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Terms > Ownership > Flashcards

Ownership Flashcards

1
Q

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

A

Land

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2
Q

Rights to things below the surface of the property.

A

Mineral Rights

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3
Q

Rights that apply to land adjacent to running water

A

Riparian Rights

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4
Q

Apply to ocean front property or some large lakes

A

Littoral Rights

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5
Q

Underground water such as springs and geysers.

A

Percolating Waters

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6
Q

Permanent man-made attachments to the land.

A

Improvements

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7
Q

Improvements which are not owned by the owner of the land

A

Separate Immovable

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8
Q

Personal Property

A

Movables

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9
Q

Personal property which has been permanently attached to real property

A

Fixture or

Component By Attachment

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10
Q

5 Categories of Real Property

A 
Residential
Agricultural
Commercial
Industrial
Special purpose
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11
Q

The method by which real property becomes personal property; ex; a tree becomes personal property when it is cut down.

A

Severance

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12
Q

The method by which personal property becomes real property; ex planting a tree

A

Annexation

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13
Q

Things attached to real property for the purpose of carrying on a business; they are considered personal property. ex barber chairs .

A

Trade Fixture

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14
Q

“fruits of nature”; things naturally growing on the land; they are real property.

A

Fructus Naturales

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15
Q

“Fruits of industry”; ego Farm crops; they are personal property. Unharvested crops if the land is sold before harvest time are considered real

A

Emblements

Fructus Industriales

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16
Q

An ownership interest in real property that extends for an indeterminable period of time.

A

Freehold Estate

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17
Q

An interest in real property that is for a specific period of time; ex leases

A

Non-Freehold Estate

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18
Q

The most complete form of ownership

A

Full or Perfect Ownership or

Fee Simple Estate

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19
Q

When special conditions are placed on ownership.

A

Fee Simple Defeasable Estate

20
Q

ownership with conditions

A

Qualified or determinable fee

21
Q

the new owner is prevented from doing something if he wants to retain ownership

A

Condition subsequent

22
Q

If conditions are not met, ownership reverts to the original owner.

A

Reverter Clause

23
Q

Owner holds title only for his life or the life of another (pour autre vie)

A

Life Estate

24
Q

The person who gets ownership after the death of the life estate owner.

A

Remainderman

25
Q

Created by the will of the owner

A

Conventional Life Estate

26
Q

Dower, curtesy, or homestead

A

Legal Life Estate

27
Q

The interest a widow holds in her deceased husband’s estate

A

Dower

28
Q

The widower’s interest in the estate of his deceased wife .

A

Curtesy

29
Q

Exemption of the family’s primary residence from forced sale for the satisfaction of personal debts

A

Homestead

30
Q

A person owning property by himself

A

Sole Ownership or

Ownership in Severalty

31
Q

Ownership by two or more people.

A

Ownership in Indivision or

Co-Ownership

32
Q

The simplest form of co-ownership; each owner holds title to a specific undivided share of the property

A

Tenancy in Common

33
Q

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.

A

Joint Tenancy

34
Q

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.

A

Tenancy bu the Entirety

35
Q

A form of husband and wife ownership in which each person is considered an equal partner and has a half interest.

A

Community Property

36
Q

Any property acquired outside the marriage.

A

Separate Property

37
Q

Legal action to divide joint tenancies or tenancies in common.

A

Partition Suit

38
Q

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

A

Co-Operatives

39
Q

A form of ownership involving several owners holding divided title to individual units and an undivided interest in the common elements.

A

Condominiums

40
Q

Rules governing condominiums which are established in the condominium declaration.

A

CCR’s

Covenants, conditions, rules

41
Q

combine different land uses such as housing, recreation, and businesses in one

A

PUD’s

Planned Unit Developments

42
Q

Mixed use developments: high-rise developments which combine offices, stores, theaters and apartments

A

MUD’s

Mixed Use Development

43
Q

Title to the business is held by one person

A

Sole Proprietorship

44
Q

Each partner is responsible for the debts up to the limit of his own private resources.

A

General Partnership

45
Q

Limited partners invest capital, but do not have a say in management and incur less risk than a general partner

A

Partnership in Commendam or

Limited Partnership

46
Q

A legal entity in the eyes of the law; controlled by a board of directors.

A

Corporation

Terms (9 decks)

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