Unit 2: Property, Estates & Ownership Flashcards
What is Acknowledgment?
A formal declaration to a public official(notary) by a person who has signed a instrument that states that the signings was a voluntary.
What is Appurtenance?
Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.
What is Bundle of rights?
An ownership concept describing all the legal rights that attach to the ownership of real property
What is Easement?
Interest owned by one person in the land of another.
What is Estate?
A legal interest in land; defines the nature, Degree, extent and duration of a person’s ownership in land.
What is Trade Fixture?
Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.
What is Riparian rights ?
The rights of a landowner whose land is next to natural watercourse to reasonable use of whatever water flows past the property
What is Free Hold Estate?
An estate in real property which continues for indefinite period of time
What is Emblements?
Annual crops produced for sale by tenant farmers
What is personal property
Anything movable that is not real property.
What is littoral ?
Land bordering a lake, Ocean, or Sea
What is Fixture?
Personal property that has become affixed to real estate.
What is Real Property?
Land, Anything affixed to land, anything appurtenant to the land, anything immovable by law.
What is Severalty?
Ownership of real property by one person or entity.
What is Chattel?
Personal property
What is Less Than Freehold?
A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination
What is an Life Estate?
An estate that is limited in duration of the life of its owner or the life of some other chosen person
What is a Title
Evidence of land ownership
What is constructive notice?
Notice given by recording a document or taking possession of the property
What is Quite Enjoyment?
The right to peace without aggravation by others.
In a technical sense, the term “Property” refers to :
Rights or interest in the thing owned
Why do disputes arise regarding ownership of personal property?
Personal property can become real property.
Is airspace considered real property?
Yes
Is a lease considered personal property
Yes
A running stream is considered what type of property?
Real property
Which of the following statements concerning riparian rights is not correct
Riparian property owners own the water and may use as much as they want
Is an existing mortgage considered personal property?
Yes
What is considered appurtenances to land?
Something acquired by legal rights and used with the land for its benefits
A right-of- way over another’s adjoining land
Stock in a mutual water company
What are the 5 test of a Fixture?
Method of attachments
Adaptability of the item
Intention of the parties
Relationship of the parties
Agreement between the parties
Of indefinite duration is a phrase that describes an
Estate of inheritance
John conveys a portion of his fee estate to Fred that is for a term less than his own, Johns own interest would be?
Reversion
Is a “tenancy for years”a non Freehold estate?
Yes
David left his son 2/3 interest and his son’s wife 1/3 Ingres in real property jointly and with ought the right of survivorship. They will take title as:
Tenancy in common.
Ownership in severely would most likely involve:
Sole ownership
Banker, Cool, and Turner own equal interest in a parcel of land as tenants in common. Withought the consent of the others, Turner leased the entire parcel to Hunter for agricultural purposes. Such a lease would be:
Valid, But Hunter takes the property subject to Baker and Cooks right to share in the enjoyment and possession of the property.
The word “Time,Title, and possession” are most closely related to?
Survivorship
How are a joint tenancy interest and a community property interest alike ?
Ownership interest and equal
Chris, Bell, and Lyn took title to a property as joint tenants. Chris sold her share to pay, and then Bell died. Who owns the property now?
Lyn owns 2/3
Pat Owns 1/3 as tenant in common .
A contract to sell community real property made by one spouse only is
Unenforceable
