Property Ownership Flashcards
What is any item that my be owned by a person, or artificial person, such as business entity or trust
2 types of property:
-Real property: a parcel of land & every permanent structure or attachment on it
-Personal property: an item that may be owned by a person, or an artificial person, and is not real property
Property
What is the doctrine called? A real property owner owns everything above and below the surface of their land
Clue: doctrine of ad c_______
The doctrine of “ad coelum”
- 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.
clue: answers are here
Attached Natural Property
VS
Attached Artificial Property
What is property that is possessed by a larger entity and cannot be removed from the real property
-Some examples could be a driveway, garage, large trees and shrubs, etc.
Clue: A___________
Appurtenance
-Surface rights: the rights of the landowner to occupy and use the surface of land as desired
-Air rights: the rights of the landowner to occupy and use the airspace above the surface of the land as desired
-Mineral rights: the rights of the owner to use the minerals embedded within the land as desired
Surface, Air and Mineral Rights
What are items that have been affixed on the land with the intent that they shall remain on the land indefinitely, such as buildings, sheds, garages, fences, and other similar items
-Real property includes such imp___________ that have been added to the land
Improvements
What is 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 than similar land that has an improvement.
clue: L_____ or P______ of l_______
Lot or Parcel of Land
What is personal property that has been attached to real property with the intent to leave it attached indefinitely?
-lights, cabinets, ceiling, fans, etc.
Clue: F__________
Fixture
What are cultivated crops that are generally owned by the initial planter of the seed?
Clue: E____________
Emblements
What are items that are installed by a commercial property tenant for the use of the commercial business?
Ex. a business sign, commercial-grade kitchen supplies, etc.
Trade fixtures
-Trade fixtures are not installed with the intent to remain indefinitely; these items are installed w/ the intent to remain until the business no longer uses the premises. When the tenant leaves, so do the trade fixtures.
What is a moveable and existent item that can be used or consumed?
What is an item of value that cannot be physically felt or touched?
Clue: T___________ Personal Property
Clue: I____________ Personal Property
Tangible Personal Property
&
Intangible Personal Property
What is a document signed by both the buyer and seller that details the transfer of property?
Clue: B_____ of _______
Bill of Sale
What is an indefinite duration of ownership of a property called?
What is a definite duration of the use of a property that is not a form of ownership called?
Clue: F_________ Estate
Clue: L__________ Estate
Freehold Estate
&
Leasehold Estate
What type of Freehold Estate is indefinitely owned and controlled by the purchaser with the rights to do whatever they please on their property, provided local and federal laws are upheld?
A. Defeasible Fees
B. Life Estate
C. Fee Simple Absolute
Freehold estates:
Fee Simple Absolute
What type of Freehold Estate has ownership interests that terminate present ownership if a specified event (stated in a conveyance) occurs?
A. Defeasible Fees
B. Life Estate
C. Fee Simple Absolute
Freehold Estates:
Defeasible Fees
What type of Freehold Estate is it when the owner has the right to use the property for an indefinite amount of time?
-The property interest termination is contingent on death
Clue: L______ E______
Freehold Estates:
Life Estate
The property interest termination is contingent on the life of the grantor or that of a third person, rather than the grantee’s life.
-a legal arrangement that gives someone the right to use property for as long as another person is alive.
Clue: Life Estate “p_____ a_____ v____”
Life Estate “pur autre vie”
-french term for “for another’s life”
The right of the original owner who sells their property to regain ownership of that property after specific conditions have been met
EX. A property owner grants a life estate to someone else, meaning that person can live on the property for their lifetime, but upon their death, the ownership automatically reverts back to the original owner.
Clue: Future Interest: R____________
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.
-It’s created when a grantor transfers property to one person for a set period of time, with the remainder going to someone else.
Clue: Future Interest: R____________
Future Interest: Remainders
A lease that has a determined expiration date
Clue: Tenancy for y______
Lease Tenancy Duration: Tenancy for years
A lease that renews on a periodic basis (such as week-to-week or month-to-month)
Clue: P________ T_________
Lease Tenancy Duration: Periodic Tenancy
A lease that is indefinite in duration that either party may choose to terminate at will
Clue: T______ at W______
Lease Tenancy Duration: 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 payment from the tenant, this creates a periodic tenancy.
Clue: T__________ at S___________
Lease Tenancy Duration: Tenancy at Sufferance
A legal or equitable claim against a property by a nonowner
-This is commonly referred to as clouds on title when a nonpossessory has interest in the property.
-A claim, restriction, or liability that affects a property’s value or use.
-Ex.: liens, leases, zoning restrictions, and encroachments
Clue: E______________
Encumbrance
The right to use someone else’s land for a stated purpose
-Generally, this interest must be in writing between grantor and grantee. The land is subject to the easement until it is terminated by merger, release, or abandonment (by the easement holder).
Clue: E________________
Encumbrance: Easement
When two properties are joined together under the same title
Clue: M_________
Merger
An easement of land (servient estate) that allows another’s land (dominant estate) to use and benefit from the servient estate
Clue: Easement: A______________ E______________
Easement: Appurtenant Easement
An easement held by a particular person to use the land for that person’s benefit
-The land is a servient estate, but there is no dominant estate.
Clue: Easement: E____________ in G________
Easement: 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 landlocked parcel.
Clue: Easement: E_____________ by N____________
Easement: Easement by Necessity
A claim that is attached to the land to secure payment on an underlying obligation
-Clue: Encumbrance: L______
Encumbrance: Lien
An unpermitted intrusion onto a neighboring property from a physical structure that is extending above or below the surface (including plants)
-Clue: Encumbrance: E_____________
Encumbrance: Encroachment
Permission given by a landowner to enter and use the land (may be oral or written, require payment, or be revocable by the landowner)
-Clue: Encumbrance: L__________
Encumbrance: License
A legal notice (recorded) that there is a pending lawsuit regarding the real property’s title
-a public notice that a lawsuit is pending over a property’s ownership or encumbrance
-Clue: Encumbrance: L____ P_______
Encumbrance: Lis Pendens
Ownership that is held by one person, or artificial person
-This is also called estate in severalty
Clue: S_______ P________
Sole Propriety
Ownership that is held by more than one person, or artificial person, at the same time
Clue: C___________ O______________
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 tenant(s). The interest will not be passed by the estate or will of the decedent because there is no interest to be conveyed.
-Clue: a type of Concurrent Ownership
-Choose: A) Tenancy by Entirety B) Joint Tenancy C) Common Interest Ownership Properties
Concurrent Ownership: Joint Tenancy
Property may not be transferred without the consent of both spouses
-Clue: a type of Concurrent Ownership
-Choose: A) Tenancy by Entirety B) Joint Tenancy C) Common Interest Ownership Properties
Concurrent Ownership: Tenancy by Entirety
Properties owned by many persons
-Clue: a type of Concurrent Ownership
-Choose: A) Tenancy by Entirety B) Joint Tenancy C) Common Interest Ownership Properties
Concurrent Ownership: Common Interest Ownership Properties
Properties that have individual units within the property that are owned by individual owners but share ownership (and use) of the common areas
-Clue: a type of Common Interest Ownership Properties
-Choose: A) Cooperatives B) Time-Shares C) Condominiums and Townhomes
Common Interest Ownership Properties: Condominiums and Townhomes
Buildings owned by a corporation, which then leases units to the corporation’s shareholders
-Shareholders purchase the corporation’s stock and receive bylaws and a proprietary lease for their unit
-Clue: a type of Common Interest Ownership Properties
-Choose: A) Cooperatives B) Time-Shares C) Condominiums and Townhomes
Common Interest Ownership Properties: Cooperatives
Properties that have multiple owners but can only be used during certain times within a year
-Clue: a type of Common Interest Ownership Properties
-Choose: A) Cooperatives B) Time-Shares C) Condominiums and Townhomes
Common Interest Ownership Properties: Time-Shares
A description of a parcel of land’s features that is sufficient for legal purposes
-It contains the land’s 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’s property begins.
Clue: L________ D_____________
Legal Description
Legal description that uses directions and compass degrees to measure a parcel of land
-The measurements describes the land in a clockwise motion from a referenced monument.
-Ex.-Commencing at the street sign of Walker Avenue and 34th Street, go 200 feet south and then go 250 feet west.
-Choose: Metes and Bounds or Rectangular Description
Land Description: 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.
-Choose: Metes and Bounds or Rectangular Description
Land Description: Rectangular Description
-Township: a division of a parcel of land that has been subject to a land survey; it contains 36 sections (36 square miles)
-Section: a piece of land one square mile in area that forms one of the 36 subdivisions of a township (1 mile x 1 mile = 640 acres)
-Acre: a measure of land that is equal to 43,560 square feet
Township, Section, and Acre
The physical measurement of the property boundaries (may show improvements, encroachments, and zoning violations)
-This creates or verifies a legal description. Monuments, or markers, are used in this process to assist in determining property boundaries.
Clue: L______ S_________
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 plate name and lot numbers. This is completed prior to obtaining building permits for the properties within the plat.
Clue: Land Description: R____________ P______
Land Description: Recorded Plat
What are the two main classes of property?
A. Real property and personal property
B. Tangible property and intangible property
C. Commercial property and residential property
D. Improvement property and fixture property
Answer is A:
-Choice B shows forms 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
Answer is 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. Appurtenance
C. Cars
D. Trade fixtures
Answer is B
-Appurtenances are a part of the real property that cannot be removed without causing significant damage. Emblements are cultivated crops that are generally owned by the planter of the seed. Cars are moveable objects that are not connected to real property. Trade fixtures are personal property installed on real property by commercial tenants, but they are not installed with the intent to remain indefinitely.
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
Answer is C
-The fridge is not attached to his real property making it his personal property. A fixture and an improvement must be installed on 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 into a purchase agreement for the sale of a home and farmland. Which of the following is NOT covered under the purchase agreement?
A. Installed shelf
B. Planted crops
C. Installed fridge
D. Planted Trees
Answer is B
-Planted crops are emblements, and emblements are personal property that are not subject to a purchase agreement (unless 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.
