Chapter 8 Flashcards
Real estate is?
Physical, tangible and immobile
Littoral rights?
Property bordering non-flowing water such as an ocean, sea or lake
Erosion?
Loss of soil that is carried away by water
Accretion?
Increase in Land area as moving water deposit soil
An item that was one’s personal property, but has been installed or attached to the land or building and became part of real estate is a?
Fixture
There are five large stocks in the bundle of rights?
Possession, disposition, enjoyment, exclusion and control
Fee simple estate?
Owner has a complete bundle of rights
Estate im severalty
Sole ownership of the entire bundle of rights
Tenancy in common?
A fee estate held by two or more persons. Equal or unequal shares of ownership. Owner dies, will descent to their heirs or will.
Joint tenancy?
A fee estate share by two or more persons the must have equal and undivided interest and is the right of survivorship
An estate for a husband and the wife only
Tenancy by entireties
A fee simple’s estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed
Life estate
Tenancy for years?
Is a non-freehold estate with the tenant in lawful possession of the property under an agreement with the landlord for a specific period of time
Tenancy at will?
A nonfreehold estate with the tenant in lawful possession of the property under an agreement with the landlord, but no definite time limit
Tenancy at sufferance?
Is a nonfreehold estate which arises when a tenant occupies real estate of a landlord without an agreement. May be terminated by either landlord or tenant without notice
Riparian rights?
Property borders on the flowing waterway such as river or stream
Test used by court to determine whether an item is real or personal property include
Intent, relationship of the parties, method of annexation and Adaptation
The head of household is only protected by
Constitution of homestead rights
Intent of the parties
Reviewing the listing and sales contract to decide was real property by the court
Relationship of the parties
The terms of the lease, improvements made by the tenant and removed at expiration of the lease.
Method of annexation
How an article is attached to the property may be determine if the property is damaged if the article is removed
Adaptation of the article
If the item attached is being used to fulfill the purpose and utility for which the building was constructed
