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R E > Property/estates > Flashcards

Property/estates Flashcards

1
Q

What two elements go into real estate

A

Land plus man-made permanently attached structures

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2
Q

What are included in a property owners bundle of rights

A

Possess

use

transfer

encumber

exclude

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3
Q

What to words are used to describe personal property

A

Chattels

personalty

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4
Q

What gives the government the right to control bodies of water

A

Doctrine of prior appropriation

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5
Q

Define littoral rights

A

For properties adj bodies of non-moving water

right to use/not own

extends to high watermark

if lake navigable it is public property

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6
Q

What are riparian rights

A

Properties abutting moving water

if navigable right ends at Waters edge

if not to middle

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7
Q

What are the limitations on riparian rights

A

Can’t pollute

impede the flow

reasonable and not infringing on others

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8
Q

What do you call the things that are attached to a property such as toilets and lights

A

Fixtures

If excluded must be written in contract

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9
Q

What variables can override the attachment question

A

Intention

Adaptation

Functionality

Relationship of parties example tenants

Sell or lease contract provisions rule

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10
Q

What are trade fixtures called

A

Châttel

Tenants may remove their trade fixtures

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11
Q

What is it called when a landlord Gaines ownership of trade fixtures left behind

A

Accession

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12
Q

What do you call plants and crops requiring human intervention

A

Embelments

they are personal property when growing

Otherwise transferred unless specified

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13
Q

What can change a properties attachment status

A

Severance real to personal

Affixing!annexation – personal to Real

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14
Q

What is undivided interest

A

Owners interest is fractional part of entire

Not a physical portion

Example total owner, tenant, lender, lienholder

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15
Q

What is an estate in land

A

Enjoys right of possession

Permanent – freehold

Temporary – leasehold

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16
Q

What are the two types of Tenancies

A

Freehold - own indefinite period

Leasehold - Renting or leasing for a fixed term

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17
Q

What is encumbrance

A

No possession

Enables non-morning party to restrict owners bundle

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18
Q

What is non-possessory interest

A

Government:

police power

zoning

eminent domain

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19
Q

What is the highest form of a state which carries complete bundle and unlimited Tenancy

A

Fee simple

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20
Q

What are the two types of fee simple estate

A

Absolute

Defeasible

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21
Q

What is a absolute fee simple estate

A

Perpetual

not conditioned by stipulate or restricted uses

freely passed

Largest bundle of rights

22
Q

What is a defeasible fee simple estate

A

Perpetual provided usage conforms to stated conditions will revert to previous owner

23
Q

What are the two types of fee simple defeasible the states

A

Determinable - usage limitations are violated automatically revision

condition subsequent - not automatic grantor mistake possession

24
Q

What is a life estate

A

Limited to the life of tenant

revert to original owner or another named party

25
Q

What are the two types of life estate

A

Remainder – a remainderman imay be named to get property after death, possesses remainder interest

Reversion – if no remainder original owner retains reversionary interest

26
Q

What is a conventional life estate

A

Created by grant from fee simple owner to grantee – life tenant

  • Ordinary life esstates end with death of life estate owner
  • Pur autre vie life estates ends with death of third party
27
Q

What is a legal life estate

A

Created by state law to protect rights of surviving family

28
Q

What are the four types of leasehold estate

A

Period to period

For years

At will

At sufference

29
Q

What is a for years leasehold estate

A

Definite. Terminates at end

30
Q

What is a period to period Tenancy

A

Auto renews with rent

example month to month

terms with proper notice

31
Q

What is an estate at will

A

No expiration date or renewal cycle

pay rent and meet lease conditions

stay as long as desired

32
Q

What is an estate at sufferance

A

Occupies without consent of landlord

failure to eVacate

33
Q

According to F475 what is not included in real estate or real property

A

Cemetery lot – burial right

renting in mobile home/recreation park

34
Q

What does re include

A

Land plus man-made (houses)and natural (trees) appurtenancies

Water rights – literal, riparian and prior appropriation

Air, gas, solar, light, sound, mineral, surface rights

35
Q

What are the appurtenances

A

Rights, privileges and improvements that belong to and pass with the transfer of real property

36
Q

What are sub surface rights

A

Right to mine, did, profit from subsoil products

keep or sell rights

37
Q

What are surface rights

A

Regards the land and water

38
Q

What is accretion

A

Increase of land created by deposits of soil caused by water action

39
Q

What is erosion

A

Gradual decrease of land caused by flowing water

40
Q

What is avulsion

A

Sudden loss of land by active nature – hurricane

41
Q

What is reliction

A

Increase in land due to receding water

42
Q

What is alluvial plain

A

Delta aware so I’ll deposits from a river

43
Q

Why would people sell or transfer our rights

A

Condos, roadsigns

Scenic easement

Light/air easement

44
Q

What do you call trees and bushes not requiring cultivation

A

fructus naturales

Real property unless cut

45
Q

What is a key characteristic of personal

A

Readily movable from one location to another

46
Q

What are the two types of chattels

A

Chattels real are annexed to real estate

chattels personal are movable

chattels are transferred by a bill of sale

47
Q

How should personal property be

A

Buy a bill of sale

48
Q

What is livery of seisin

A

I owned a bundle of rights and I have the right to sell it

49
Q

What is one sign of abandonment of a property

A

Failure to pay real estate taxes

50
Q

What is the allodial system

A

Individuals can own property without government/king approval

Versus feudal system

R E (8 decks)

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