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20 Cards in this Set
- Front
- Back
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real property
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all legal interests in land and things permanently attached to the land
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personal property
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legal interests in all other types (moveable property)
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chattel
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synonym for personal property
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fixture
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personal property which becomes real property when it is attached to the land or building.
It is important to identify fixtures because when you sell property, the owner is entitled to all fixtures within the property (chandelier) |
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Test for fixture status helps determine
4 things |
1. the value of real property
2. whether a real estate item should include the item 3. whether the item is part of the security given to the mortgagee 4. whether the item remains with landlord or removed |
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Estates on land
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collections or bundles of land
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Freehold estate
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ownership (homeowners)
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Fee simple absolute estate
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the fullest and most complete set of ownership rights one can possess (fee states or fee simple)
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leasehold estates
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right to use and possess (renters)
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alienable
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the owner can transfer any interest in the property while living
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divisible
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interests can be transferred by a will on the death of the owner
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descendible
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interest passes to the owner's legal heirs if he or she dies without a valid will
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Qualified fee state
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owners rights can be "defeased" or lost in the future should a stated event or condition come to pass.
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Reversion
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in a qualified fee estate, it is a future interest which states the condition that must be violated in order for the property to revert to the grantor
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Life State
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a freehold estate that terminates automatically upon the death of a named person
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Life Tenant
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owner of a property as long as someone is alive
"to Sarah, for Ann's Life" |
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estate pur autre vie
(estate for the life of another) |
?
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vested remainder
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when the remainderman is guaranteed ownership of the property at some time in the future
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contingent remainder
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when there are conditions attached to the remainder interest that could prevent remaiderman from receiving a present interest in the property
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right of reentry
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leasehold estate
landlord retains full ownership of the real property |
