Property Law Flashcards
Real property
encompassed by land and permanent constructions
chattel
refers to a catch-all category of personal possessions or moveable goods
Intellectual property
refers to intangible creations of the mind. I.e: copyrights, patents, brands
Fee simple absolute
to x and his/her heirs; refer to outright possession to inherited land regardless of future circumstances.
life estate
to x for life; refer to outright possession to inherited land regardless of future circumstances.
condition subsequent
to x, upon the condition that
determinable
“to x so long as…” capable of being brought to an end under given conditions
Possession
ownership, control, or occupancy of any object by a person
Alienable
transferable. an interest in property is alienable if it may be conveyed by one party to another
zoning ordinance
outlines permitted uses for various sections of land
covenants
real covenants are covenants that run with land. a covenant that runs with land is enforceable against and or by future owners of that land
adverse possession
a person in possession of another’s land can acquire valid title to it so long as certain requirements are met
actual possession
having physical ownership over an object
Open and Notorious
possession of the property is not covert or hidden, but obvious to others
Exclusive possession
claimant must hold possession of land for himself and not for another
Hostile claim
an individual occupies the real property of another without the true owner’s consent