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Landman 411 > Landman_Brainscape > Flashcards

Landman_Brainscape Flashcards

Landman

1
Q

What is the leading characteristic of ownership of property?

A

The right to exclude others.

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2
Q

Who said “land is the basis of all wealth”?

A

Adam Smith, a Scottish economist

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3
Q

Where does all land right originate?

A

They originate with the sovereign

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4
Q

What country is the only country to include mineral right in the grants to its citizens?

A

The United States

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5
Q

What are the rights that the government retains as sovereign?

A

1) Ability to tax, (2) retain police power to keep and protect the general health and welfare, (3) Right of eminent domain.

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6
Q

What are some examples of police powers?

A

zoning, the Endangered Species Act, flood control, and all the other ways that the government exercizes control over all property for health and safety of everyone

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7
Q

What is the concept of Eminent Domain?

A

The right of the sovereign to come in and take back whatever land it wants for the public good

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8
Q

The Bill of Rights included a Fifth Amendment that contains a due process clause that says what?

A

no shall be deprived of life, liverty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

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9
Q

Louisiana’s heritage was dervied from the French which uses what legal system

A

A civil law system rather than the English common law system

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10
Q

Texas, California and Colorado have what background?

A

A spanish heritage

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11
Q

The entire state of Pennsylvania was granted to?

A

William Penn

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12
Q

Does property law vary state by state?

A

Yes

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13
Q

What are the two broad underpinnings for Property Law in the United States?

A

1) Fairness and Economic Efficiency (2) means to maintain ordered liberties (free to do own thing as long as not infringing on others)

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14
Q

What are the four broad judiciary principles that apply to carry out the two broad underpinning for property law?

A

1) Repose (2) Transparency (3) Obligation to Justify Outcomes (3) Procedural Fairness

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15
Q

What is Repose?

A

Provides that the rules have to last so that matters will come to rest (keep things the same). Another aspect of repose is some potential claims may be barred by certain rules, such as adverse possession or state of limitations. (allow things to come to an end)

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16
Q

What is Transparency?

A

For people to know what the rules are and to have trust and faith in the government

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17
Q

What is the Obligation to Justify Outcomes?

A

means that courts will often issues long opinions and explain the basis of their rulings. If the reasoning is not sound, then there is a basis for appeal, and the matter can be taken up a level based on the fact.

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18
Q

What is procedural Fairness?

A

Fifth Amendment due process roots say property cannot be taken or right abridged without due process of law

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19
Q

What is real property?

A

land or things affixed thereto

20
Q

Define property ownership?

A

collection of rights, duties, privileges, benefits and obligations with respect to the use, enjoyment and possession of specific property

21
Q

What are the two types of personal property?

A

Tangible and Intagible

22
Q

At what point does produced oil become personal property?

A

when it gets past the wellhead, it is moveable. It is not attached.

23
Q

What is the Ad Coelum doctrine?

A

mean an owner of property owns it from the center of the Earth to the top of the Sky

24
Q

What is meant by bundle of sticks?

A

Collection of rights you have in property

25
Q

If a owner has all the bundle of sticks they are said to owner what?

A

Fee Simple or Fee Simple Absolute

26
Q

What are the five broad categoreis of bundle of sticks?

A

1) Possession (2) Control (3) Enjoyment (4) Exclusion (5) Disposition

27
Q

What are the five major characteristics of Fee Simple?

A

1) unlimited duration (2) It entitles the owner to “use” the entire property to the exclusion of all others where “use” means to occupy, reap the rents and profits from, extract minerals from, and engage in any lawful activity (3) Power of dispostion (4) title descends to heirs and legal representatives, (5) includes both legal (on paper) and equiable title (right to benefit.

28
Q

What is legal title?

A

what is a matter of record, what is “on the books,” what is on paper. However that may not establish equitable title.

29
Q

Who owns legal title in a trust?

A

the trust has legal title but the equitable title belogn to the beneficiary(ies)

30
Q

What are some lesser estates?

A

(1) fee with easement (2) Deed of Trust (3) Ownership for Term of Years (4) Life Estate (5) Minerals

31
Q

What is an easement?

A

A right of use, a right to go across some piece of land

32
Q

What is a Deed of Trust? What must the owner do to dispose of the property?

A

A deed of trust give someone else a right to call on the land and use it to satisfy a lien. The owner must pay off the lien before disposition.

33
Q

Who do you pay surface damages to if the surface owner has a mortgage?

A

Typically state specific need to read mortgage agreement to see what it says

34
Q

What is a leasehold estate?

A

Right to occupy the property to the exclusion of others.

35
Q

What is an estate for years (term Mineral Interest)?

A

a conveyance of the land for a term of years after which the land will revert to the ownership of the grantor

36
Q

What is a Life Estate?

A

An interest in land that last for the life of an invidual.

37
Q

The person holding the Life Estate is known as?

A

Life Tenant

38
Q

The Life Tenant cannon sell the property unless

A

the right is specifically granted or reserved, however the life tenant can convey his or her interest but only up to his or her interest, nothing more.

39
Q

A Life Estate does what?

A

It entitles the owner of the Life Estate to possess, use and enjoy the property during the lfie of the owner or the life of another. Right to enjoy rents and profits as long as they dont waste.

The owner of the reaminder gets fee simple title to the property at the death of the life tenant. He has not right to possess property until death of LT.

40
Q

In 1995, John executes an oil and gas lease covering his ranch, Blackacre with a primary term of 5 years and a 1/5 royalty.

In 1996, John Dies

His will gives Blackacre to Mike for life with the reaminder to Karen

In 1998, a well is drilled and production in paying quantities is obtained.

Who should the 1/5 royalty be paid to?

A

The reaminder would get royalty

41
Q

What is a mineral fee?

A

Someone who owns all of the minerals

42
Q

What is a surface fee?

A

Someone who owns all of the surface

43
Q

What is a vertical severeance?

A

Occurs by selling say the south ten acres of a tract

44
Q

What is a horizontal severance?

A

Owner may sell everything below 5000 ft

45
Q

What is concurrent ownership?

A

co-tenatns, Joint tenants, TBE

46
Q

What is sucessive ownership? Give Examples

A

The estate for year and the life estate estate

Landman 411 (1 decks)

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