Fi 318 - Quiz 2

Front 1

- Claims of demands that our government is obligated to enforce
- Not revocable - cannot be cancelled
-Enduring - doesn't fade away with time

Back 1

Rights

Front 2

Derive primarily from the Bill of Rights and other amendments of the U.S. Constitution

Back 2

Personal Rights

Front 3

Derive from ancient times (tradition and custom), both tangible and intangible. Include possession, use (enjoyment), and disposition.

Back 3

Property Rights

Front 4

Rights in land and its permanent structures

Back 4

Real Property

Front 5

The rest of the objects that are moveable or isn't real estate

Back 5

Personal Property

Front 6

Used to be personal property but becomes part of the real property

Back 6

Fixture

Front 7

-Intentions of the parties (most important)
-Manner of Attachment
-Manner of adaptation (character of articles ex. custom design)
-Relation of the parties (spec. trade fixtures)

Back 7

Basic principles when there is a dispute over fixtures

Front 8

- total bundle of rights
1. Right to use the property
2. Possess to exclusion of others
3. Dispose it

Back 8

Fee Simple Absolute

Front 9

have the bundle of rights so long as a certain condition or event does not occur

Back 9

Fee Simple Conditional

Front 10

The rights to revert to the grantor if the condition is not met.

Back 10

Reverter

Front 11

Estate held until the grantor passes away. Once death incurs the property left becomes the remainder's estate

Back 11

Life Estate

Front 12

Possessory Interests are called

Back 12

Estates

Front 13

Judicially enforced life estate

Back 13

Legal life estate

Front 14

1. Rights to use
2. Possess to exclusion of others
3. Cannot dispose it

Back 14

Nonpossessory Interests

Front 15

Leasehold interest for a specific period of time

Back 15

Tenancy for years

Front 16

Tenant will stay until either landlord or tenant gives notice

Back 16

Tenancy at will

Front 17

Tenant is supposed to vacate but does not, but continues to pay rent, and the land lord accepts it.

Back 17

Tenancy at sufferance

Front 18

If the landlord does not accept a tenants rent after they are supposed to vacate property.

Back 18

Holdover

Front 19

Limited in time, have no meaningful right of disposition because they are limited in time. They are not titled interests.

Back 19

Leasehold Interest

Front 20

The bundle of rights possessed by the landlord in a leased property, made up promarily of the right to receive rental payments during the lease term and ultimately to repossess the property at the end of the lease term.

Back 20

Leased Fee Estate

Front 21

Ownership
1. Fee Simple
2. Fee Conditional
3. Life Estate

Non Ownership
1. Leases
-Possess and use it, can't sell it
2. Restrictive Covenants
3. Liens

Back 21

Possessory Estates

Front 22

The right to use real estate for a specific purpose

Rights "Run with the land"

Back 22

Easements

Front 23

Involves a relationship between two parcels of land.
-Need two parcels

Back 23

Easements appurtenant

Front 24

Benefits from easement

Back 24

Dominant parcel

Front 25

Constrained or diminished by the easement.

Back 25

Servient Parcel

Front 26

Allowing access to something on the servient parcel.

Back 26

Affirmative easement

Front 27

Allows no intrusion onto the servient parcel.

Back 27

Negative easement

Front 28

Right to use land for a specific, limited purpose unrelated to any adjacent parcel.
- Doesn't involve two adjacent parcels.
- No dominant parcel
- Can be granted to any entity
- Usually for a time limit
- Sometimes called commercial easements
- Noncommercial: fishing, hunting, boating, snowblowing, etc.

Back 28

Easements in gross

Front 29

Has exclusive rights and can exclude others from using the land or let in who you want.

Back 29

Exclusive Commercial Easement

Front 30

Can decide who can or cannot also use the land

Back 30

Nonexclusive Commercial Easement

Front 31

Permission to use the land but can also be revoked. Specific limited use.
- Not a right
- Can be revoked at any time
- Can be granted orally

Back 31

Licenses

Front 32

Impose limits on the uses of land
- Grantor imposes the restrictions and enforces them.
- To control the use of the property beyond their ownership
- Runs with the land
- Subdivisions - group of owners enforce restrictions.

Back 32

Restrictive Covenants

Front 33

Interest in real property that serves as security for an obligation.

Back 33

Lien

Front 34

Arises out of actions unrelated to ownership of the property.
- Arises from court-judgment

Back 34

General Lien

Front 35

Works on real estate but doesn't pay him (specific)

Back 35

Mechanics' Liens

Front 36

Is paid out 100 cents on the dollar until it is all paid out.

Back 36

Lien Priority

Front 37

Prioritized depending on the date they were filed.
1. Taxes
2. Mortgages and Mechanics (race to the record books)
3. General Liens

Back 37

Order of Lien Payment

Front 38

Actually owning the property

Back 38

Direct ownership

Front 39

Own real estate through an entity

Back 39

Indirect Ownership

Front 40

More than 1 direct owner

Back 40

Co-Ownership Direct Investment

Front 41

"Normal" form where each co-owner has full rights.
- Each co-owner has undivided interest
- Right to use all of it
- When one dies, their heirs gain interest

Back 41

Tenancy in common

Front 42

Undivided interest but when one owner dies, the other owners acquire his interest
- right of survivorship

Back 42

Joint tenancy

Front 43

Husband and wife

Basically a joint tenancy with a spouse

Back 43

Tenancy by the entirity

Front 44

- Indirect co-ownership
- Buy share or interest in it
- One Mortgage

Back 44

Coop

Front 45

- Everyone has own mortgage
- Fee simple ownership and a tenancy in common for each owner.

Back 45

Condo

Front 46

Fee simple sliced up by time

Back 46

Time Share