Chapter Four - Estates & Interests in Real Property Flashcards
1
Q
Property
Real Property (Real Estate, Realty)
A
- Land and all attachments.
2
Q
Personal Property
A
- All things that do not meet the definition of real property.
3
Q
Appurtenances
A
- The real estate including all other things that would pass with the land to a new owner (improvements, air rights, gas, oil, water and mineral rights,
- Excludes Personal Property
4
Q
Navigable Waters
A
- Congress controls all navigable waters under the constitution.
5
Q
Littoral Land
A
- Land that borders coastal waters.
6
Q
Riparian and Littoral Land
A
- Used interchangeably because the rules dealing with both are consistent.
7
Q
Division of Water Resources
A
- Presides over non-navigable waters and streams.
8
Q
Bureau of Marine Lands Management
A
- A division of the Department of Environmental Protection. - Oversees ownership of riparian rights.
- May sell or lease riparian rights if owner of adjacent land has not done so already. - Typical lease is 15 years.
9
Q
Wetlands Act of 1970
A
- Allowed the Department of Environmental Protection to regulate certain activities in designated wetland areas.
- Commissioner of Environmental Protection issues permits.
10
Q
Accretion
A
The gaining of additional land through the process of either Alluvion or Reliction.
11
Q
Accession
A
Describes how title is acquired by the new owner whenever additional land is acquired through natural causes.
12
Q
Alluvion
A
Deposits of additional soil attaching itself to existing property through natural caused.
13
Q
Reliction
A
Where water recedes gradually from an area and new land is exposed.
14
Q
Avulsion
A
- Refers to the sudden change in the course of a stream due to earthquake or flood.
- Unless avulsion is due to erosion, the boundry line between properties doesnt change.
15
Q
Beach Rights
A
- States hold title to waters and other public lands as a trustee fir the benefit of the people (Public Trust Doctrine).
16
Q
Personal Property
A
- Consists of every kind of property that is not real property,
- Sale of personal property is accomplished with a Bill of Sale.
17
Q
Chattel
A
- Tangible personal property.
- Financed by way of a Security Agreement (Chattel Mortgage).
18
Q
Mobile Homes
A
- A mobile home is not real property, but a Chattel, as long as it remains moveable.
- A mobile home becomes a Fixture if it is attached to the land.
- Real estate licensees are permitted to broker the resale of mobile homes.
19
Q
Plantings
Emblement Rights
A
- A tenants right to take the harvet of an annual crop, even after the tenancy has ended.
20
Q
Fixtures
Fixture
A
- Item of personal property that has become affixed to the land or building in such a manner that it has become and actual part of the rela property.
- Fixtures pass with the property and dont need to be mentioned in the deed.
21
Q
Trade Fixtures
A
- Fixtures specifically used by a tenant in conducting business.
- Considered personal property and are removable upon lease expiration.
22
Q
Rights of Property Ownership
Bundle of Rights
A
- Theory proposes that ownership in real estate implies a group of rights, the total of which establishes absolute ownership.
- Since land cannot itself be physically transferred, a set of distinct rights can be transferred separately.
23
Q
Governmental (involuntary) Limitations on Land Ownership
Police Power
A
- Power vested in the government to restrict, regulate and control an individual’s free use of land without compensation.
- Zoning, building and health codes, police regulation, etc…
24
Q
Eminent Domain
A
- The right of the government to take privately owned land for public purposes.
25
Q
Condemnation
A
- The act or process by which the government exercises the power of eminent domain.
26
Q
Escheat
A
- Property that reverts to the state when a property owner dies intestate (without having a will).
27
Q
Contractual (voluntary) Limitations on Ownership of Land
A
- Deed Restriction
- Easements
- Leases
- Mortgages
28
Q
Estates and Interests
Estate
A
- An ownership or possessory interest that one has in land.
- All estates consitute interests in land.
29
Q
Interest
A
- Any right that one has in property and is less than an estate.
30
Q
Two Categories of Interest
A
- Present Interest: holder takes possession of property such as fee simpple or leasehold interest.
- Future Interest: postponed until some time in the future such as remainder or revision.
31
Q
Corporeal
A
- Tangible property
32
Q
Incorporeal
A
- Intangible property such as an easement.
33
Q
Hereditaments
A
- Any form of property that is inheritable.
- Passing property from one party to another is accomplished through the singing of a conveyance.
34
Q
Estates In Land
A
- The term estate is used to express the nature, extent and duration of an ownership interest in land.
35
Q
Freehold Estates:
- Fee Simple
- Life Estate
A
- Estates that last for an indefinite period of time.
- Fee Simple Estate: lasts forever and the highest degree of ownership.
- Life Estate: lasts a lifetime.
36
Q
Alientation
A
- The right to convey or transfer the property or interest freely without limitation or restriction upon conveyance.
37
Q
Qualified Fee Estate
(Base Fee, Conditional Fee, Determinable Fee)
A
- Estate that ends upon the happening of a certain event.
- Created by placement of a deed restriction in the deed.
- Subject to defeat, or Defeasible.
38
Q
Life Estate
A
- Estate in land that is limited to the life of a person.
- Recipient is called a life tenant.
39
Q
Life Estate Pur Autre Vie
A
- Life estate based on the life of another person other than the life tenant.
- Is inhertiable.
- Can be sold or leased but cannot be conveyed fee simple.
40
Q
How are life estates created?
A
- Grant
- Reservation
- Will
41
Q
Reversion
A
- Possession of the estate will revert back to the grantor upon the death of the life tenant.
- Creates a Future Interest for the grantor called a Reversion.
42
Q
Remainderman
A
- Grantor indicated that when the life tenancy ends, possession and title pass to a third party.
- Creates a Furture Interest called a Remainder.
43
Q
Devise
A
- A gift of real property by will.
44
Q
Leasehold (nonfreehold) Estates
A
- Estates that last for a definite period of time.
- Estate is the personal property of the tenant.
45
Q
Estate In Reversion
A
- Upon expiration of the lease, the rented premises will automatically revert back to the landlord.
46
Q
PROPERTY TYPES
A
- Real Property - immovable - included in sale
- Personal Property - moveable - not included in sale
47
Q
Real Property / Real Estate / Realty
A
- Land
- Appurtenances
- Improvements
- Immovable Fixtures
48
Q
Personal Property
A
- Chattel: large items such as mobile homes.
- Plantings
- Movable Fixtures
- Trade Fixtures
49
Q
Fixtures can be:
A
- Real Property
- Chattel
- Personal Property
50
Q
Accretion (Accretive)
- Alluvion
- Reliction
A
- Accretiion: gaining additional land from natural causes changing property boundries.
- Alluvion: deposits of soil.
- Reliction: receeding water
51
Q
Accession
A
- The process of acquiring title to new property created by Alluvion and Reliction.
52
Q
Avulsion
A
- A change in a stream’s flow due to earthquake or flood.
- Property line doesnt change.
53
Q
ESTATES AND INTERESTS
(Focus on how the estate ends)
Present Interest
A
- Fee Simple Interest
- Leasehold Interest
54
Q
Future Interest
A
- Remainder
- Reversion
55
Q
FREEHOLD ESTATES
- Fee Simple Estate
- Qualified Fee Estate
- Life Estate
A
- Last for an indefinite period of time - no date of termination.
56
Q
Fee Simple (Absolute) Estate
A
- Highest degree of ownership.
- Lasts FOREVER
- Indeasible: Final and absolute.
- Alienation: right to convey without limitation.
57
Q
Qualified (Conditional, Determinable) Fee Estate
A
- Ownership interest that ends upon the happening of a certain event.
- Created by deed restrictions.
- Defeasible: capabile of being defeated.
58
Q
Life Estate
A
- Ownership is limited to the life of a person.
- Cannot be passed to heirs because it terminates upon the death of the Life Tenant.
59
Q
Life Estate Pur Autre Vie
A
- Ownership based on the life of a third person.
- Is inheritable until the measuring life ends.
60
Q
Life estate can be created by:
A
- Grant
- Reservation
- Will
- Operation of Law (legal life estates)
61
Q
Forms of Life Estates
A
- Reversion Interest: Grantor has a future interest.
- Remainder Interest: Third party holds a future interest.
62
Q
LEASHOLD ESTATES
A
- Always exist for a specified amount of time.
- Landlord retains interest in the form of an Estate in Reversion.
- Leasehold is personal property of the tenant.
