Real Property & Ownership Flashcards
Five Economic characteristics of land (DUSTS)
Demand Utility Scarcity Transferability Situs
Joint Tenancy: P.I.T.T
Possession
Interest
Time
Title
Annexation
Changes personal property to real estate
Severance
Changes real estate to personal property
Fixture
Once personal property but has since been installed to real estate
Appurtenance
after something is installed onto a property, it can be called an appurtenance
Livery of Seisin
“I own it and I have the right to sell it.”
Three Physical characteristics of land
Immobility
Indestructibility
Heterogeneity
Personal Property
Personalty & Chattels; readily moveable from one location to another
Emblements or “fructus industriales”
Personal Property plants
Trees that do not require annual cultivation or “fructus naturales”
Real Property plants
Trade Fixture
only kind of fixture that can be removed from property
Water rights
Doctrine of Prior Appropriation requires that property owners obtain permits for use of water
Littoral rights
properties that border bodies of water that are not moving (lake)
Riparian rights
properties that border moving water (river)
Freehold estate
estates of indefinite duration that can exist for a lifetime or forever
Fee Simple
The most commonplace estate, owning land and anything on the land
Fee Defeasible
Ownership is dependent on certain conditions
Fee Tail
Property inherited by a monarch (illegal in the United States)
Life Tenant
Property that an individual owns only for their lifespan
Dower
common law that entitled a widow to a portion of her husband’s estate in absence of a will
Curtesy
common law that entitled a widow to a portion of his wife’s estate in absence of a will
Homestead
protects the value of a home from property taxes and creditors following the death of a homeowner
Severalty
a single party owns the fee or life estate
Tenancy in Common
an arrangement where two or more people share ownership rights in a property or parcel of land. Can own different percentages, and give their share to anyone upon their death.
Joint Tenancy
an arrangement where two or more people share ownership rights in a property or parcel of land. Must own the same percentage, and upon their death transfers share to surviving party.
Syndicate
group of investors who pool their money to buy or build property
Condominium
owns only the airspace within the condo, plus sharing ownership in the community property
Cooperative
members own stock shares in the building rather than the property
Allodial
allowing individuals title to property without proprietary control of the King
Fee simple defeasible condition subsequent
grantee may use the property for any purpose except that specifically prohibited
Limited Partnership
only the limited partner has limited liability
General Partnership
the general partner has unlimited liability
Lifespan Estate
an individual owns only through the duration of their lifetime
Interval Estate
an individual owns only for a specified amount of time
Joint Venture
two or more parties that combine resources for a specific development or investment
