Chapter 8 Flashcards
What are the three physical components of land?
Surface rights, subsurface rights, and air rights
What are riparian rights?
Riparian rights are rights associated with land abutting a flowing waterway, such as a river or stream
When a homeowner has riparian rights, can they contaminate or stop the flow of water?
No
What are littoral rights?
Littoral rights are rights associated with land abutting waterthat is non-flowing, such as ponds, oceans, and lakes
What is a fixture?
A fixture is an item that was originally personal property that has been permanently attached to real estate in such a way that it is now legally real property
What are the four tests used by courts to determine if an item is personal or real property?
- Intent of the parties 2. Relationship or agreement of the parties 3. Method or degree of attachment or annexation 4. Adaptation of the item
Which estate is the largest bundle of legal rights and is the simplest yet most comprehensive form of ownership?
Fee simple estate
Which estate in real property is limited in duration to the life of its owner? Meaning you only own the property until you die?
Life estate
Is a fee simple estate a freehold estate or a non-freehold estate?
Freehold estate
What does it mean when an estate is called a “freehold” estate?
A freehold estate means there is ownership. Whoever owns the property, “owns” it. With a freehold estate, the purchaser gets a deed
What does it mean when an estate is called a “non-freehold estate”?
A non-freehold estate means there is no ownership but instead, there is a lease. It means the person who rents the property, “rents” it. There is no deed involved, but instead a lease
What are the four ways someone can own a property fee simple?
- Estate in severalty 2. Tenancy in common 3. Joint tenancy with the right of survivorship 4. Estate by the entireties
What does estate in severalty mean?
Estate in severalty means one person owns it. “It” can be a house, investment property, business, condominium, timeshare, etc.
What does tenancy in common mean?
Tenancy in common means two or more people own a property and when one of them dies, their interest goes to their heirs
What does a joint tenancy with the right of survivorship mean?
A joint tenancy with the right of survivorship means two or more people own a property and when one of them dies their interest does not go to their heirs, but goes to the surviving owner
What does estate by the entireties mean?
An estate by the entireties is an estate created between a husband and wife. It also contains the right of survivorship, (meaning if one spouse dies, the other spouse owns the property)
Which two estates contain the right of survivorship?
- Joint tenancy with the right of survivorship 2. Estate by the entireties
Is a joint tenancy and a joint tenancy with the right of survivorship the same thing?
Yes
Is a tenancy in common a freehold estate?
Yes
Is a joint tenancy a freehold estate?
Yes
Is an estate by the entireties a freehold estate?
Yes
Is it a requirement for the deed to state that a property is owned as a tenancy in common or a joint tenancy?
Yes
Is it a requirement for the deed to state that a property is owned estate by the entireties?
No
What are the three non-freehold estates?
- Tenancy at will 2. Estate for years 3. Tenancy at sufferance
Which non-freehold estate is a lease with no ending date that is not required to be in writing?
A tenancy at will
Which non-freehold estate is a lease with a definite defined ending date and is required to be in writing?
An estate for years, (also called a tenancy for years)
Which non-freehold estate includes the absence of a lease or an expired lease?
A tenancy at sufferance
What are the three benefits of homestead?
- Protection of the family 2. Protection of the homestead 3. Tax exemption
Is a condominium held in a freehold estate or a non-freehold estate?
Freehold estate
Is a timeshare held in a freehold estate or a non-freehold estate?
Freehold estate
Is a cooperative association a freehold estate or a non-freehold estate?
Non-freehold estate
