Property/estates Flashcards
What two elements go into real estate
Land plus man-made permanently attached structures
What are included in a property owners bundle of rights
Possess
use
transfer
encumber
exclude
What to words are used to describe personal property
Chattels
personalty
What gives the government the right to control bodies of water
Doctrine of prior appropriation
Define littoral rights
For properties adj bodies of non-moving water
right to use/not own
extends to high watermark
if lake navigable it is public property
What are riparian rights
Properties abutting moving water
if navigable right ends at Waters edge
if not to middle
What are the limitations on riparian rights
Can’t pollute
impede the flow
reasonable and not infringing on others
What do you call the things that are attached to a property such as toilets and lights
Fixtures
If excluded must be written in contract
What variables can override the attachment question
Intention
Adaptation
Functionality
Relationship of parties example tenants
Sell or lease contract provisions rule
What are trade fixtures called
Châttel
Tenants may remove their trade fixtures
What is it called when a landlord Gaines ownership of trade fixtures left behind
Accession
What do you call plants and crops requiring human intervention
Embelments
they are personal property when growing
Otherwise transferred unless specified
What can change a properties attachment status
Severance real to personal
Affixing!annexation – personal to Real
What is undivided interest
Owners interest is fractional part of entire
Not a physical portion
Example total owner, tenant, lender, lienholder
What is an estate in land
Enjoys right of possession
Permanent – freehold
Temporary – leasehold
What are the two types of Tenancies
Freehold - own indefinite period
Leasehold - Renting or leasing for a fixed term
What is encumbrance
No possession
Enables non-morning party to restrict owners bundle
What is non-possessory interest
Government:
police power
zoning
eminent domain
What is the highest form of a state which carries complete bundle and unlimited Tenancy
Fee simple
What are the two types of fee simple estate
Absolute
Defeasible
What is a absolute fee simple estate
Perpetual
not conditioned by stipulate or restricted uses
freely passed
Largest bundle of rights
What is a defeasible fee simple estate
Perpetual provided usage conforms to stated conditions will revert to previous owner
What are the two types of fee simple defeasible the states
Determinable - usage limitations are violated automatically revision
condition subsequent - not automatic grantor mistake possession
What is a life estate
Limited to the life of tenant
revert to original owner or another named party
