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Real Estate > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Two types of property ownership

A
  • Feudal
  • Allodial System ( private ownership of land)
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2
Q

Personal Property is also called?

A

Chattels (Sounds like Cattle and they Moooove)

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3
Q

Traits of Personal Property?

A

- Has mobility
- Leases (are personal property to the lessee / Tenant)
- Annual plants/crops (emblements)
- “Bill of Sale” is the document used to transfer or sell personal property)
- Uniformed Comercial Code (UCC)
(Most states gave adopted a set of laws with the purpose of providing uniformity and fairness in “commercial transactions” including the sale and financing of personal property.). Used by banks to put liens on personal property like farm equipment.

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4
Q

Traits of REAL Property?

A
  • Lack of mobility
  • Definition Not just the dirt, but Rights to the dirt)
    -The land AND all items attached to the land. MOST importantly the Rights to the land
  • Whatever number of rights a person owns in real property, these are the only rights this person can convey to another.
  • Perennial plants Are Real Property (e.g. Trees and Bushes)
  • “Deed” is the document used to convey real property
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5
Q

Coverting Real Property to Personal Property?

A

Severance

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6
Q

Nonhomogeneity

A

No two peices of “Land” are exactly alike since lcoation differs.

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7
Q

Land, Real Estate and Real Property

A

Land: Earth’s surface to the center of the earth and the airspace above the land, including the trees and water.

Real Estate: Land PLUS permanent human made additions.

Real Property: Real estate plus “Bunde Of Legal Rights”

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8
Q

Doctrine of Estates (Rights),

A

The Various QUANTITY of Ownership Rights
* - Note: Estates = Rights = Interest in Real Property

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9
Q

Inheritable Freehold Estate (Rights)

A
  • Ownership rights that can be willed
  • Frehold Estates (Rights) in Real Property (Rights for a lifetime or more NOTE: a lease for 99 years or longer is considered by law the same as a Freehold Estate)
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10
Q

2 Types of Inheritable Freehold Estates

A
  • Fee Simple Indefeasible (or Fee Simple Absolute) an indefeasible unconditional fee ownership
  • Fee Simple Defeasible (AKA Determinable Estate or Conditional Estate)
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11
Q

Fee Simple INDEFEASIBLE Estate Bundle of Rights (The Best and greatest Quantity of ownership rights in real property) include?

A
  • Possession (We can temporarily lease)
  • Control within the framework of the law
  • Enjoment in any legal manner
  • Disposition (to be able to sell, gift, or will the property)
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12
Q

Fee Simple DEFEASIBLE Estate

A
  • Set to the occurence or Non occurence of a certain event or act which is written into the deed.
  • a. Fee Simple Qualified by a Condition Subsequent says the new owner cannot perform a certain activity (i.e. no alcohol.if the condition is violated the original owner can regain full ownership by court actions
  • b. Fee Simple Qualified by a Special Limitation says estate or ownership rights end automatically on the current owners failure to comply with a stated limitation. NO court action is required (i.e. Land for a church)
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13
Q

NON-INHERATIBLE Freehold Estates (AKA Life Estates)

A
  • CANNOT be willed
  • Estate ends at time of death
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14
Q

FREEHOLD vs NON FREEHOLD

A

Freehold = Ownership
NON Freehold = Lease/Tenant

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15
Q

A. Life Estates created by Acts of Parties

A
  • A. Life Tenant: Person with property ownership rights for their lifetime only.
  • B. Remainderman: Person OTHER THAN the original owner, or an organization rerceiving ownership rights upon the death of the life tenant.
  • Reversion: NO Remainderman. Original Owner or their estate receives ownership rights upin the death of the life tenant
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16
Q

B. Life Estate Pur Autre Vie (for the live of another person)

A

Life estate ownership rights owned by a person for as long as another person lives. Example, as long as Aunt B lives, Cousin Ed can keep ownership rights

17
Q

C. Rights and Obligations of a Life Tenant

A
  • Sell or Lease
  • Receive rents of profits
  • Make reasonable repairs
  • Pay taxes
  • May the property be mortgaged? Only her life estate and it will be hard to find a lender
  • Estovers (but NOT waste) The reasonable use of natural resources for the personal benefit of the oife tenant (e.g. Can cut down enouugh trees needed for firewood but not entire forest)
  • Waste: The UNreasonable use of natural resources for the personal benefit of the life tenant.
  • Cannot have successive life estates. Fee Simple - Life Estate - Fee Simple
18
Q

Life Estates Created by Law

A
  • Dower Rights
  • Curtsey Rights
  • Both have been abolished
  • HOMESTEAD:
19
Q

Non-Freehold or Leased Estates

A

Rights for less than a lifetime.

20
Q

TENANCIES

A

How Real Estate Ownership Rights are Shared with Other Parties.
4 types (3 of 4 have shared ownership rigthts)
* Tenancy by the Entirety (ALWAYS a married couple, used in TN but not all states)
* Tenancy in Common ( Most COMMON type. If you want someone other than the surviving spouse to get ownership)
* Joint Tenancy (Most Complicated)
* Tenancy of Severalty (ONE Person, Corporation, or Partnership)

21
Q

Tenancy by the Entirety

A
  • Always Married couple
  • Unit of Marriage owns the property
  • Does NOT apply to property owned prior to marriage
  • Does NOT apply to property inherited during marriage
  • Does NOT apply to property received as a gift during marriage
  • has** Automatic rights of survivorship**
  • Divorce terminates it
22
Q

Tenancy In Common

A
  • Each owner has a seperate title to an UNDIVIDED part of the WHOLE property on the Same or Seperate Deeds)
  • * IMPORTANT: Ownership interests may be Equal or UN-Equal
  • IMPORTANT: NO Right of survisvorship (Deceased property ownership rights Do Not go to the surviving owners. Rights go according to the deceased property owners will or estate)
  • Partition Action: NUCLEAR Solution, is allowed by any co-owner (UNLESS subject to a Buy/Sell or Ownership Agreement) It requires court action to dissolve c0-ownership of real property when owners do not voluntarily agree to terminate ownership.
23
Q

Joint Tenancy (MOST Complicated)

A
  • Each owner listed on the Original Deed at Same Time(can’t be added later)
  • Equal Shares of ownership
  • Rights of Survivorship (last man standing)
  • 4 Unities Required: Time, Title, Interest, and Possession
  • Partition Action IS allowed by any Co-Tenant (unless subject to a Buy/Sell or Ownership Agreement)
24
Q
A

Real Estate (8 decks)

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