Ownership Principles: Terms Flashcards
Adverse Possession
The process whereby a non-owner can gain ownership of property by occupying it in hostile, continuous, open, and notorious possession, and in Utah, paying the property taxes for the statutory period of time (7 Years in UT) It’s based on the concept that land is too valuable to be left unattended for long periods of time.
Color of Title
To all outward pubic appearance, or from a document that seems to be valid, the possessor of the property would seem to have ownership
Community Property
A form of ownership between husband and wife where each has an equal interest in property obtained during their marriage. The only way either can hold separate property is to obtain it before marriage, after the marriage is ended, or during the marriage by gift or inheritance
Corporation
A person or persons joined for business purposes. It creates a single, legal person, rather than a natural person(real person), regardless of how many officers or agents may be in the corporation.
Dedication/Private Grant
A method by which a person can give real property as a gift. It allows for the transfer of real property from a private individual to the public (government) or a special interest group (church)
General Parner
A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership.
General Partnership
A partnership composed only of general partners
Joint Tenancy
A form of concurrent ownership where four unities need to be in place. (PITT) Possession. Interest. Time. Title.
Joint Venture
A “temporary” partnership between individuals and/or companies to accomplish a particular project or business activity
Limited Partnership
A partnership with at least on e general partner and one limited partner. Beyond that, there can be as many general or limited partners as desired
Limited Partner
A partner who has no authority to make decisions or act for the partnership. He is financially liable only for the amount of his investment
Natural Person
An individual. The opposite of a legal person
Partition Suit
A court process where property owned concurrently can be divided into distinct portions so each co-owner may hold his or her portion in severalty. The court may order the property sold.
Quiet Title Action
A court action to determine the actual ownership of real property. This type of proceeding would be conducted to transfer title to an adverse possessor.
Severalty (Sever)
A form of ownership wherein an individual owns the property in sole ownership.
Statutory Dedication
When the developer is allowed by the city, county, or state to convey the streets, sidewalks, gutters, etc. for maintenance by the government. This is involuntary.
Survivorship
The surviving owner(s) automatically receives ownership of the deceased person’s share. It takes precedence over a will.
Tacking
In adverse possession, the process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.
Tenancy by the entirety
A form of ownership that can only be held by husband and wife, similar to joint tenancy, except that one party cannot sell or encumber the property without the approval of the spouse
Tenancy in common
A form of ownership where owners have full rights of possession, but each owner can have a different percent of ownership. Upon the death of one, that interest goes to the heirs
Title
An abstract term denoting ownership; not a document.
Voluntary Dedication
When a private individual gives land as a gift for public use, such as land for a park, church, hospital, etc.
