Property- Types, Rights, Interests, Ownership Flashcards
Study and Review
In law, the solid surface on the earth, as distinguished from water.
Land
immobile, unique, durable, valued commodity
Land characteristics
Surface rights
water, and anything attached to the land—either naturally or placed by human hands.
Riparian rights - waterway such as a River or stream
Littoral rights - ocean, Lake or pond
Two Types of Water Rights
Appurtenance
Something added or appended to a property that then becomes an inherent part of the property; … usually passes with the property when title is transferred.
__________is land (physical raw land) and all things that are a natural part of the land such as trees and minerals.
Real estate
___________Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible or intangible objects that are considered by the general public as being ‘personal,’
Personal property
a legal interest in anything (tangible and intangible) that is subject to ownership and not classified as real estate.
An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate.
Fixture
___________are articles placed in or attached to rented buildings by a tenant to help carry out the trade or business of the tenant.
Trade fixtures
“The interests, benefits, and rights inherent in the ownership of real estate.”
Real property
Total range of ownership interests in real property. An owner that possesses all the interests in the bundle of rights has the most complete form of ownership.
Bundle of rights
What are the seven “rights” included in the bundle of rights?
- Possession
- Transfer
- Lease
- Mortgage
- Improve
- Enjoyment
- Exclusion / Privacy
A right or interest in property.
Estate
The degree, nature, or extent of interest that a person has in land.
Estate in land
Estates are distinguished by their duration and fall into two legal categories
freehold and leasehold estates
What are the three types of freehold estates?
Fee simple absolute
Fee simple defeasible
Leased fee interest
Rights of use, occupancy, and control, limited to the life time of a designated party, sometimes referred to as the life tenant.
Life estate
One who owns an estate in real property for his or her own lifetime, the lifetime of another person, or an indefinite period limited by a lifetime.
Life tenant
estate is also with remainder or reversion, but the duration of this estate is based on the life of someone other than the life tenant.
A pur autre vie
A future possessory interest in property that is given to a third party and matures upon the termination of a limited or determinable fee.
Remainder interest
Characteristics of a freehold estate?
- Present or future possession 2. Indeterminate duration 3. Ownership
Characteristics of leasehold estates?
- Possessory2. Defined period of time or specified conditions3. Reversion of possessory rights (that is, reverts back to the owner)
___________(the landlord). The property owner holding a fee simple estate with a leased fee interest (this is a future interest).
Lessor
_________(the tenant). The party with a leasehold interest.
Lessee