Module 1 - Property rights & Onwership Flashcards
What is the difference between Real property and Personal Property?
Real Property is anything that is subject to owner ship. Its attached and not easily removable. Personal property is the opposite anything that is not attached or perminate.
Tangible vs Intangible
Tangible would be things that can be touched and intangible is the opposite.
Define: Title
(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land. 102
Define Deed:
deed A written instrument that, when executed and delivered, conveys title to or an interest in real estate. 102
Define Assemblage:
The combining of two or more adjoining lots into one larger tract to increase their total value. 302 (Kyle 520)
Define Surface Rights:
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the space above it (air rights) or the substances below the surface (subsurface rights). 18
What is the Doctrine of Prior Appropriation:
The right to use water for an appropriate use.
Define Cooperative:
A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit. 78
Define eminent domain:
The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. 60
Define escheat:
The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. 62
Define police power:
The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. 60
Define taxation:
The process by which a government body raises monies to fund its operation. 62
Define fee simple:
The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. 53
Define fee simple determinable:
A fee simple estate qualified by a special limitation. Language used to describe the limitation includes the words so long as, while, or during. 53
Define life estate:
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. 54