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109 Cards in this Set
- Front
- Back
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Real Property |
consists of land, improvements attached to the land, benefits, rights, and ownership interests that go with the land |
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Appurtenance |
describes the rights, privileges or improvements that belong to and pass with the land |
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Improvements |
man's additions to the land such as buildings and landscaping |
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Waste |
opposite of improvement- legal term for property deterioration |
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Subsurface rights |
mineral rights consist of the right to subsurface land and profits (may or may not be included in the sale of real property) |
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Surface rights |
water rights called riparian rights or littoral rights- can be used for domestic reasons, the flow cannot be interrupted or contaminated. State has the right to refuse to grant water rights (scarcity or shortage) |
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Air rights |
right to use open space above your land (sold or leased) Can also be transferred by easement as in elevated highways and can be taxed separately from land |
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riparian rights |
right to use water from river or stream |
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littoral rights |
right to use water from lake or ocean |
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Middle of a body of water |
non-navigable waterfront property, landowners may own to the... |
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Vegetation line |
navigable waterfront property, landowners own to the... building piers will not extent property line |
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State |
Who owns all navigable water (rivers, creeks, streams) |
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Prior Appropriation |
theory of water law based on the idea "first in time is first in right" meaning the 1st land owner to claim water rights has the exclusive right to take all the water for specific beneficial uses. Subsequent owners of nearby properties cannot claim water rights |
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water rights- what terms associated |
terms riparian, littoral, and appropriative all refer to what rights |
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Nonhomogeneity Immobility Indestructibility |
three physical characteristics of land |
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Nonhomogeneity |
no two pieces are exactly alike. current term is uniqueness, each pieces is unique |
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Immobility |
land cannot be moved- a person must go to the land |
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indestructibility |
durability- it will always be there |
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scarcity modification fixity situs |
four economic characteristics of land |
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scarcity |
in short supply where demand is great- usually based on geographic considerations (lot in Dallas in worth more than a lot in Midlothian) |
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modification |
land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land (ex. Disney World) |
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fixity |
land and buildings and other improvement to the land are considered fixed or permanent investments- THEY ARE NOT LIQUID ASSETS |
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situs |
location preference from an economic rather than geographic standpoint (can change over time) LOCATION LOCATION LOCATION |
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personal property |
right or interest in something of a temporary or movable nature and includes anything not classes as real property |
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Chattel or Personalty |
two other terms from personal property |
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Bill of Sale- when included in sale, an addendum may be attached to the contract to describe the details of the transactions |
How is ownership of personal property transferred |
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Fixture |
personal property that has been attached in such a way as to make it real property |
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freestanding |
a fixture is never |
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installed |
the word_____ often indicates a permanent attachment |
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annexation |
the process of attaching personal property to make it real property (therefore making it a fixture) |
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severance "severed" |
process of real property becoming personal property (detaching) |
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-method of attachment -adaptation to the property (customer vs stock) - intention of the parties attaching the fixture |
tests of a fixture |
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trade fixtures |
fixtures installed by a tenant in order to carry out a business, ad they may always be removed from leased property prior to the termination the lease |
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they become real property and pass to the landlord, acquiring property in this way is called accession |
what happens is trade fixtures are not removed prior to the termination of the lease |
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accession |
landlord acquiring property due to prior tenants failure to remove trade fixtures before the end of the lease- therefore becoming real property |
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annexation |
accession is sometimes used interchangeable with... |
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a surveyor |
Who creates and determines a legal description? |
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legal description- of certainty and accuracy that one can go to the ground and identify the land |
What is necessary of a contract or conveyance (deed, listing, sales contract) in order for that document to be enforceable? |
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-metes and bounds -lot, block, and subdivision descriptions -monuments -rectangular survey system |
methods of land description (legal) |
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metes and bounds |
description that uses terminal points and angles and always have a POB (point of beginning- often a monument). Uses compass directions, degrees, and minutes. the point of beginning is also the end, so that the land described is completely defined. Might include the use of street names. |
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metes and bounds |
this is the oldest and most common method of land description |
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lot, block, and subdivision description |
descriptions derived from a recorded map called a Plat |
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lot, block, and subdivision description |
this is the most common description used in residential listing agreements |
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monuments |
permanent surveyors' markers- property is described as being a certain distance and direction from the marker. rarely used alone but often starting point for a metes and bounds description (vital to the accuracy) |
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Natural (stand of timber or an old oak tree) |
Monuments can be mad-made (iron pipe) or... |
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Rectangular Survey System |
considers base lines, and meridians, townships and sections |
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Government Survey System |
another term for the Rectangular Survey System |
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ranges |
Townships and sections are located in.. |
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1 township = 36 sections |
1 township= ? sections |
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1 section= 640 acres (1 sq mi) |
1 section= ? acres, ? sq mi |
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640 acres, also equal to 1 section |
how many acres in 1 sq mi |
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1 acre = 43,560 sq ft |
1 acre = ? sq ft |
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plat and plot |
vertical land descriptions are used for air rights (ex. sale of multistory building) a street address is not a legal description but ____ and ____ are |
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plat |
a map of a town, section or subdivision |
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plot |
a map or layout of improvement on a property site( aka lot/parcel) |
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parcel |
the property site is also called a lot or____? |
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land and building size & types of construction |
physical description of property specify... |
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-square feet -acres -square mile -townships -sections |
land and building area are measured by |
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1 mile= 5,280 feet long |
1 mile= ? feet long |
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on-site: built from the ground up off-site: prefabricated buildings (often called modules or modular construction) |
construction can be : |
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masonry, brick, stucco, or framed with cement board or siding utility info, availability, hook-ups, water and sewer info |
types of construction include ... and the description needs to include... |
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encumbrance |
limitation on your rights |
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an encumbrance |
cloud on the title refers to |
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liens, reservations, encroachments, leases, easements, deed restrictions, licenses, adverse possession, and lis pendens |
examples of encumbrances include: |
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release it, or get a release |
legal method of removing an encumbrance is to |
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lien |
charge against property as security for a debt |
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voluntary lien filing or recording |
lien created by the lienee's or borrower's actions like taking out a mortgage or home improvement loan -what must be done to the mortgage to create a lien |
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it is recorded |
a mortgage is not effective or enforceable until.. |
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the first priority lien |
when the mortgage is recorded and if its the first recorded claim, it will be |
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involuntary lien |
lien created by law and can be statutory or equitable (common law) -statutory law always takes precedence over common law |
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-federal tax liens -ad valorem (according to value) tax liens -judgment liens -mechanics and materialmens' (m&m) liens |
what are examples of statutory liens? |
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m&m lien |
What lien can be placed on a property when materials have been delivered or work has begun |
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Equitable lien |
lien that comes from common law and include seller (vendor) or buyer (vendee) |
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general or specific |
liens can be.. |
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Specific lien |
lien that attaches to one or more specific or named properties (ex. mortgage) |
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general lien -recording -writ of execution |
lien that attaches to al the property of the debtor, not exempt from forced sale (ex. judgment or IRS lien or credit card) -what is required form a judgement to become a lien -if a party wins a judgment and is unable to collect, that party can secure a _____ from the courts to enforce payment of the lien |
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encumbrances |
All liens are _____ but not all _____ are liens |
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reservation -the grantor |
withholds title to a part f the land described in the deed (ex. an easement or mineral rights) -who is it imposed by |
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encroachment, disclosed, survey |
when a structure or improvement overlaps onto another's property it is an ____ and must be_____ and determination requires a _____ |
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doctrine of laches |
a listing agent discloses an encroachment, a buyer's agent recommends a survey. in the case of a encroachment, the injured party has the right to demand the removal of the encroachment. A failure to assert that right in a timely manner can lead to the loss of that rights. in law this is called the___ |
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easement created in writing and recorded use without possession |
allows limited use or enjoyment of another's land. it is a right in land and should be ____ & ___. In other words, it is____ |
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-express (written or verbal) or implied (by actions or evidence) grant -agreement -reservation -limitation or prescription -necessity -condemnation |
easements can be created by |
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condemnation |
government taking an easement by____ for itself (ex. utilities or railroads) |
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-merger (acquiring the adjacent property) -release abandonment |
easements can be terminated by.. |
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dominant and servient estate dominant servient |
when you have two parcels of land with a road across one parcel it is a _____, the owner who crosses over the other's land is ____ (would be landlocked without the easement). The property with the road is ____ to the other estate. |
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easement encumbered |
the dominant estate benefits from the ___ while the servant estate is ____ |
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Easement Appurtenant Dominant and servient estates |
The most common reason for this type of easement is entry and exit from the property, it goes with the land and the landowner owns the easement -found in what estate |
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easement in gross |
belongs to a person or corporation (not transferred with the land) ex. utility easement, no matter who owns the land the easement still belong to the utility comany |
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party wall |
an easement shared by owners on both sides, who each have rights ow ownership and responsibilities for maintenance |
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license -limited duration -right in land -verbally , revoked |
permission to do a particular act upon the land or property of another (ex. theater ticket or sports event ticket- grants use of one seat for one performance) -similar to an easement but of much more ___ -it is not a___ -often given _____ and easily _____ |
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adverse possession (Squatter's rights) |
when property is acquired from the rightful owner through the Statute of Limitations. |
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tacking |
adding one party's period of possession to a previous occupant's period of possession. allowed only in some states, used to reach the required number of years required for adverse possession (squatter's rights) |
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lis pendens |
a recorded notice filed against a specific property, meaning that some form of lawsuit has been filed, but not yet resolved in court. (may become the responsibility for a new owner if not settled prior to closing) |
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hostile, visible, actual, continuous, and distinct |
for adverse possession (squatter's rights) occupancy must be ______ for the statutory period |
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3-25 10 |
Required occupancy time for adverse possession (squatter's rights) differs from state to state and can be a minimum of __years and a maximum of___ years. in Texas, its ___ years |
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interest, real property |
an estate is an ___in _____ |
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freehold estate fee simple or fee simple absolute indeterminate length (it has no termination date) |
type of estate, it is ownership, ownership with the greatest bundle of rights (best type of ownership) is called ___ . what is the duration of this type of ownership? |
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bundle of rights |
all the legal rights that attach to the ownership of real property including but not limited to the right to sell, lease, encumber, use, enjoy, exclude, will to heirs, etc. |
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non-freehold estate (lease hold) |
opposite of a freehold estate because it has a termination date |
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defeasible fee aka conditional fee "qualified fee" or "even qualified defeasible fee" |
ownership with conditions or terms, which if violated, could cause the ownership interest to be defeated or terminated. When defeated, it reverts, or goes back to the original grantor or their heirs. |
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life estate life tenant the right to choose who will get the property upon their death |
ownership for the duration of someone's life. The owner is called the ____ , they have all rights and duties of an owner, except ... |
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remainderman fee simple |
who gets the property after the life estate is ended? they get what type of ownership? |
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life estate our auto |
life estate based on the life of someone the than the life tenant |
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it expires |
if the life tenant leases the property and then dies... |
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no effect- the buyer of the life estate would have to vacate the property upon the death of the original life tenant and would not receive a refund of the purchase price |
if the life tenant sells his or her interest in the property.. how does it effect the remainderman |
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life estate with reversion |
when a life estate is set up so that at the end of the life estate the property goes back to the original owner |
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estate in severalty (sole ownership) -corporations or partnerships often hold titles this way |
ownership by one person- if only one signature is required to sell a piece of property then there is only one owner |
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tenancy in common |
ownership by two or more without rights of survivorship- most common type of joint ownership- it is an estate in inheritance, upon death shares of common areas go to heirs, at probate. (unequal shares are permitted) does not require approval of all shareholders to sell. if no instructions, title company will assume tenancy in common with equal shares |
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tenancy in common joint tenancy |
two types of ownership that are very restrictive |
