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17 Cards in this Set
- Front
- Back
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Fixture
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an object of personal property that has become an object of real property.
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Real property
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law applies ownership to land and interests in land such as mining rights or leases.
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Divisibility
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relates to capital formation and refers to how property permits resources to be broken into parts and used in many ways while the owner still retains a property interest
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rule of first possession
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the first person to reduce previously unowned things to possession becomes their owner.
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Fee simple defeasible
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transfer of ownership with conditions attached.
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Life estate reversion
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Asset is transferred back to original owner after death of owner.
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life estate remainder
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Asset is transferred to a new owner after death of owner.
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leasehold estate
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property right granted to tenants by a landlord.
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warranty deed
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promises the grantee that the grantor has good ownership and the full power to convey it.
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special warranty deed
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specifies that certain legal claims against the land, like mortgages, exist but guarantees that no other claims exist.
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quitclaim deed
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makes no guarantees other than that the grantor surrenders all claim against the land.
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easement
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places a particular use of land behind the exclusive legal fence.
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natural easement
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common law - owners of land have right to get from their land to the nearest public road.
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Negative easement
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an adjoining landowner cannnot do anything that would cause your land to cave in or collapse such as digging a ditch that would cause the land on your side to collapse.
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easement by prescription
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someone has used another's land crossing it openly for around 20 years. After this time the land owner cannot prevent the other from using it in this way.
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bailment
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Putting property in the possession of another with understanding it will be returned
- For bailor - For bailee - For mutual benefit |
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nuisance
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using land so it causes inconvenience to others.
Public (dumping waste, killing fish in river) Private (disturbing/causing inconvenience to a neighbor) |
