Chapter 8: Real Property Rights Flashcards
It is physical, tangible, and immobile which includes the earth’s surface, subsurface, and the air above the surface; anything growing on the land, permanently attached to the land, and all improvements on and to the land is the definition of…
Real Estate
It includes the physical land and improvements, together with legal rights to own or use the property is the definition of…
Real Property
What are the two types of water rights?
Riparian and Littoral
Rights of an owner whose property borders a flowing waterway such as a river or stream best describes which water right?
Riparian
Rights of an owner whose property borders a non-flowing waterway such as an ocean, sea, or lake describes which water right?
Littoral
What are the four natural process related to water?
Erosion
Accretion
Alluvion
Reliction
The loss of soil that is carried away by water washing against a riverbank or beach describes…
erosion
An increase in land area as moving water deposits soil in other than its original location describes
accretion
Soil resulting from accretion describes
alluvion
The exposure of dry land once covered by water when the level in a lake recedes or a river or stream changes course describes…
reliction
What are the four legal tests courts apply to determine if an item is real property or personal property?
Think IRMA
Intent of parties
Relationship of parties
Method of annexation
Adaptation of article
Legal Rights in Property
Legal rights of ownership are compared to a bundle of sticks, each stick representing a separate transferable right. Taken together they are know as a bundle of rights. List the 5 “sticks” in a bundle of rights.
Possession
Disposition
Enjoyment
Exclusion
Control
Estates
Define estate.
The degree, quantity, nature and extent of interest or ownership rights a person can have in real property
Estates
True or False
Real property ownership can be divided into various types of smaller estates or undivided
TRUE
Estates
A party entitled to rights in property is known as a _________.
Tenant
Estates
Freehold estates is an estate involving ownership interest in property.
List the two MAIN freehold estates
Fee simple (fee, fee simple absolute)
Life estate
Estates
Which freehold estate is the simplest yet most comprehensive; the most common and the most desirable
fee simple (fee, fee simple absolute)
Estates
What are the four ways the fee simple estate can be held?
Estate in severalty
Tenancy in common (estate in common)
Joint tenancy (joint estate)
Tenancy by the entireties
Estates
This is the only type of freehold estate that gives sole ownership of the entire bundle of rights.
Estate in severalty
Estates
What are the characteristics of tenancy in common (estate in common)?
Held by two or more people; each has undivided interest
Can be created by the same or different deeds at the same or different times with equal or unequal shares of ownership
Owner may sell his/her share w/out consent of other owners w/out affecting the other owner’s rights
Estates
What are the characteristics of joint tenancy (joint estate)?
Held by two or more people who MUST have equal/undivided interests
Created only when four unities of possession, interest, time, and title are present by the same deed/conveyance at the same time
Has right of survivorship; when a joint tenant dies, his/her interest passes to surviving joint tenant(s)
Can sell ownership interest during lifetime; purchaser will be tenant in common
Estates
What are the characteristics of tenancy by the entireties?
Husband and wife estate; marriage considered owner
Each spouse has right of survivorship (upon death of one, survivor owns property in fee simple)
Debts built up by one spouse cannot be enforced against property
In a divorce, ownership convert to tenancy in common unless otherwise dictated by court
Estates
A life estate is a freehold estate created when the owner of fee simple gives ownership to another for the lifetime of the person to who the property was given. What is the person called who the property is given to?
Life tenant
Estates
What is the person who give the property to another in a life estate called?
Grantor
Estates
When a grantor wants the ownership of the property returned to him/her or his/her heirs what is the right to regain the property called?
Reversion estate
Estates
In a life estate, if someone other than the original owner is to receive the ownership what is it called and what is the third person called?
Remainder estate and the third person is the remainderman
Estates
A non-freehold (leasehold) estate is an estate in which the tenant does not have ownership interest.
List the 3 non-freehold estates
Tenancy at will
Tenancy for years
Tenancy at sufferance
Estates/Non-freehold
The following characteristics best describes what type of non-freehold estate:
Tenant is in lawful possession under agreement with landlord w/ no definite time limit for rights to terminate
Referred to as period-to-period (month-to-month)
Oral or written (all oral leases are tenancies at will)
Terminated upon sale of property or by death of either party or at discretion of landlord or tenant by proper legal notice
Tenancy at will
Estates/Non-freehold
The following characteristics best describes what type of non-freehold estate:
Tenant is in lawful possession under agreement w/the landlord for a specified period of time
There is a definite start and definite end date; dates must be specified
Must be in writing, signed by landlord, witnessed by two people
Termination can occur by mutual agreement, by expiration of lease period, or by breach
Tenancy for years
Estates/Non-freehold
The following characteristics best describes what type of non-freehold estate:
Tenant occupies landlord’s real estate in absence of an agreement
Occurs when tenant “holds over” after expiration of a lease
Can be terminated by either landlord or tenant w/out notice
Tenancy at sufferance
Elective Share
Elective share provides for surviving spouse to be entitled to ____% of decedent’s real and personal property owned at time of death
30%
