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
What are the two types of life estate
Remainder – a remainderman imay be named to get property after death, possesses remainder interest
Reversion – if no remainder original owner retains reversionary interest
What is a conventional life estate
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
What is a legal life estate
Created by state law to protect rights of surviving family
What are the four types of leasehold estate
Period to period
For years
At will
At sufference
What is a for years leasehold estate
Definite. Terminates at end
What is a period to period Tenancy
Auto renews with rent
example month to month
terms with proper notice
What is an estate at will
No expiration date or renewal cycle
pay rent and meet lease conditions
stay as long as desired
What is an estate at sufferance
Occupies without consent of landlord
failure to eVacate
According to F475 what is not included in real estate or real property
Cemetery lot – burial right
renting in mobile home/recreation park
What does re include
Land plus man-made (houses)and natural (trees) appurtenancies
Water rights – literal, riparian and prior appropriation
Air, gas, solar, light, sound, mineral, surface rights
What are the appurtenances
Rights, privileges and improvements that belong to and pass with the transfer of real property
What are sub surface rights
Right to mine, did, profit from subsoil products
keep or sell rights
What are surface rights
Regards the land and water
What is accretion
Increase of land created by deposits of soil caused by water action
What is erosion
Gradual decrease of land caused by flowing water
What is avulsion
Sudden loss of land by active nature – hurricane
What is reliction
Increase in land due to receding water
What is alluvial plain
Delta aware so I’ll deposits from a river
Why would people sell or transfer our rights
Condos, roadsigns
Scenic easement
Light/air easement
What do you call trees and bushes not requiring cultivation
fructus naturales
Real property unless cut
What is a key characteristic of personal
Readily movable from one location to another
What are the two types of chattels
Chattels real are annexed to real estate
chattels personal are movable
chattels are transferred by a bill of sale
How should personal property be
Buy a bill of sale
What is livery of seisin
I owned a bundle of rights and I have the right to sell it
What is one sign of abandonment of a property
Failure to pay real estate taxes
What is the allodial system
Individuals can own property without government/king approval
Versus feudal system
