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15 Cards in this Set
- Front
- Back
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Property Ownership (What to Cover)
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Classes of Property
Types of Ownership Land Characteristics Encumbrances |
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Classes of Property
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Real
Personal Fixtures Trade Fixtures |
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Types of Ownership
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Freehold (indeterminable length) vs. Non-Freehold
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Limitations on ownership (rights of government)
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Police Power
Eminent Domain Escheat Taxation |
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Life Estate: interests a.d.
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Remainder
Reversionary |
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A life estate tenant willed to a 3rd party. Can the 3rd party take a mortgage on it or gift it to someone?
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Yes but once the original life tenant or designated person named dies, the 4th party loses any value held.
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Inchohate
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a right not yet perfected
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Real Property (definition)
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tangible real estate + intangible bundle of rights
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bundle of rights
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possession
control quiet enjoyment exclusion alienation |
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fee
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ownership
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estate/tenancy
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possession of real estate for period of time
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life estates
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ordinary
conventional pur autre vie |
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Possibility of Reverter
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Inheritable Freehold
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Reversion
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Non-inheritable Freehold
(Life Estate) |
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Remainder
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Non-inheritable Freehold
(Life Estate) |
