Property, Estate,and Ownership Flashcards
Bundle of rights
Use, possess, transfer, encumber, and enjoy
Use
The right touse property within the law in any way, or for any purpose
Possess
The right to live on the property and the right to keep others out
Transfer
The right to sell property, give it as a gift, or dispose of it in any way permitted by, the law
Encumber
The right to borrow money and use property as Security for the loan
Enjoy
The right to peace and quiet enjoyment without aggravation by others
Property
Anything that may be owned and gained lawfully
Personal property
Movable property,personalty property, or chattel
Real property
Land; anything permanently attached to the land, anything appurenant to the land, and anything immovable by law
Land
Surface, limited quantities of airspaceabove the surface, and the materials and mineralsbeneath the surface to thecenter ot the earth
Surface rights
The right to build on the land, grow crops, hunt, fish, and the basicenjoyment of the land
Defined channel
Any natural watercourse
Flood water
Inundation, sheet overflow, ponding
Correlative- rights doctrine
Water cannot be owned; an owner may only take a reasonable share of underground waters
Riparian owner
The owner of propertybordering a stream or river
Littoral owner
Owners of land bordering a lake
High tide mark
Boundary line of land touching the ocean
Appropriation
The right to usewater for a beneficial use by diverting surface water
Acknowledgment
A formal declaration to a public official (notary) by aperson who has signed an instrument that states that the signing was voluntary
Appurtenance
Those rights and improvements that belong to and pass with transfer of real property but are not necessarily a part of the actual property
Bundle of rights
An ownership conceptdescribingall the legal rights that attach to the ownership of real property
Easement
Interest owned by one person in the land of another person
Estate
A legalinterest in land; defines the nature, degree, extent, and duration on a person’s ownership in land
Trade fixture
Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upontermination of the ease
Riparian rights
The rights of a land owner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
Freehold estate
An estatein real property which continúes for an indefinite period of time
Emblements
Animal traps produced for sale by tenant farmers
Personal property
Anything movable that is not real property
Litoral
Land bordering a lake, ocean, or sea
Fixture
Personal property that has become affixed to real estate
Real property
Land, anything affixed to the land, anything apparent to the land, anything immovable by law
Severalty
Ownership of real property by one person or entity
Chattel
Personal property
Less-than- freehold
A leasehold estate;considered to exist for a definite period of time or successive periods of time until termination
Life estate
An estate that is limited in duration to the life of its owner or the life of some other chosen person
Title
Evidence of land ownership
Constructive notice
Note given by recording a document or taking possession of the property
Quiet enjoyment
The right to peace without aggravation by others
