Ownership Flashcards
Includes the soil (to the center of the earth) and anything that is permanently attached to it such as trees, water, and also the air above it
Land
Rights to things below the surface of the property.
Mineral Rights
Rights that apply to land adjacent to running water
Riparian Rights
Apply to ocean front property or some large lakes
Littoral Rights
Underground water such as springs and geysers.
Percolating Waters
Permanent man-made attachments to the land.
Improvements
Improvements which are not owned by the owner of the land
Separate Immovable
Personal Property
Movables
Personal property which has been permanently attached to real property
Fixture or
Component By Attachment
5 Categories of Real Property
Residential Agricultural Commercial Industrial Special purpose
The method by which real property becomes personal property; ex; a tree becomes personal property when it is cut down.
Severance
The method by which personal property becomes real property; ex planting a tree
Annexation
Things attached to real property for the purpose of carrying on a business; they are considered personal property. ex barber chairs .
Trade Fixture
“fruits of nature”; things naturally growing on the land; they are real property.
Fructus Naturales
“Fruits of industry”; ego Farm crops; they are personal property. Unharvested crops if the land is sold before harvest time are considered real
Emblements
Fructus Industriales
An ownership interest in real property that extends for an indeterminable period of time.
Freehold Estate
An interest in real property that is for a specific period of time; ex leases
Non-Freehold Estate
The most complete form of ownership
Full or Perfect Ownership or
Fee Simple Estate
When special conditions are placed on ownership.
Fee Simple Defeasable Estate
ownership with conditions
Qualified or determinable fee
the new owner is prevented from doing something if he wants to retain ownership
Condition subsequent
If conditions are not met, ownership reverts to the original owner.
Reverter Clause
Owner holds title only for his life or the life of another (pour autre vie)
Life Estate
The person who gets ownership after the death of the life estate owner.
Remainderman
Created by the will of the owner
Conventional Life Estate
Dower, curtesy, or homestead
Legal Life Estate
The interest a widow holds in her deceased husband’s estate
Dower
The widower’s interest in the estate of his deceased wife .
Curtesy
Exemption of the family’s primary residence from forced sale for the satisfaction of personal debts
Homestead
A person owning property by himself
Sole Ownership or
Ownership in Severalty
Ownership by two or more people.
Ownership in Indivision or
Co-Ownership
The simplest form of co-ownership; each owner holds title to a specific undivided share of the property
Tenancy in Common
Illegal in LA. (forced heirship laws)
Must have PITT, possession, interest, time, & title; Must be acquired at the same time, have an equal share, and it has the right of survivorship, ego If one joint tenant dies, the others get his share, he can’t leave it to someone else. However, a joint tenant can sell his share.
Joint Tenancy
Non existent in LA. A form of husband and wife ownership in which the husband and wife are seen as a single person or legal entity.
Tenancy bu the Entirety
A form of husband and wife ownership in which each person is considered an equal partner and has a half interest.
Community Property
Any property acquired outside the marriage.
Separate Property
Legal action to divide joint tenancies or tenancies in common.
Partition Suit
A form of co-ownership in which the members own stock instead of real property. Use of the property is secured by a proprietary lease
Co-Operatives
A form of ownership involving several owners holding divided title to individual units and an undivided interest in the common elements.
Condominiums
Rules governing condominiums which are established in the condominium declaration.
CCR’s
Covenants, conditions, rules
combine different land uses such as housing, recreation, and businesses in one
PUD’s
Planned Unit Developments
Mixed use developments: high-rise developments which combine offices, stores, theaters and apartments
MUD’s
Mixed Use Development
Title to the business is held by one person
Sole Proprietorship
Each partner is responsible for the debts up to the limit of his own private resources.
General Partnership
Limited partners invest capital, but do not have a say in management and incur less risk than a general partner
Partnership in Commendam or
Limited Partnership
A legal entity in the eyes of the law; controlled by a board of directors.
Corporation
