Property- Types, Rights, Interests, Ownership

Question 1

In law, the solid surface on the earth, as distinguished from water.

Answer 1

Land

Question 2

immobile, unique, durable, valued commodity

Answer 2

Land characteristics

Question 3

Surface rights

Answer 3

water, and anything attached to the land—either naturally or placed by human hands.

Question 4

Riparian rights - waterway such as a River or stream

Littoral rights - ocean, Lake or pond

Answer 4

Two Types of Water Rights

Question 5

Appurtenance

Answer 5

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.

Question 6

__________is land (physical raw land) and all things that are a natural part of the land such as trees and minerals.

Answer 6

Real estate

Question 7

___________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,’

Answer 7

Personal property

a legal interest in anything (tangible and intangible) that is subject to ownership and not classified as real estate.

Question 8

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.

Answer 8

Fixture

Question 9

___________are articles placed in or attached to rented buildings by a tenant to help carry out the trade or business of the tenant.

Answer 9

Trade fixtures

Question 10

“The interests, benefits, and rights inherent in the ownership of real estate.”

Answer 10

Real property

Question 11

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.

Answer 11

Bundle of rights

Question 12

What are the seven “rights” included in the bundle of rights?

Answer 12

• Possession
• Transfer
• Lease
• Mortgage
• Improve
• Enjoyment
• Exclusion / Privacy

Question 13

A right or interest in property.

Answer 13

Estate

Question 14

The degree, nature, or extent of interest that a person has in land.

Answer 14

Estate in land

Question 15

Estates are distinguished by their duration and fall into two legal categories

Answer 15

freehold and leasehold estates

Question 16

What are the three types of freehold estates?

Answer 16

Fee simple absolute
Fee simple defeasible
Leased fee interest

Question 17

Rights of use, occupancy, and control, limited to the life time of a designated party, sometimes referred to as the life tenant.

Answer 17

Life estate

Question 18

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.

Answer 18

Life tenant

Question 19

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.

Answer 19

A pur autre vie

Question 20

A future possessory interest in property that is given to a third party and matures upon the termination of a limited or determinable fee.

Answer 20

Remainder interest

Question 21

Characteristics of a freehold estate?

Answer 21

1. Present or future possession 2. Indeterminate duration 3. Ownership

Question 22

Characteristics of leasehold estates?

Answer 22

1. Possessory2. Defined period of time or specified conditions3. Reversion of possessory rights (that is, reverts back to the owner)

Question 23

___________(the landlord). The property owner holding a fee simple estate with a leased fee interest (this is a future interest).

Answer 23

Lessor

Question 24

_________(the tenant). The party with a leasehold interest.

Answer 24

Lessee

Question 25

Four types of leasehold estates

Answer 25

Estate (tenancy) for years - definite or fixed period of time

Estate (tenancy) from period to period - indefinite period of time

Estate (tenancy) at will - unspecified period of time

Estate (tenancy) at sufferance - stays after the lease expires

Question 26

___________Any claim or liability that affects or limits the title to property

Answer 26

Encumbrance

Question 27

___________An easement that is attached to, benefits, and passes with the transfer of the dominant estate; runs with the land for the benefit of the dominant estate and continues to burden the servient estate.

Answer 27

Easement appurtenant

Question 28

___________________An easement that benefits a legal person or entity (individual, corporation, partnership, LLC, government entity, etc.) and not a particular tract of land; an easement having a servient estate but no dominant estate.

Answer 28

Easement in gross

Question 29

______________A provision written into a deed that limits the use of land. Deed restrictions usually remain in effect when title passes to subsequent owners.

Answer 29

Deed restriction

Question 30

CC&Rs

Answer 30

Conditions, covenants, and restrictions