Property Ownership Flashcards
Land
is the physical property and any natural objects on it—like trees and bodies of water, often referred to as a “lot”, “site” or “parcel”.
Real estate
Land with permanent manmade improvements.
Real Property
land and its improvements, but also the bundle of rights, powers, and privileges (“bundle of rights”) that are legally connected to ownership of that land.
Tests of a fixture
M - Method of attachment, A - Adaptability, R - Relationship of the parties, I - Intent, A - Agreement between the parties
Appraisal district’s account number
Assessor’s parcel number in Texas, never used a legal description in a deed.
Appurtenances
additional beneficial rights, interests associated with land ownership beyond just physical soil. Major appurtenant rights are: water, air, mineral rights, license and profit.
Tangible rights
physical aspects of a property, such as: Land, Buildings, Forests, Farmland, Vineyards, Trees, plant life, floral gardens, Fixtures (such as fences, plumbing, etc.)
Intangible rights
areas above and below land surface, access and privileges such as: Air rights, Water rights, Subsurface rights (mineral rights), Easements, Licenses, Profits, Leases, Mortgages.
Categories of real property
Residential, Commercial, Industrial/Manufacturing property, Agricultural, Vacant land; special purpose properties include: Parks and recreational areas, Institutional properties.
Categories of personal property
property that is tangible and moveable - “chattel”. Does not include rights to the land and transferred by bill of sale.
Fixtures
items that have been permanently attached to real property. Can be personal property that has been “physically or constructively annexed” to a structure. M-A-R-I-A
Land characteristics
Physical and Economic
Land descriptions
Monuments, Metes and bounds, Rectangular Survey System (also U.S. Public Lands or Government Survey Systems), Lot and Block Survey System or Recorded Plat, APN
Encumbrance
a non-possessory claim or lien on a parcel of real property.
Easement
right granted for a specific use of the land of another created by: express grant, express reservation, easement by implication, easement by necessity, easement by prescription, party wall.
Encroachment
a structure or fixture is built on another person’s property or land, and “encroaches” on their property
Police power
Government entities ability to “control” the rights to the property for the public good by creating laws or guidelines
Eminent domain
The government’s power to take private property for public use executed by a condemnation proceeding.
Zoning laws
range from restrictions on size, height and use of land or structures to population density and income levels.
Accessory use
“in-law” apartment or a home business, known as “home occupation”; must be “incidental and secondary” to the residential use.
Zoning categories
As Of Right Zoning, Incentive Zoning, Cluster Zoning, Spot Zoning (illegal in Texas); Conditional/Special Use Permit.
Moratorium
official delay in further development of property within the municipality.
Use variance
grants permission to use land in a way currently prohibited by the existing zoning.
Area variance
grants permission to use land in a way currently prohibited by the dimensional or physical requirements of the existing zoning.
Certificate of Occupancy (CO)
the evidence that a building or renovation is in full compliance with all building codes, has passed inspections and declared fit for occupancy.
Doctrine of Laches
assertion that another individual has “slept on its rights.” If restrictive covenants are not enforced in a timely fashion, the courts may terminate the restriction.
Private controls- voluntary
use restrictions adopted by landowners or homeowner associations.
Subdivision
form of private control. Division of contiguous land such as planned developments, condominiums, cooperatives and apartment projects.
Common interest subdivision
ownership or lease of a lot, unit, or interest, with an undivided interest or membership interest in the common area.
Condominium
a common undivided interest in a portion of real property together with a separate interest in a unit.
Cooperative
a corporation formed to hold title to improved real property. Shareholders own stock in the corporation and receive a right of exclusive occupancy. Can only be transferred with the transfer of the stock ownership.
Planned development
lots or parcels owned separately and lots or areas owned in common, reserved for the use of some or all of the individual lot owners.
Municipal agencies
empowered by state and local legislatures to oversee and regulate issues pertaining to health, welfare and safety of residents.
