PROPERTY LAW: PART I Flashcards
Why is Property call a ‘Bundle of Rights’?
Because a person’s property can include multiple rights or one of the rights.
List some of the most basic sub-rights associated with Property.
- Control: the right to make decisions and alterations to the property
- Disposition: the right to sell, give away, destroy property
- Enjoyment/Use: the right to use the property as you see fit without interference
Exclusion: the right to keep others from using/entering your property or to remove them.
What are the types of Property?
- Real Property: land and things that are attached to land and immovable (primarily buildings)
- Personal Property:
1. Tangible- physical movable objects (i.e. books, computers)
2. Intangible- property with no physical form (i.e. money in a bank account) - Intellectual Property: a form of intangible personal property that represents ownership of an idea: copyright, trademark, patents
- Fixtures: in between realty and personalty (often refers to home appliances that start as personal property then become semi-permanently attached to real property.
What are the types of overlapping rights that are time/context sensitive?
- Vested property rights are rights that have become fully effective
- Contingent property rights are rights dependent on some future condition to become effective.
What are the two types of Property Ownership?
- Severalty ownership: means sole ownership by one person
- Concurrent ownership: property held simultaneously by two or more people
What are the 3 types of Joint Ownership?
- Joint Tenancy: proportional share; Right of Survivorship; applies to persons attaining ownership at the same time/same source
- Tenancy in Common: proportional share; no ROS; applies to everyone else holding property jointly
- Tenancy by Entirety: owns 100% of the property; ROS included; applies to married couples.
The name of a person’s ownership of real property is called:
Estate or interest in land
What does in fee simple mean?
That means the person is the true owner of the property and can pass that interest of the lan to whoever they choose.
What are the other types of estates?
- Life Estate: gives a person an interest in the property for their life, but it cannot be passed onto heirs
- Leasehold: allows a tenant a possessory interest in the property for a period of time.
What is a grantor?
The person owns a land and gives a life estate to another
What is remainderman?
The person a life estate is passed onto once the life estate ends
What are Easements?
Legally enforceable rights to use or access lands of others for a particular purpose- the owner may not be able to forbid
What is a license?
Temporary permission to use land
What is Adverse Possession?
A process by which someone without title can acquire title in another person’s land
Elements of Adverse Possession
- Hostile (without consent of owner)
- Adverse (against the owner’s interest)
- Open and notorious (not hidden)
- Continuous for a set period of time; usually 20 years
