Chapter 7 (Property Ownership) Flashcards
What is a fixture?
an item that WAS personal property until it was attached to the land making it …real property
What is a Bill of Sale?
a document that transfer ownership of personal property aka chattel
What are the 5 steps of the test to determine if something is real or personal property?
MARIA
- method of attachment
- adaptability
- relationship of the parties
- intention of the seller
- attachment
What is Appurtenance?
attached to land and is transferred to new owner
ex…trees, bushes, etc.
What are Emblements?
crops that need to be cultivated and are personal property
What is a trade fixture?
personal property or chattel owned by commercial tenants
What are the Bundle of Rights?
when property is transferred, the rights are also transferred with the property
What are subsurface rights?
-oil
-gas
-water
-minerals
can be very valuable to a property owner and there is NO limit of the depth
What are Air Rights?
500 ft above the land
Ex….cell phone towers, billboards, radio/tv towers etc.
What is Accretion?
the GRADUAL depositing of silt, sand, or soil
What is NJ Tidelands?
permission to erect a structure on the state owned riverbed
What are Littoral Rights?
owned by a person whose property fronts on the ocean, bay or large lake
What is Avulsion?
the QUICK removal of soil from land
What is the Right of Control?
gives the owner the right to do whatever he or she wants to the property
What is the Right of Enjoyment?
gives the owner the priveledge to use the property in any way they wish (throw party, install a pool, start a garden, etc.)
What is the Right of Dispostion?
gives the property owner the right to sell, rent, donate, or leave the property in his will
What is the Right of Exclusion?
gives an owner of real estate the right to say who may and may not enter the property
Devise means what?
the act of leaving real property in ones will to a devisee
What is the Right of Possession?
affirms that with the transfer of title from seller to buyer, the buyer of the bundle of rights has legal ownership of the property
What are Water Rights?
property owner rights if their land abuts a body of water
What is the Right to Encumber?
gives the owner of real estate the right to borrow money using the property as collateral
What is real property?
not moveable
What is a Devisee?
a person whom real estate is left to by another person in a will
What is Erosion?
the sudden loss of land because of natural or made made forces
What is Refliction?
the gradually gain of land because of a receding body of water
Whats the Involuntary Restriction on the use of property?
PETE police power eminent domain taxation escheat
Whats the Voluntary Restriction on the use of property?
- CCR’s from condo associations
- homeowners association rules
- leases to tenants
- life estate to other persons
- easements granted
- deed restcrtions
What is the CCR’s?
Covenants, Conditions, and Restrictions
an owner whose property is in a condo
What is Police Power?
describes the governments powers to regulate, restrict and impose limitations on 1 property for the good of the public