Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
44 Cards in this Set
- Front
- Back
Bundle of rights
|
Possession. The right to inhabit property.
• Enjoyment. The right to keep others off the property to ensure a peaceful and quiet space. • Use. The right to utilize the property within the rules of the law. • Transfer. The right to dispose property through a legal will, as a gift or sale of property. • Encumber. The right to borrow money against the value of a property to use said property as security for the loan. |
|
estate
|
is ownership or interest in real property.
|
|
Freehold Estates
|
where the landowner was free from the demands of his overlord and
could use the land in any way he desired. A freehold estate may continue for an indefinite period, or be limited to a specific number of years |
|
Fee Simple Estate
|
Fee simple estates allow the property owner to use the property now and for an indefinite
number of years. |
|
Fee Simple
Absolute |
A fee simple estate that holds no conditions or limitations
|
|
Fee Simple Qualified or Fee Simple Defeasible.
|
This estate is generally transferred through a normal real estate transaction.
Under the provisions of a fee simple qualified or defeasible estate, the interest in the property can be limited or taken away in the event of misuse of the property per any agreed upon conditions. |
|
Life Estate
|
A life estate is an estate that is granted for a definite period of time.
|
|
Measuring Life
|
A person’s lifespan upon which the life estate duration
is based. This may be the grantee of the life estate or a neutral third party. |
|
Remainderman
|
The person a life estate reverts to upon the death of the
current owner, not the original owner of the estate. |
|
Leasehold Estates
|
A leasehold estate (or less-than-freehold estate) contains fewer bundles of rights than
a freehold estate. People who own this type of estate are called renters and tenants. |
|
Estate at Will
|
An estate at will is a lease for an indeterminable amount of time with no express rent
promised for the occupancy |
|
Estate at Sufferance
|
An estate at sufferance occurs when a tenant remains on the land after the lease has
run out. |
|
Leasehold Estates Include:
|
Estate for years
• Estate from period to period • Estate at will • Estate at sufferance |
|
Characteristics of a lease
|
• Landlords must sign all written contracts.
• Possession by a tenant is considered his or her acknowledgement of a lease contract. • Contracts must be backed by some form of consideration (or a form of rent). • Once written, a contract cannot be altered by oral means. |
|
Real Property
|
refers to: land; any permanent
fixtures attached to the land such as a house or building; anything appurtenant to the land such as an easement; or anything attached to the land such as trees. |
|
Airspace
|
The airspace above a building to a specific height is considered real property.
|
|
Minerals
|
Solid minerals contained in the ground are considered real property until taken out of
the ground. Coal is an example. |
|
Water Rights
|
Water is considered real property, but it cannot be owned. A property owner cannot
dam surface water to collect it for his or her own use; nor can water be channeled for the benefit of any one person |
|
Doctrine of Correlative User
|
the landowner
may take a reasonable share of the ground water. |
|
The different types of water rights include:
|
Littoral:
Surface Riparian: Underground: |
|
Right of Appropriation:
|
allows the state to allocate non-riparian property
owners to take surplus ground water for their own beneficial use. |
|
Permanent Attachments
|
It also
includes those items permanently attached to the ground itself |
|
Emblements
|
are growing crops that are considered personal property and are an
exception to the rule of growing crops as real property |
|
Appurtenances
|
An appurtenance is anything used with the land for its benefit.
|
|
Immovable by Law
|
Anything deemed immovable by law is also real property
|
|
Personal Property
chattel |
Personal property is considered movable.
|
|
Five Fixture Tests:
|
Method of attachment
• Adaptability • Relationship of the parties • Intention of the person attaching the item • Agreement between parties |
|
Trade fixtures
|
are personal property affixed to real property for x use in a trade, business
or craft. |
|
There are three methods to describe land.
|
Lot, block and tract system
• Metes and bounds • U.S. government section and township survey |
|
Plat Map
|
showing the divisions of tracts, blocks within the tracts
and the lots within each block |
|
Metes and Bounds
|
measurement system is used when Lot, Block and Tract or
U.S. government section and township survey are not practical, or would not work.. |
|
Metes
|
most closely describe the distance or measurement between two given points,
while bounds refer to the boundaries, or points, being referenced in the measurement between landmarks or monuments. |
|
Bounds
|
can include both artificial and natural features.
|
|
Estate at Sufferance
|
An estate at sufferance occurs when a tenant remains on the land after the lease has
run out |
|
Real Property
|
refers to: land; any permanent
fixtures attached to the land such as a house or building; anything appurtenant to the land such as an easement; or anything attached to the land such as trees. |
|
Plat Map
|
showing the divisions of tracts, blocks within the tracts
and the lots within each block |
|
Metes and Bounds
|
Metes most closely describe the distance or measurement between two given points,
bounds refer to the boundaries, or points, being referenced in the measurement between landmarks or monuments |
|
U.S. Government Section and Township Survey
|
Most of the land in the US is described under the US government section and township
survey |
|
Principal meridians
|
form lines running north and south
|
|
Baselines
|
are the lines that
run east and west |
|
California has three principal meridian / baseline pairs
|
• San Bernardino meridian (Southern California)
• Mount Diablo meridian (most of Northern California) • Humboldt Meridian (Northwestern California) |
|
Range and
Township |
Range lines are every 6 miles east and west of the meridian
• Township lines are every 6 miles north and south of the base line |
|
Which is considered the lowest form of estate?
|
Estate of sufferance
|
|
Trade fixtures are considered
|
Personal Property
|