Property Rights: Estates And Tenancies, Condominiums, Cooperatives, And Time-Sharing

Front 1

Land

Back 1

Refers to the surface of the earth and everything attached to it by nature, such as trees and lakes.

Front 2

Real estate

Back 2

Refers to the land and all human-made improvements permanently attached to the land. Such as hones, factories, fences, streets, sewers, and other additions.

Front 3

Real property

Back 3

Includes all real estate plus the legal bundle of rights inherent in the ownership of real estate.

Includes the legal interests, rights, and privileges associated with the ownership of real estate.

Front 4

Definition of real property

Back 4

Back (Definition)

Front 5

Surface Rights

Back 5

Include land and water rights.

Front 6

Riparian and Littorial rights

Back 6

Riparian-has direction

Littoral-has no direction

Front 7

Definitions associated with water rights

Back 7

Accretion

Alluvion

Erosion

Relic toon

Front 8

Subsurface rights

Back 8

Consist of owner’s rights to underground minerals, petroleum, natural gas, and so forth, often called mineral rights.

Front 9

Air rights

Back 9

Involve that space above a tract extending up to a height established by law.

Front 10

3 physical components of land

Back 10

Surface

Subsurface

Air

Front 11

Real property

Back 11

Land and improvements

Front 12

Personal property (chattel)

Back 12

Consist of items having a limited life that are easily movable from one place to another.

Front 13

4 Legal test for fixtures

Back 13

Back (Definition)

Front 14

Practice questions

Back 14

Back (Definition)

Front 15

Bundle of legal rights

(Real property ownership rights)

Back 15

Back (Definition)

Front 16

Bundle of legal rights

Back 16

Deep C

Front 17

Estates

Back 17

Freehold-for indefinite length. Own everything

Leasehold Estate-fixed term. Do not own land.

Front 18

Feehold estates are estates of ownership.

Back 18

Back (Definition)

Front 19

Fee simple estate

Back 19

Is the largest bundle of legal rights.

Front 20

Life estates

Back 20

are another type of freehold estates.

Front 21

Life estates

Back 21

Created by the person who holds title to real property. These lifecestates arevcalled conventional life estates.

Front 22

Remainderman

Back 22

When the life estate ends the property reverts to the original grantor or goes to a third party called a remainderman

Front 23

Homestead

Back 23

Is up to $50,000 and is deducted from the assessed value.

Front 24

Size of homestead

Back 24

Restricted to 160 acres of contiguous land and improvements outside a municipality or up to 1/2 acre of contiguous land and improvements if the property is located within the city.

Front 25

Homestead protections

Back 25

Include $1,000 of value of personal property.

Front 26

Protection of famiky

Back 26

If a married person dies and the family homestead was titled in that deceased persons name only, by operation of the law (even if the will states otherwise) the surviving spouse receives a legal life estate and the children receive a remainder estate.

Front 27

Non freehold estate

Back 27

Have a known duration and do not involve an ownership interest.

Front 28

Leasehold estate (tenancy)

Back 28

Is an interest in real property that a tenant possesses. They are measured in calendar time.

Front 29

Estate for years

Back 29

Is a tenancy with a specific starting and ending date.

Front 30

Tenancy at will

Back 30

Maybe written or oral

Is a lease agreement that has a beginning date but no fixed termination date such as week to week or month to month agreement.

Front 31

Tenancy at will termination

Back 31

Week to week-7 days

Month to month-15 days

Front 32

Tenancy at sufference

Back 32

Occurs when a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord.

Front 33

Tenancy in common

Back 33

When two or more persons wish to share the ownership of a single property.

Front 34

Undivided interest

Back 34

Interest in the entire property rather than ownership of a particular part of the property

Front 35

Joint tenancy

Back 35

Right to survivorship

Front 36

4 unities of joint tenancy

Back 36

P

I

T

T

Front 37

Seperate property

Back 37

Any property held in one spouse name only. Property the husband or wife owned separately before they were married and property acquired during marriage by inheritance or gift.

Front 38

Practice questions.

Back 38

Back (Definition)

Front 39

Practice questions

Back 39

Back (Definition)

Front 40

Cooperatives

Back 40

Is a multi unit building that is owned by a corporation. The corporation holds title to the land and improvements. The unit owners purchase shares of stock in the corporation.

Front 41

Disclosures and cancellation period.

Back 41

Back (Definition)

Front 42

Condominiums

Back 42

Consist of condominium units and common elements.

You are given a deed.

Front 43

Cooperative, Condominium, and time share recission periods

Back 43

Back (Definition)

Front 44

Disclosure and cancellation period

Back 44

15 days

Front 45

Time sharing

Back 45

Back (Definition)

Front 46

Time sharing

Back 46

10 calendar days of contract signing or receipt of the public offering statement whichever is later.

Back (Definition)

Front 47

Practice questions

Back 47

Back (Definition)

Front 48

Practice questions

Back 48

Back (Definition)