Section 8 Review Flashcards
Ownership of land gives you ownership of the Ground + Trees + _________________+__________________.
Below the Ground to the Center of earth
Sky and above into infinity
Real Estate is defined as including Land + _________________.
Man-made improvements
Real Property is defined as
Real Estate + Bundle of Rights
Surface rights include what 2 elemental rights?
Land rights
Water rights
Which rights include rights to minerals, petroleum and natural gas found in your property?
Subsurface
Which of the bundle of rights includes the right to use the space above the land?
Air rights
Which of the bundle of rights are associated with land that borders moving water SUCH AS RIVERS? (ownership ends at the shoreline)
Riparian rights
Which of the bundle of rights is associated with land bordering tidal waters (ownership ending at average height of water over 18.6 years = “average high-water mark”.)
Littoral rights
What is the process of land increasing from water depositing rock, sand, and soil.
ACCRETION
What is EROSION ?
loss of land due to natural forces
What is the actual DEPOSIT of land material from the process of accretion called?
Alluvion
What is RELICTION?
Gradual receding of water, leaving land to be claimed through new ownership descriptions.
Defin Personal property
Items having a limited life, which are easily movable from one place to another.
Fixtures become real property through ______ and return to personal property through ________.
attachment
severance
Four legal tests to determine whether an item is a fixture include:
- Intent of the parties
- Degree of attachment
- Agreement and/or relationship of the parties
- Adaptation of the item
What is a Trade fixture?
equipment placed on or attached to commercial real estate used in the business.
ex: commercial stove for a restaurant
Name the 5 Bundles of LEGAL rights included in owning Real Property
possession enjoyment disposition control exclusion.
The word Estate refers to the _____________.
The money and property owned by a particular person
FREEHOLD estate is ownership for how long?
an indefinite length duration
A ______ estate gives a tenant right for a fixed duration
leasehold
fee simple estates and life estates are what kind of estates
Freehold estates (have indefinite duration that can exist for a lifetime or forever)
a __________ estate includes all of the bundle of rights and is said to be the highest form of real estate ownership recognized by law.
fee simple
The _________ extends use of the property to the holder of the life estate based on the __________________.
grantor
span of someone’s life
What is a remainderman estate used for?
to pass property to an air or inheritee upon termination of the life estate
A ________ life estate is returned to the person that created it.
reversionary
Homesteading a property creates what kind of estate for the property owners and the spouses of the owners
legal life estate
Ownership In ______ means sole ownership
severalty
The four unities of joint tenancy are
time
deed
possession
interest
The right of survivorship transfers ownership to the ___________________.
remaining owners upon an owner’s death.
______ in common has no right of survivorship and requires only the ____________
Tenancy
unity of possession
____________________ has right of survivorship and requires all four unities.
Joint tenancy
Tenancy by the entireties is co-ownership as ______. Must have ________ to be created and has right of survivorship.
spouses
all four unities
Exempt property, under the law of property, is defined as being exempt from claim ___________
by creditors or surviving descendants.
Leases for periods longer than _______ must be written to be enforced per the __________
one year
Statutes of Fraud
An estate or tenancy for years has a specific a ______ and must be _________
end date
in writing
A tenancy at will has a __________ but does not have an ________ and automatically renews until notice is given.
beginning date
ending date