Estates And Interests

Front 1

What is land?

Back 1

Land is legally consider to include the surface of the earth, the surface to the center of the earth, and the air about the land within reason limits.

Front 2

What is real estate?

Back 2

Real estate is defined as the actual physical land also known as unimproved land or raw land and everything, both natural and man-made, that is permanently attached to it.

Front 3

What is real property?

Back 3

Real property is land and its attachments, as well as all of the rights associated with the property.

Front 4

What is personal property?

Back 4

Personal property is most easily defined as any property that is not real property. It is movable.

Front 5

What are the bundle of legal rights?

Back 5

The right of possession, the right of quiet enjoyment, the right of disposition, the right of exclusion, and the right of control.

Front 6

Which right gives the owner the right to physically occupy the land and to use the land and make it productive?

Back 6

The right of possession.

Front 7

Which right gives the owner the freedom to possess and use the land without interference from other people or society?

Back 7

The right of quiet enjoyment.

Front 8

Which right allows the owner to transfer all or some of the rights to other people?

Back 8

The right of disposition.

Front 9

which right allows the owner to stop others from using the property or even from entering the property?

Back 9

The right of exclusion.

Front 10

Which right allows the owner to physically alter or change the property?

Back 10

The right of control.

Front 11

________________ is a physical invasion of land by another person who has no lawful right to enter it.

Back 11

Trespassing

Front 12

What is an encroachment?

Back 12

Encroachment its a legal synonym for trespass, but the term refers to objects, such as buildings, whereas trespass refers to people.

Front 13

Nuisance refers to what?

Back 13

A nuisance interferes with a quiet enjoyment of land from outside causes such as loud noises, unsightliness, and obnoxious odors.

Front 14

What are appurtenances?

Back 14

Appurtenances are rights that go with real property, for example, access rights, limited air rights, water rights, mineral rights.

Front 15

What is Riparian rights?

Back 15

Is the water in question is flowing, for example, a river or stream, the rights are said to be riparian.

Front 16

What is Littoral rights?

Back 16

If the property is subject to the ebb and flow of the tide, such as an ocean, Bay, or large Lake, the rights are said to be littoral.

Front 17

what are appropriative rights?

Back 17

Water rights granted by government permanent independent of land ownership.
Usually cannot interfere with riparian or littoral rights.

Front 18

What are fixtures?

Back 18

Fixtures are items of personal property that has been permanently attached to the land or its improvements, for example ceiling fans, built in bookcases, furnaces, etcetera.

Front 19

Fixtures start out as personal property but can become real property through one of several methods which are...

Back 19

1. Becoming physically attached to real property, a process called annexation.
2. Becoming attached conceptually because of a close association with real property such as keys to our house.
3. Becoming attached through the process of adoption, for example, curtains that were custom made for an unusual window size or shape.

Front 20

What are trade fixtures?

Back 20

Trade pictures are any equipment or personal property a commercial tenant installs for business purposes. While these items may be attached to real property, they remaine the personal property of the tenant.

Front 21

What is another word for personal property?

Back 21

Chattel.

Chattel is any property that is movable and not fixed to land.

Front 22

How is ownership conveyed when someone sells personal property?

Back 22

Buy a bill of sale.

Front 23

How is a personal property conveyed when is part of a will?

Back 23

Bequest also known as legacy.

Front 24

What is freehold estate?

Back 24

A freehold a state is a prossessory interest of uncertain duration it may end, but no one knows when.

Front 25

What is a fee simple estate?

Back 25

A fee simple state is the fullest freehold estate interest that exist in real property. It is also called fee title or fee simple absolute.

No conditions on the title. It is perpetual, inheritable, and transferable.

Front 26

What is a qualified fee estate?

Back 26

A qualified fee state means that a grantor puts the condition or requirement in the deed that terminates the estate automatically if the condition or requirement is not Met and reverts the title back to the grantor or the grantor's heirs.

Front 27

What is a fee on conditioning state?

Back 27

A fee on condition estate means that a grantor puts conditions or requirements in the deed that give the grantor the right of reentry if the condition or requirement is not met.

Front 28

What is a life estate?

Back 28

A life estate is a freehold estate that lasts only as long as a specified person, the measuring life lives. The holder of a life estate its called a life tenant.

with a conventional life estate, the measuring life and the life tenant are the same person.

A life estate may also be based on a person's life other than the life tenant, which is known as life estate pur autre vie.

Front 29

What is reversionary?

Back 29

The property revert to the grantor, or the grantor's heirs, upon the death of the measuring life.

Front 30

What is remainder?

Back 30

The Grand Tour grants a life estate to one person, then to another person, the remainderman, upon the death of the measuring life.

Front 31

What is a deed?

Back 31

A deed is a document that transfers ownership of real property, as when someone sells a house to someone else.

Front 32

What is devise?

Back 32

Devise is when real property is transferred because of a will.

Front 33

What is tenancy in common?

Back 33

Tenancy in common is a form of co-ownership with two or more persons having an undivided interest in the entire land. when a tenant in common dies, his interest in the property passes to his heirs.

Front 34

What is joint tenancy?

Back 34

Joint tenancy exists when each co-owner has an equal undivided interest in the land and right of survivorship. Joint tenancy requires all four unities possession, interest, time, and title.

Rick, David and Patrick take title to property as joint tenants. Each owns one-third interest in the property. When Nick dies, his interest passes to David and Patrick automatically, who each now own a a half interest.

Front 35

What is tenancy by the entirety?

Back 35

Tenancy by the entirety is a form of a co ownership that involves only owners who are husband and wife with each having an equal and undivided share of the property.

Tenancy by the entirety requires all four unities possession, interest, time, and title as well as the unity of person, since spouses are considered a single, indivisible legal person.

Front 36

A sole proprietorship is a business owned by a single individual or a husband and wife for tax purposes in severity.

Back 36

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Front 37

Partnerships.

Back 37

A partnership is an association of two or more individuals as co-owners of a business, as specified in the partnership agreement.

A general partnership is an association of two or more individuals as co owners of a business where all partners share in the financial liability both individually and as a member of the partnership.

A limited partnership is an association of two or more persons as co-owners of a business with one or more general partners and one or more limited partners.

Front 38

Corporations

Back 38

A corporation is a legal entity that is created and operated according to the laws of each state.

Front 39

Condominiums

Back 39

Condominiums are properties developed for co ownership where each co-owner has a separate fee simple interest in an individual unit and an undivided interest in the common areas of the property.

Front 40

Cooperatives

Back 40

Cooperatives are buildings own buy a corporation, with the residence as shareholders who each receive a proprietary lease on an individual unit and the right to use common areas.

Front 41

What are townhomes?

Back 41

town homes are properties develop four corners shape where each co-owner has a separate fee simple interest in an individual unit, including its roof and basement, as well as the land directly beneath the unit.