Mod 3: Property and Its Protections (49-51) Flashcards
What is the nature of real estate?
Immoveable
- Land
- Buildings
- Trees and Vegetation
- Airspace
- Subsurface rights
- Fixtures (varies by state)
What is a fixture?
Property permanently affixed to the land, but which can be removed without causing damage to real property.
What two ways are ownership interest classified?
Possessory: gives owner right to possess the land, and therefore exclude others
Nonpossessory: does not give owner right to possess land
What are the three possessory interests?
- Fee simple
- Life state
- Leasehold estate
What are the three nonpossessory interests?
- Easement
- Profit
- License
Fee Simple (Absolute)
Gives the owner the greatest aggregation of rights, power and privileges possible infer law and can be assigned to heirs
A grants B this real estate
This type of conveyance creates a fee simple
Life Estate
Estate that lasts for the life of some specified individual; Without waste meaning that Grantee cannot take from the property itself, but normal wear and tear is expected
Leasehold Estate
A real property owner or lessor agrees to convey the right to possess and use the property to a lessee for a certain period of time.
What are the types of leasehold tenancies? (4)
- Fixed Tenancy - for any predetermined amount of time
- Periodic Tenancy - specifies only the period intervals at which rent is paid
- Tenancy at Will - either party can terminate sans notice
- Tenancy at Sufferance - squatter with prior rightful possession
Easement
Right of a person to make limited use of another person’s property without taking anything from the property
Profit
Right to go onto land in possession of another and take away some part of the land itself or some product of the land
[Nonpossessory Interest] Appurtenant
The right is for an adjacent piece of land, intended to benefit the land (i.e. neighbor)
Nonpossessory Interest In Gross
The right is for someone who does not own an adacent land, benefit a specific person (i.e cable company)
