Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Property, Estate and Ownership > Flashcards

Property, Estate and Ownership Flashcards

1
Q

The 5 Bundle of Rights

A

Use - Right 2 use the property anyways you want
Possess - Right to live on your property and keep people out
Transfer- Right to sell, give, gift or dispose it
Encumber - Right to borrow money and use your property as security for the loan
Enjoy - Right to peace and quiet enjoyment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Personal Property

A

Not real property, anything that is moveable that is owned personally and chattel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Real Property

A
  • Land and everything attached to the land includes home

- Also include bundle of rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Land

and what does it include

A

Physical component of Real Property. Including the sky and subsurface (underground)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Surface Right

A

Top soil and the use of the soil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Air Right

A

Right right to own the space on top of your property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Subsurface Right

A

Right to the natural resources, mineral, oil and whatever’s down there

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Attachnments

A

Items that are attached to the land and belong to the owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Improvement

A

Anything that is going to be built permanently on the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Fixtures

A

Anything that is permanently attached to the REAL PROPERTY like fans, chandelier etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

5 Method of Fixture: MARIA

A

Method of Attachment:
- How did it attach to the property
Adaptation:
- Has it been made specially for the property?
Relation of Parties:
- Relationship between both parties: landlord vs tenant, buyer vs seller or lender vs borrower
Intentions:
- When the items is installed, if you want it to be permanent then it’s fixtured
Agreement of the Parties:
- Agreement between two parties could replace other rules of fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Trade Fixtures

A

Tenant’s personal property such as shower, overs and other big stuff.
They take it with them when they leave and responsible for any repairing damage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Fructuc Naturales

A

Plant, tree grass and stuff

when they buy the house, they get all of these

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Fructuc Industriales

A

Annual crops and fruits

Consider as personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Appurtenance

A

Anything that is add on to the property and when it’s sold. The new owner get all that stuff too.
Like a water tank, a pond, washer dryer etc…
Anything used with land for its benefit is known as a(n):

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Easement

A

Allow a person to use a land that they do not own with certain rules restricted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Anything immovable by law

A

Things that cannot move themselves must come with the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Estates

A

Ownership of one person in real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Freehold Estate

A

Estate with indefinite duration, usually measured by someone’s life

20
Q

Nonfreehold Estate

A

Estate with a fixed timeline. Usually apartment or rental

21
Q

Estates in Fee

Also known as Fee Simple Estate

A

Absolute Ownership of property

22
Q

Estates Of Inheritance

A

Estate go beyond life of the holders, usually go to their kids

23
Q

Life Estates

A

Owner of the property with duration of their life

when they die, the estate go to their kids

24
Q

Estate in Reversion

A

Owner give a person an estate and when that person died, the estate reverse back to the OG owner

25
Q

Pur Autre Vie (another Life)

A
  • Grant estate to another person after the owner’s dead.
26
Q

Chattel

A

Moveable Personal Properties

Item that can be removed without damaging the property

27
Q

Estate in Remainder

A

The person that the Original giving the property to before they die

28
Q

Leasehold

A

term for an asset being leased

29
Q

Tenancy for Years

A

A lease with a fixed period of time

30
Q

Periodic Tenancy

A

Tenant with a specific time. usually weeks, months, years

31
Q

Tenancy at Will

A

When tenant and landlord have not sign any contracts therefore the agreement could be terminated anytime

32
Q

Tenancy at Sufferance

A

Tenant who stays past the expiration of his or her lease

33
Q

Title

A

legal owner of a piece of property

34
Q

Seperate Ownership

A

Ownership that is own by one individual. Could be a person or a corporation

35
Q

Concurrent Ownership

Co- Ownership

A

When property is owned by 2 or more ppl @ the same time

36
Q

4 Types of Co Ownership

A

Tenancy in Common
Join Tenancy
Community Property
Tenancy in Partnership

37
Q

Types of Co Ownership

Tenancy in Common

A

share ownership. Owner can come in and out whenever and do not have to own equal share

38
Q

Types of Co Ownership

Joint Tenancy

A

When two or more parties own a real property

39
Q

Types of Co Ownership

Tenancy in Partnership

A

two or more ownership own the property for business purposes

40
Q

Types of Co Ownership

Community Property

A

Property acquired by spouse

41
Q

Right of Survivalship

A

Usually in joint co ownership, when one person die the other person get the right to that property

42
Q

Joint Tenancy Requirement

T-Tip

A

Times : Become tenants at the same time
Title : Both take title on a same Deed
Interest : Have equal interest in the property
Possession: Have equal rights to the property

43
Q

Riparian Rights

A

Landowner have the right to use the water on their land such as lake, pond river etc…

44
Q

Littoral

A

The area where the water and land meet, kinda like the coast

45
Q

Priority

A

The orders of deed and paper work recorded

46
Q

Recording Process

A

A process of copying paperworks and record them in proper index, alphabetical order under names of parties immediately

Real Estate (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions