Exam 3 Flashcards
Economic View of Property
What is it worth?
Individual View of Property
zoning laws, city ordinances, taxes
Ecological View of Property
keep it green
Society’s View of Property
restrictions, nuisance
3 Things Necessary for Property to Exist:
land, owners, gvmt protection of property rights
Eminent Domain
public right, power to take private property for public use by a state, municipality, or private person or corp authorized to exercise functions of public character, following the payment of just compensation to the owner
Right to Forfeiture
public right, involuntary releinquishment of money or property w/o compensation as a consequence of a breach or nonperformance of legal obligation
Escheat
reversion to the state, the power of the state to acquire the title to property for which there is no owner (usually dies w/o will or relatives)
Real Property
immovable, affixed to the land
Personal Property
movable property, severed from the land
Fructus naturales
only produced by the forces of nature (trees, bushes, grass)
Fructus industriales
produced by the labor of the farmer or rancher (corn, wheat, veggies), not considered part of property
Fuedal Era Property
subject to payment of duties or provision of men to armies
Estate
ownership in land (leasehold or freehold)
Leasehold
rent, lasts for a definite period of time
Freehold
own, lasts for indefinite or unpredictable length of time (fee estates or life estates)
Fee Estate
inheritable (fee simple absolute, conditional, or determinable)
Life Estate
cannot be transferred at death, “life tenant”, must not unreasonably waste assets
Fee Simple Absolute
your land, can do what you want
Fee Simple Conditional
must meet condition stipulated by grantor, right of entry = grantor must go to court to resume posession
Fee Simple Determinable
grantor interest, possibility of automatic reversion upon breach of agreement
Life Estate Pur Autra Vie
(in the life of another) D has life estate as long as B lives
Tenancy by Entireties
ownership only by husband and wife, right to survivorship
Joint Tenancy
right of survivorship, undivided equal shares
Tenancy in Common
no right of survivorship, undivided interest in property, on death can pass to deceased estate or heirs
Deed
legal document used to transfer title to real estate (warranty or quitclaim)
Warranty Deed
good clear title, no claims against the estate at time, grantee can sue if unclear, need title insurance in case of grantor death/bankruptcy, “Conveys and Warrants”
Quitclaim Deed
grantee only receives grantor’s interest, no promises, can’t sue grantor, “Conveys and Quitclaims”
Adverse Possession
squatter’s rights, acquire a title by possessing that property for a statutory period of time, must be open, notorious, actual, adverse or hostile, continuous, and under claim of title
Easements
non-possessory right of use over the property of another, right-of-way, loss by nonuse accounting to abandonment
Express Grant of Easement
easement is transferred with property
Express Reservation of Easement
one party reserves easement rights in transfer of property
Implication of Easement
not written, but implied easement because of prior use or necessity
Prescription of Easement
“adverse rights of possession”, continuous use