Property Ownership Flashcards
Any item that may be owned by a business or artificial person,such as a business entity or trust
The two types of property
• real property: A parcel (piece) of land
•Personal property an item that may be owned by a person, ab artificial person,and is not a real property
Property
A real property owner owns everything above and below of their land
The doctrine of adcoelum
Attached natural property:This includes things such as trees or minerals embedded in the ground of the property
Attached artificial property: This includes things such as buildings or sewer piping embedded in the ground of the property
Attached natural property vs
Attached artificial property
Property that possessed by a larger entity and cannot be removed from the real property
Some examples be a driveway garage, large trees or shrubs,etc
Appurtenances
Surface rights: the rights of the landowner to occupy and use the surface of the land as desired
Air rights: the rights of the landowner to of the land as desired
Mineral rights: the rights of the owner to use the minerals embedded within the land desired
Surface, air, and mineral rights
Items that been affixed on the land with the intent that the improvement shall remain on the land indefinitely such as buildings,sheds, garages,fences,and other similar items
Real property includes such improvement that have been added to the land
Improvements
A bare piece of land that has no Improvements upon it
Improvements on the property are significant factors in determining the value of the land therefore,bare land is cheaper that similar land that has improvements
Lot or parcel of land
Personal Property that has been attached to real property with the intent to leave the fixture attached indefinitely
Fixture
Cultivated crops that are generally owned by the seed
Emblements
Fixtures installed by a commercial property tenant for the use of the commercial business (e.g, a business sign commercial grade kitchen supplies etc)
Trade fixtures are not installed with the intent to remain indefinitely; these items are installed with the intent to remain until the business will no longer use the premises.When the commercial tenant leaves, So do the trade fixtures
Trade fixtures
Tangible personal property: A movable and existent item that can be used or consumed
Intangible personal property: An item of value that cannot be physically felt or touched
Tangible personal property vs
Intangible personal property
A document that identify the personal property to be sold and is signed by both the buyer and seller of the property
Bill of sale
Freehold estates: An indefinite duration of ownership of a property
leasehold estate: definite duration of the use of a property and is not a form of ownership
Freehold estates vs.leasehold estates
Property that is owned and controlled by the purchaser with the rights to do whatever they please on their property, provided local and federal laws are upheld
Fee simple absolute
Ownership interests that terminate present ownership if a specified event (stated in a conveyance) occurs
Freehold estates Defeasible fees
The property interest termination is contingent on death
life estate
The property interest termination is contingent on life of the grantor or that of a third person, rather than the grantees life
Life estate
Pur Autre vie
The right of the original owner who sells their property but will regain ownership of that property after specific conditions have been met
Future interest reversion
The right of someone designated by the original property owner,after having sold the property to receive said property after specific conditions have been met
Future interest remainders
A lease that has determine expiration date
Tenancy for years
A lease that renews on a periodic basis- such as week to week month to month
periodic tenancy
A lease that indefinite in duration that either party may choose to terminate at will
Tenancy at will
The tenant has stayed on the premises past the lease’s expiration without the landlord’s consent
This is known as being a holdover tenant however if the landlord accepts a lease payments from the tenant this creates a periodic tenancy
Tenancy at sufferance
A legal or equitable claim against a property by non-owner
This is commonly referred to as clouds on title when a non possessory has interest in the property
Encumbrance
The right to use someones else’s land for a stated purpose Generally, this interest must be I. Writing between the grantor and grantee. The land is subject to the easement until it is terminated by merger release or abandonment (by the easement holder)
Encumbrance Easement
When two properties are joining together under same title
Merger
An easement of (servient estate) that allows another’s land (dominant estate) to use and benefit off the servient estate
Easement Appurtenant easement
An easement held by a particular person to use the land for that’s person’s benefit
The land is a servient estate but no dominate estate
Easement in gross
An implied easement that is held by a private person who owns landlocked land and does not have a way to access the land
This allows the landowner to use a reasonable route across other land so they may access their land looked parcel
Easement by necessity
A claim that is attached to the land to secure payment on an underlying obligated
Encumbrance lien
An unpermitted intrusion onto a neighboring property a physical structure that is extended above or below the surface (including plants)
Encumbrance: Encroachment
Permission given by a landowner to enter and use land ( maybe oral written, require payment, or be revocable by the landowner)
Encumbrance License
A legal notice (recorded) that there is a pending lawsuit regarding the real property’s title
Encumbrance
Ownership that is held by one person, or artificial person
This is also called estate in severalty
Sole proprietor
Ownership that is held by more than one person or artificial person, at the same time
Concurrent ownership
Creates joint tenants and the right of survivorship
This means that when one of the joint tenants dies, the interest of that owner will immediately be acquired by the remaining joint tenants
The interest will not be able to be passed by the estate or will of the decedent because there is no interest to be conveyed
joint tenancy
Property may not be transferred without the consent of both spouses
Tenancy by entirely
Property owned by many persons
common interest ownership properties
Property that have individual unit’s within the property that are owned by individual owners but share ownership (and use) of the common areas
Condominiums and townhomes
Buildings owned by a corporation, which them leases units to the corporations shareholders
Shareholders purchase the corporations stock and receive bylaws and proprietary lease for their unit
cooperatives
Properties that have multiple owners but can only used during certain times within a year
Time-Share
A description of parcel of land’s features that is sufficient for legal purposes
It contains the land location, measurements and boundaries for the purposes of ownership it will also show how much land in the area the owner legally owns and where the adjacent landowner property begins
Legal description
Legal description that use directions and compass degrees to measure a parcel of land
The measurements describes the land in a clockwise motion from a referenced monument Example: Commercing at the street sign of walker avenue and 34th street, go 200 feet south then go 250 feet west
metes and bounds
A legal description that uses meridians townships, ranges, tiers
and sections to describe parcels
This is also called the government
Survey system
rectangular description
Township: a division of parcel of land that has been subject to land survey; It contains 36; sections ( 36 square miles)
Section: A piece of land one square mile area that forms one of the 36 subdivision of township ( 1 mile x 1 mile =640 acres)
Acre: a measurement of land that is equal to 43,560 square feet
Township, Section and acre
The physical measurements of the property boundaries (may show improvements encouragements, and zoning violations
This creates or verifies a legal description monuments or makers, are used in this process to assist in determining property boundaries
Land survey
A legal description that uses a plat map recorded by the property owner to describe a parcel of land
Generally, plat maps are recorded in residential areas and each parcel within is referred to as a lot within these maps, the description will designate a plat name and lot number. This is completed prior to obtaining building permits for the properties within the plat
Recorded plat
What the two main classes of property?
A. Choice B shows from of real property and Personal Property.
Choices C and D are types of real property
Owning land does NOT include which rights?
A. Surface rights
B. Air rights
C.Past Ownership Rights
D.Mineral Rights
C. Choices A, B, and D are present and future rights included in land ownership
Which of the following is real property?
A. Emblements
B.Appuretenances
C.Cars
D. Trade Fixtures
B: Appurtenances are a part of the real
property that cannot be removed withOut
causing significant damage. Emblements are
cultivated crops that are generaily owned by the
planter of the seed. Cars are movabie objects
that are not connected to real property. Trade
fixtures are personal property installed on real
property by commercial tenants, but they are not
instailed with the intent to remnain indefiitely.
Gabriel has a freestanding
refrigerator in his house.
What is the classification of this fridge?
A. Fixture
B. Trade fixture
C. Personal property
D. Improvement
C: The fridge is not attached to his real property
making it his personal property. A fixture and
an improvement must be installed upon the real
property. A trade fixture, although considered
personal property, is attached to commercial
properties. Here, Gabriel has the fridge in his
residential property.
Helena has entered a purchase
agreement for the sale ofa home
and farmnland. Which of che following
i NOT covered under the purchase
agreement?
A lnstaled shelf
B. Planted crops
C inecalied idge
D Panted trees
B: Planted crops are emblements, and
emblements are personal property that are
not subject to a purchase agreement (uniess
there was a bill of sale or the crops were part
of the listing). Choices A and C are fixtures
Planted trees are natural improvements and are
Considered appurtenances.
