to the owner of the land
What is appurtenances?
That which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed (e.g., improvements, air rights, gas, oil and mineral rights, and water rights)
What is avulsion?
The sudden removal of land of one owner and depositing it on the land of another when a stream changes channel due to an earthquake or flood. Property lines do not change unless in the case of erosion
What is a bill of sale?
A written instrument which passes title of personal property from seller to buyer
What is a bundle of rights?
Ownership concept in real estate, which embraces the rights of possession, use, enjoyment and disposition
What is a chattel?
Personal property which is tangible and movable (ex. a mobile home)
What is a chattel mortgage?
A personal property mortgage (ex. a mortgage on a mobile home)
What is a conventional life estate?
A life estate created by grant, by reservation or by will
What does corporeal mean?
Rights of a visible and tangible nature
What is a deed restriction?
A private limitation in a deed, placed by a grantor limiting the use of land by future owners
What is eminent domain?
The right of a government to take private property for public use upon the payment of just compensation
What is erosion?
The gradual wearing away of land due to natural causes of wind and water
What is escheat?
The reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned
What is an estate?
The degree, quantity, nature, and extent of interest a person has in real property
What is a fee conditional?
Type of freehold estate and is a rarely used ownership interested. An estate granted absolutely, but only so long as a specified event occurs or does not occur. Also referred to as a base fee, determinable fee, or a qualified fee estate. Example, Mary Jackson conveys 100 acres of land to become a bird sanctuary
What is a fee determinable?
A fee estate which exists only until a specified event does or does not occur. Upon the happening of such event, the fee automatically ends and reverts back to the original grantor, or to his estate
What is a fee simple?
An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade or will as he chooses. Fee simple owners also have the right to alienation
What is a fixture?
An article of personal property which has been installed in or attached to land of a building thereon, in such a manner that it is now considered to be a part of the real estate
What is a freehold estate?
An estate in real property for an indefinite and uncertain time, e.g., a fee simple or a life estate
What is a grant?
A transfer of real property
What are hereditaments?
Any property, real or personal, tangible or intangible, that may be inherited
What are improvements?
Beneficial attachments to raw land that increase its value or improve its usefulness
What does incorporeal mean?
Intangible; without physical existence
What does indefeasible mean?
Not capable of being annulled or voided
What is just compensation?
The fair market value of land that must be paid to the condemnee when the government exercises its power of eminent domain through the act of condemnation
What is land?
The surface of the earth, the area above and below the surface, and everything permanently attached thereto
What is a leasehold?
An estate or right in real property that involved possession but not ownership
What is a less than freehold?
A lease; a leasehold estate. Also called a “non-freehold”
What is a life estate?
An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner
What does littoral mean?
Property that borders a large body of water such as a lake, ocean, or sea is said to be littoral property
How are mobile homes defined?
A type of chattel typically but can become a fixture if it is attached more permanently. Three-dimensional single-family units, built to be towed on their own chassis, not required to satisfy local building codes
What are navigable waters?
Those bodies of water which are capable of being used for public transportation. Controlled by Congress
What is personal property?
Any property that is not real property
What is police power?
The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public
What is a qualified fee?
An estate in fee simple bound by limitations imposed by the grantor
What is real estate?
The physical land at, below and above the earth’s surface with all appurtenances, including structures (such as fences, patios, fixtures, etc). Water rights are considered to be a part of real property.
What is reliction?
Gradual recession of water from the usual watermark
What is a remainder estate?
An estate created by a single grant simultaneously with another which vests with a third party upon termination of the prior estate, such as a life estate
What is a remainderman?
The one in whom an estate vests after termination of a prior estate
What is a reservation?
A right retained by a grantor in conveying property
What is reversion?
The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property
What are riparian rights?
The right of a landowner to the use of water on or adjacent to his land
What is a security agreement?
A legal document that pledges personal property as security for a debt; chattel mortgage
What is a trade fixture?
Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves
What is unimproved land?
Land upon which no buildings have been constructed; also called “raw land”
What is waste?
Willful destruction of any part of the land which would injure or prejudice the landlord’s or remainderman’s reversionary right
What are easements?
An easement is a legal right that one has to use the lands of another for a special necessary use
What is life estate pur autre vie?
A life estate based upon “the life of another” other than the life tenant, and is inheritable until the measuring life ends.
