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90 Cards in this Set

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What are the four tests of fixtures?
1. manner of attachment
2. adaptation of object
3. existance of an agreement
4. relationship of parties
Appurtenance
any right that transfers with the sale of property. (ex/ easement)
Doctrine of Prior Appropriation
person who gets to water first and diverts it into beneficial use gets rights
riparian rights
right to use water flowing past my property as long as the water isn't diverted (course of water hasn't changed)
littoral rights
right to use a body of water adjacent to property as long as position of water is unchanged
Metes and bounds
land description used with monuments or to describe irregularly shaped parcels
rectangular survey system
grid made of up latitude (base lines) and longitude (meridians)
township
36 square miles
section
1 mile square (640 acres)
recorded plat
(map) useful for subdivisions and used often with lot and block system
reference to document (other than map)
deeds and mortgage
assessor's parcel number
never used as a legal description of property and aids in assessment of property for tax collection purposes
range line
line 6 miles east and west of meridians
informal reference
street address
datum
vertical land description
cul-de-sac
closed at end with circular turnaround
flag lot
shaped like a flag on a flagpole
corner lot
a lot that fronts on two or more streets
inside lot
lot with only one side on street
key lot
adjoins the side or rear property line of a corner lot
What are the three physical characteristics of land?
immobility, nonhomogeneity, and indestructibility
What are the economic characteristics of land?
scarcity, permanence of investment (fixity), modification, and area performance (situs)
feudal system
all landownership rested in name of the king
allodial system
land ownership under which individuals were given the right to own land
eminent domain
the right of gov't to take ownership of privately held real estate regardless of owner's wishes
condemnation
legal proceeding involved in eminent domain and property owner must be paid fair market value of property taken
police power
right of gov't to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public ex/ zoning laws, planning laws, building, fire codes, rent control
escheat
when a person dies and leaves no heirs and no instructions as to how to dispose of her real and personal property or when property is abandoned, the ownership of that property reverts to the gov't
property taxes
an example of a gov't right
fee simple
the largest estate in land. If one owns the property in fee simple with no encumbrances, then one has every right not reserved by the government. can be held by person forever
fee simple determinable
the length of the ownership can be determined from the granting document
fee simple subject to condition consequence
ownership is granted as long as some condition(s) is met. If the condition is no longer being met, the property either reverts back to the owner (a reversionary interest) or goes to some third party (a remainder interest).
fee simple subject to condition precedent
some condition must transfer before ownership actually transfers
easement
a right or privilege one party has to the use of land of another for a special purpose consistent with the general use of the land
encumberance
any claim, right, lien, estate, or liability that limits the fee simple title to property
easement by necessity
buyer cannot be landlocked by seller and can ride/walk through property to get to his own property
easement by prescription
another way to acquire an easement without written document is by constant use
easement in gross
ex/ telephone poles, electricity, or gas line
partywall easement
exists when a single wall is located on the lot line that separates 2 parcels of land
easement by reserve
kept by the seller of the land when sold
easement by grant
given by the owner of the land to another party
dower
recognizes wife's efforts in marriage and grants her legal ownership of the family's real estate
community property
each spouse has equal interest in all property acquired by their joint efforts during the marriage
curtesy
husband benefits (but wife can defeat those rights in her will)
Life estate
conveys an estate for the duration of someone's life
deed restrictions
– rules set forth in the deed (or a document referenced by the deed) that you agree to adhere to if you purchase the property. For example, no work vehicles in the driveway overnight or no swimming pool in the backyard or only certain colors allowed on the exterior.
estate for years
has a definite end date. could be only for a few months.
periodic estate
similar to estate for years except it has no definite end date
tenancy at will
holdover tenancy. continue until either party gives reasonable notice. can terminate at any time with reasonable notice.
tenancy at sufferance
usually happens when one of the other tenancies ends. essentially trespassing, but there was permission to enter. no agreement between parties.
liens
claim against property
property tax lien
a lien filed by local gov't to enforce property tax payment. filed every year and removed when paid. (voluntary and special)
mechanic's lien
can be filed by anyboy that provides labor or materials for your property.
judgment lien
a lien resulting from a judgment against a property owner
mortgage lien
a lien to protect the lender and secure payment of mortgage
special lien
a lien that only applies to one property
general lien
a lien that applies to more than one property
tenancy in common
more than one owner. each owner has undivided interest. can own different percentages. can sell or give away interest. no right to survivorship
joint tenancy
poor man's will. has right to survivorship. undivided interest. same percentage of ownership.
tenancy by the entirety
right of survivorship. only available to married couples, if they divorces they become tenants-in-common
grant deed
includes a covenant that the owner has not previously conveyed the property, that the owner has not encumbered the property except as noted, and that the owner will convey any ownership interest received in the future.
special warranty deed
guarantees only against defects in title occurring during the ownership of the current owner.
bargain of sale deed
contains no covenants, but does imply ownership of the property.
quitclaim deed
contains no covenants and does not imply ownership of the property.
gift deed
used if the consideration is not monetary (i.e. “for natural love and affection”).
guardian deed
to execute the sale or gift of property by a minor
sheriff's deed
used to convey property after a court-ordered sale
tax deed
used to convey property after a sale for non-payment of taxes.
interspousal deed
used to convey property from one spouse to another
cession deed
used to convey roads and sidewalks from a developer or homeowner’s association to the municipality in which they are located
correction deed
used to correct a previous deed (misspelled name or incorrect property description).
holographic will
handwritten will. problems with authenticity and mental state and is it in legal format?
oral will
recorded before death or by military persons
codicil
an amendment to a will
adverse possesion
has to be actual, visible, continuous, exclusive, notorious, and hostile (w/o owners permission)
color of title
paying property or some claim of ownership
alluvian
when you have a river running by property and deposits dirt
reliction
lake and sea recedes and you own that new dry land
avulsion
super-erosion
annexation
materials are attached to the land
public grant
homestead act. gov't giving away land to public.
dedication
individual gives land to gov't for public use
alienation
any change in ownership
lis pendens index
for pending lawsuits that might affect property
marketable title
title to property that is free from all reasonable doubt as to the true owner
quiet title suit
used to clear up clouds on title
constructive notice
recording documents in the public records is one way to provide constructive notice to the world of your ownership interest in a piece of property (possessing the property is the other).
inquiry notice
further investigating anyone making a claim of ownership in a property one is interested in buying. You could learn of the ownership claim by perusing the public record or by visiting the property.
actual notice
knowledge about a property that one gains from stuff one actually sees (documents, the property, etc.).
chain of title
listing of owners of property