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24 Cards in this Set
- Front
- Back
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Bundle of Rights
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Possession
Enjoyment Control Disposition |
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Real Property
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right or interest that a person has in the land or anything attached to the land. Immoveable by law.
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Riparian Right
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Right of landowner to the reasonable use of moving, free flowing water on, under or adjacent to his land
R= River |
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Littoral Right
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Right of landowner to the reasonable usage of a nonflowing body of water abutting his land.
L=Lake |
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Percolating Water
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Underground water not found in a defined channel is ownership
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Potable Water
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Suitable of human consumption
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Surface water rights
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Prohibits the diversion of runoff from rain to the property of another
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Improvements
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Anything attached to the land- becomes real property when permanently attached to land.
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Appurtenant
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Ownershup transfers with the land automatically without the need of a separate transport
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Easement
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The right to cross or otherwise use someone else's land for a specified purpose.
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Emblements
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Planted growing crops that are cultivated by a tenant farmer on leased land
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Bill of Sale
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Your receipt when buying personal property. States that the goods have been paid for
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How to determine if something is a fixture
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Method of attachment
Adaptability Relationship of the parities Intention Agreement |
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Trade Fixtures
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Personal property that is used in the normal course of business
*an exception to MARIA b/c businesses can take everything |
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Methods of land descriptions
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Metes and Bounds
Sections and Townships Lots, Blocks and Tracts |
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Metes and Bounds
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Using monuments, NSEW, and angles to identify a property
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Sections and Townships
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Uses base line, meridian line, township and sections to identify property
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Three principle line intersections
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Humboldt BL and M
Mt. Diablo BL and M San Bernardino BL and M |
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Township
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where a tier intersects with a range. 36 square miles
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Section
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One square mile of a township. 640 acres
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Estate
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an interest, share, right or equity in RE that varies from minimal right of a renter to maximum right of a full owner
1.) Freehold 2.) Less than freehold |
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Freehold Estates
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Fee simple estates
life estates |
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fee simple estate
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owner has transferred all rights of a property to a new owner for an indefinite duration of time
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Fee simple defensible estate
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(qualified fee estate) a fee estate that is subject to particular limitations imposed by the grantor of the estate
Ex. Conditions in the deed |
