- Utah on a grid - center of grid 1N-1E - each box is a different township - each box is made up of 36 smaller box’s called sections they are equally sized 6x6 miles - The number start in top right hand and go in snake pattern - 1-36 sections - A section is 1 mile squared = 640 acres 1 acre = 43,560 ft^2 Trick area code is 435 - 43560

- fee simple - highest form of ownership - fee simple absolute - own the whole title - fee simple defeasible - conditions placed upon a property

Concepts Of Property Flashcards by Jayne Night

Bundle of Rights

Right of possession
Right of use
Right of quiet enjoyment
Right of exclusion
Right of disposition

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Right a possession

The right to possess or occupy

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Right of use

Can use property as you would like
(within legal limits)

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Right of quiet enjoyment

Ability to own a quiet title to your property, not tangible, but a statement of ownership.
Ex. someone doesn’t have the right to use a portion of your land.

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Right of exclusion

Can limit who is allowed on your land, trespassing

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Right of disposition

The right to sell your property or hypothecation

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Hypothecation

Owners ability to pledge their property as collateral for a mortgage

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Subsurface rights

When previous owners hold on to rights like mineral rights, FAA, Air rights?

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Improvements

When you gain a property, you also own any previous improvements that have been made to the land.
Ex. House, shed, fruit, trees, sprinkler system. (Fixed to the property)

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Appurtenance

Something that makes the property more valuable
Ex. A well

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Personal property
Personality or Chantel

Physical aspects of real property: in mobile, indestructible, uniqueness.
Economic characteristics: scarcity, location

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Emblements

Something that can be served or removed from the property
Ex. Apple

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Affixed

Resources that go with the property are affixed
Typically a reference to mineral, water or surface rights

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4 property boundaries

Metes and bounds
City block map
Subdivision (this is the most used)
Section township & range

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Annexation

The process of personal property becoming real property. With reference to subsurface rights, annexation is adding water or mineral rights to the property.
Legal tests include method of annexation, adaptability, relationship or parties
Personal property —> real property

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Improvement

Anything that has been built on real property

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Appurtenance

Something that comes with real property. Water well, or an easement could be appurtenance

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Situs

Another name for location

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Real property characteristics

Physical:
-immobile
-indestructible
-uniqueness

Economic:
-scarcity
-improvements
-permanence of investment
-location (situs)

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Township and range

Utah on a grid
center of grid 1N-1E
each box is a different township
each box is made up of 36 smaller box’s called sections they are equally sized 6x6 miles
The number start in top right hand and go in snake pattern
1-36 sections
A section is
1 mile squared = 640 acres

1 acre = 43,560 ft^2

Trick area code is 435 - 43560

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Legal description types

-metes & bounds
-rectangular (on government survey)
-lot & block (or subdivision method)

The land starts at Metes and bounds and gradually develops into lot and block

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Fee simple

fee simple - highest form of ownership
fee simple absolute - own the whole title
fee simple defeasible - conditions placed upon a property

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Life estate

granted a title based on length of life

Types
-Conventional
-Legal
- dower - death of spouse
- curtsy - death of spouse
(The uniform probate code kind of took over this but still could happen)
- homestead - can’t take your property if you are in debt
-Ordinary
-Pur De Ve

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Freehold estate
|
Fee simple

Fee simple defeasible-fee simple absoulte
-Continual ownership
W/reverter clause
-Conditional subsequent
W/right of re-entry

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Freehold estates | Life estate

Ordinary life estate - Legal life estate -Pur Autre Vie ------ Dower -Convention ---------Curtsey ---------------------------Homestead

Freehold estates | Life estate

Ordinary life estate-Legal life estate -Pur Autre Vie-------- Dower -Convention---------- Curtsey -------------------------- Homestead

Ownership

Freehold & Possession

Deed

A legal document regarding the ownership of ones property rights. When you buy or sell a property, a deed is recorded that authorizes the transfer of ownership from one party to another

Freehold Estate

the exclusive right to use and enjoy a parcel of land. Land is held in one of two ways, either fee simple or as a life estate

Fee Simple Absolute

The honest form of ownership in real estate provides the complete bundle of rights. Also called fee title or fee simple title

Fee Simple Defeasible

The highest form of ownership, but with conditions or exclusions to the use of the property

Reversion Right

A limiting condition written providing recourse of the property back to the previous owner without the need for legal action

Life estate (2 points)

-The right to ownership of the land for the length or duration of the a persons life. Upon death, the ownership of the property may revert to the original person -involved a grantor of the life estate and a remainder man, or the person receiving the estate

Pur Autre Vie

“For another’s life” The interest in the property is reliant on the life expectancy of another person who is NOT on the deed upon completion, property reverts to the remainderman

Legal Life Estate

Concept of life estate established by law. Not typically found in Utah where it has been replaced with the uniform probate code (probate)

Dower

A life estate of a Wife in the real estate of her deceased husband

Curtesy

A life of a Husband in the real estate of his deceased wife - a husbands interest upon death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate

Homestead

An exemption issued on a part of your property this provides: protection from judgements and creditors for the duration of live exemptions are mortgage and real estate taxes

Remainderman VS. Reversion

The key difference between the two is - Reversion is held by a grantor of the original conveyance - Remainderman is used to signify to an interest that would be a reversion but instead is transferred to someone other than the grantor

Community property

Right of spouse, entitling 1/2 interest in real property obtained during marriage

real property

Land, improvements, and permanent attachments. Also referred to as real estate.

personal property

Anything that is not attached or made part of the structure itself. Also called chattel or personalty.

The Bundle of Rights does not include: A: Right Of Possession B: Right Of Use C: Right Of Alienation D: Right Of Disposition

C: Right Of Alienation

Real estate is defined as: A: All Human Made Improvements B: Permanent Attachments C: Land D: All Of The Above

D: All Of The Above

chattel

Another name for personal property, or personalty.

fixture

Anything that is actually fastened to the real property. Fixtures become part of the real property.

Personalty is another name for A: Chattel B: Real Property C: Fixtures D: Land

A: Chattel

Which is not a fixture? A: Heating Systems B: Bathroom Cabinets C: Light Fixtures D: Riding Lawn Mower

D: Riding Lawn Mower

An example of an emblement is a(n)? A: Hood Ornament B: Logo C: Apple D: None Of The Above

C: Apple

Annexation is the process by which: A: Real Property Becomes Personal Property B: A Trade Fixture Is Removed From The Property C: Personal Property Becomes Real Property D: Severance Occurs

C: Personal Property Becomes Real Property

Legal tests of a fixture include: A: Method Of Annexation, Adaptability, Relationship Of The Parties B: Relationship Of The Parties, Agreement Of The Parties, In Writing C: Intention, Method Of Annexation, Scarcity D: Intention Of The Parties, Adaptability, In Writing

A: Method Of Annexation, Adaptability, Relationship Of The Parties

Appurtenance means: A: Attached To The Land B: Separate From The Land C: Above The Land D: Air Rights

A: Attached To The Land

Situs is another word for: A: Fixtures B: Emblements C: Location D: Chattel

C: Location

Physical characteristics of real property include: A: Scarcity, Location, Improvements B: Immobility, Indestructibility, Uniqueness C: Water Rights, Mineral Rights, Air Rights D: Situs, Accession, Severance

B: Immobility, Indestructibility, Uniqueness

The oldest method of land description in the United States is: A: Rectangular Survey B: Government Survey C: Lot And Block Method D: Metes And Bounds Method

D: Metes And Bounds Method

Another name for the Rectangular Survey system is the: A: Metes And Bounds Method B: Government Survey System C: Lot And Block Method D: Plat Map Method

B: Government Survey System

Another name for the Subdivision method of land description is the: A: Metes And Bounds Method B: Government Survey System C: Lot And Block Method D: Plat Map Method

C: Lot And Block Method

easement

The right to use or access another property.

An easement gives the holder of the easement the right to A: Farm A Property B: Access Or Cross The Property C: Mine The Property D: Sell The Property

B: Access Or Cross The Property

The Bundle of Rights does not include: A: Right Of Possession B: Right To Control C: Right Of Alienation D: Right Of Disposition

C: Right Of Alienation

Real estate is defined as: A: All Human Made Improvements B: Permanent Attachments C: Land D: All Of The Above

D: All Of The Above

The definition of land does not include: A: Emblements B: Plants And Trees C: Airspace D: The Earth’s Surface

A: Emblements

Severance occurs when: A: An Item Of Personal Property Becomes Real Property B: An Item Of Real Property Becomes Personal Property C: A Trade Fixture Is Removed From The Property D: Annexation Occurs

B: An Item Of Real Property Becomes Personal Property

Annexation is the process by which: A: Real Property Becomes Personal Property B: A Trade Fixture Is Removed From The Property C: Personal Property Becomes Real Property D: Severance Occurs

C: Personal Property Becomes Real Property

Appurtenant means: A: Attached To The Land B: Separate From The Land C: Above The Land D: Air Rights

A: Attached To The Land

Legal tests of a fixture include: A: Method Of Annexation, Adaptability, Relationship Of The Parties B: Relationship Of The Parties, Agreement Of The Parties, In Writing C: Method Of Annexation, Scarcity D: Intention Of The Parties, Adaptability, Writing

A: Method Of Annexation, Adaptability, Relationship Of The Parties

Physical characteristics of real property include: A: Scarcity, Location, Improvements B: Immobility, Indestructability, Uniqueness C: Water Rights, Mineral Rights, Air Rights D: Situs, Accession, Severance

B: Immobility, Indestructability, Uniqueness