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
What is Eminent Domain?
the right a governmental body has to take private property for the public good (the authority is eminent domain…the act of taking the property is condemnation)
What is Condemnation?
the act of taking privately owned property
What is Taxation?
a right kept by local municipal and county authorities to raise money to operate those government bodies by taxing property owners
What is Escheat?
an involuntary way a property owner can become alienated from his property (if owner dies w/o a will, the state can sell that property)
What is the Homeowners Association? (HOA)
they can restrict an owner’s right to enjoy the property
What is an encumbrance?
restricts an owners unlimited rights or enjoyment of their property
All encumbrances are not liens but all liens are encumbrances…..TRUE OR FALSE
True
Easements run with the land…TRUE OR FALSE
True
What does “Run with the Land” mean?
rights or restrictions such as easements, deed restrictions and liens that pass from 1 property owner to the next
What is a survey?
a document in visual form that shows the property boundary line measurements, easements, structures and other relevant information prepared by a licensed surveyor
What are encroachments?
when 1 property violated another property owners land
What are deed restrictions?
limitations or conditions that have been places on the property by the seller
(can run with the land)
What are zoning laws?
restricts the type of development in certain areas
What is a judgement lien?
usually the outcome of a dispute in court where 1 party (the creditor) won a money judgement against the other person called judgement debitor
What is a construction lien?
anyone who worked with their hands in the 1700s got paid for it
What is easement in gross?
given to a railroad or public utility companies and government agencies to cross the property of a landowner for a specific purpose (the most popular easement)
What is easement appurtenant?
one party gives permission to another party to cross his land for a specific purpose
What is constructive notice?
access to public records where all recorded deeds are shown
What are easements by prescription & adverse possession doctrines?
allow a non owner of real estate to gain interest in the land through “illegal trespassing”
What is an easement?
restricts the unlimited enjoyment of an owner’s land
What is Dominant Tenement?
the party who has the right to cross the land of another
What is Servient Tenement?
The person or property that gets burdened
What is easement by neccessity?
given to allow a person to cross the land of another in order to access his own land
What is the Lien Priority in Order from 1st to last
1st-property tax 2nd-mortgage 3rd-condo or HOA dues 4th-credit card 5th-car loan 6th-personal loan
What are affirmative easements?
gives the domain tenement the right to do something on the property of the servient tenement
What are negative easements?
restricts 1 landowner from doing something that would adversely affect the interest of another
What is a Writ of Attachment?
a court order issued by a judge preventing the debtor from selling or transferring title to the encumbered property until the case been adjuducated
What is easement by prescription?
a form of legal trespassing which allows a person to claim an possessory interest provided he can demonstrate in court (30 years)
What is adverse possession?
A claim in court to title of another person’s land after stating that the claimant has occupied the other party’s land continuously, open and without permission for at least 30 years
What is the difference between adverse possession and easement by prescription?
-The only difference is that an easement by prescription gives the dominant estate an easement but not title to the land
What does Alluvian mean?
the action of depositing the land (the material it deposits makes it alluvian)
What is Accession?
the owner on whose property the alluvion is deposited gains title to his additional land
What are property tax liens?
placed on the property for unpaid local property taxes which include special or municipal assessments , unpaid municipal water and sewer bills
What is a lien?
a voluntary or involuntary restriction placed on a property because of money owed by the landowner and which “runs with the land”
How do you qualify for adverse possession or easement by prescription?
OCEAN
- open - obious
- continuous - used w/o a break for 30 years
- exclusive- sole occupant & using w/o sharing
- actual - claimant actually using property
- notorious & adverse…used w/o owners permission
What are federal income tax liens?
general involuntary liens loaded against both the real & personal property of a person who has not paid their federal taxes
How are easements created?
- court order
- grantor in a deed of conveyance
- express grant by the servient estate to the holder of the dominant estate
- adverse possession as an easement by prescription
What is tacking?
several successive time periods add up to total 30 years
Destroyed Purpose (terminating easements)
easement will end if the purpose for which it was granted no longer exists
expiration (terminating easements)
easement granted w/ a specifiec expiration date
express release (terminating easements)
where the dominant estate agree to give up all rights to the easements
abandonment is what (terminating easements)
if a claimant can prove the holder of the easement has abandonded the easement and has no intention of continuing to use it
court order (terminating easements)
almost any agreement can be ended by court order
What is merger? (terminating easements)
two lots owned by the dominant & servient tenement are merged and title is held by the same entity
