Property Ownership 1&4

Front 1

Land

Back 1

unimproved surface, dirt - owned to the core of the earth and the air above. Own anything on that parcel of land (trees, rocks, etc)

Front 2

Improvement

Back 2

something that has been built on and is permanently attached to the land, a house is an improvement, landscaping, driveways etc.

Front 3

Real Property

Back 3

means land, natural and artificial improvemenmts and all the rights, benefits and interest that go with the land

Front 4

Personal Property

Back 4

is anything moveable that is not permently attached to the land.

In a case with a farmer and his crops, if his farm is sold before his crops are ready, he is entitled to those crops after the sales as they are seen as 'personal property'

Front 5

Fixture

Back 5

Anything that was personal property that becomes attached to real estate

Front 6

Tests to determine if item is a fixture

Back 6

- MARIA

- METHOD of attachment (bookcase w/single screw to hold in place vs. built with moldings and attched to the wall)

-Adaptation of item to the real esate (e.g. finshed bar in basement)

- Relationship of the parties (landlord/lessee trade fixtures, jewerly case, pizza ovens)

- existence of an agreement (made in advance between 2 parties)

-Intent of the annexor (party attaching personal prop to the real estate)

-Agreement btwn the parties (made in advance)

Front 7

estate or estate in land

Back 7

means the extent and type of interest someone has in a piece of land

Front 8

Bundle or Rights

Back 8

includes the rights to use and occupy, mine, farm, develop the property, the rights to will, give and restrict others from using the property, and the right not to do any of these things with the property

Front 9

Free Hold Estates

Back 9

essential characteristics that include ownership of real estate and that it lasts for indefinite or indetermined period of time.

Front 10

Fee Simple
(fee simple absolute or indefeasible fee)

Back 10

the most complete form of ownership without restrictions on rights to ownership, except for public and private restrictions (zoning or deed restrictions)

Front 11

Fee simple qualified esate
(fee simple defeasible estate)

Back 11

this fee simple estate has some limitations on it. The three types of qualified fee estates are:
- fee simple condition precedent
- fee simple condiditon subsequent
- fee simple determinable

Front 12

Fee Simple Condition Precedent

Back 12

ownership commonly referred to as title, won't pass from one to another until a particular condition is met. e.g someone donates property to the county for use as a park w/stipulatioin that nature trails must be built before title passes

Front 13

Fee Simple Condition Subsequent

Back 13

this is when the owner can reclaim property if some condition wasn't met after title passes. e.g. the county that received donated property for the park w/nature trails built a building instead of the park. The original owner has the right to reclaim the land, this is also referred to as 'right of reentry'

Front 14

Fee Simple Determinable

Back 14

this is when the title remains with the new owner as long as the terms of the ownership are being met. If the new owner is no longer using the property for the stated intent, it reverts back to the original owner that donated it without having to take any action. e.g. the park and trails are no longer being used.

Front 15

Life Estates

Back 15

grants possession and limited ownership to a property for a persons life or the spouses life. Main difference between free estates and life estates is that the FREE estate has NO limites and the LIFE estate HAS limits

Front 16

Ordinary Life Estate

Back 16

is a life estate in which the length of time of the estate interest is the lifetime of the person receiving the life estate. e.g. a man provides an ordinary life estate for his 2nd wife but wants to provide for his children from his first marriage, in this case the husband creates and ordinary life estate for the 2nd wife to live the remainder of her life and the children named as 'remaindermen' who are entitled to the estate once the stepmom dies

Front 17

Life Estate Pur Autre Vie
(for another life)

Back 17

The estate in this case is for the lifetime of a third party. e.g. a man owns a 2nd home and his sister has a chronically ill child, the man can provide a 'life estate pur autre vie' for his sister and the sister lives in the house with the son until the son dies. at that time the estate goes back to the man or his heirs (if deceased)

Front 18

Legal Life Estates

Back 18

life estates created by state law
- community property, right of a spouse, entitling him or her to one half interest in real property acquired during the marriage
- dower (in MA) right of surving spouse to a portion of real property that is owned by spouse after he/she dies, even if it's willed to someone else.
Homestead - grants the family home a certain level of protection from creditioins during the owners lifetime

Front 19

Leased Hold Estates

Back 19

provide some rights to tenants, such as a right to exclusive possession and use while the owner reatins some rights, such as ownership, right to collent rent, right to sell
- Leasehold interest or estate(tenants interest in real property)
- Leased fee interest or estate (landlords interest in real property)

Front 20

Eminent Domain

Back 20

is the right of the government to acquire privaely owned real estate for public use, CONDEMNATION is the actual process for taking property

Front 21

Police Power

Back 21

each state has the right to enact legislaion to preserve order, protect the public health and safety and promote general walfare of it's citizens

Front 22

Taxation

Back 22

is a charge on real estae to raise funds to meet the publics need of a government

Front 23

Escheat

Back 23

when an owner dies, has no will and no heirs - property reverts to the state. INSTATE is when someone dies with a will

Front 24

Encumbrances

Back 24

is a claim, charge or liability that attaches to real estate. Emcumbrances may be divided into two classifications:
- liens (usually monetary charges)
- encumbrance (restriction, easememts, licenses and encrochements that affect the condition or use of the property)

Front 25

Lien

Back 25

is a charge against property that provides security for a debt or an obligatioin of the property owner, e.g. real estate tax, mortgage, judgements, mechanics all represent possible liens against a land owner

Front 26

Deed Restrictions

Back 26

restrictions that affect the use of the land and are placed in the deed, and they RUN WITH THE LAND, all future owners must abide by the restrictions

Front 27

Easememts

Back 27

is the right to use the land of another for a particular purpose, usually a WRITTEN agreement betweens parties

Front 28

Appurtemnant Easement

Back 28

is attached to the ownership of one parcel of land and allows THIS owner the use of a neighbors land. e.g. a driveway - and RUNS WITH THE LAND

Front 29

Easement in Gross

Back 29

is an individual or company interest in or right to use someone elses land. e.g. rail way, pipeline. DOES NOT RUN WITH THE LAND

Front 30

CCR
(Covenants, conditions & restrictions)

Back 30

are private ageements that affect the use of the land. they may be enforced by the owners and included in the sellers deed to the buyer. Typically developers do this with subdivisions.

Front 31

Encroachments

Back 31

when a building, fence or driveway illegally extends beyond the land of it's owner or legal buidling lines

Front 32

Accretion, Erosion & Avulsion

Back 32

the natural affect of land amount
- accretion (INCREASE from water depositing soil)
- erosion (slow DECREASE from wind, water flow)
- avulsion (sudden REMOVAL of land by earthquake, mudslide etc)

Front 33

Doctrine of Prior Appropriation

Back 33

in states where water is scarce, ownership and use of water is controlled by the state