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75 Cards in this Set

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  • Back
Real Estate
Land plus appurtenances
Anything that is permanently attached to the land either natural or manmade.
Real Property
Land + Appurtenances + The Bundle of Rights
Personal Property
Readily moveable from one location to another.
Sometimes referred to as Chattels
What is opposite of real property
Personal Property
Something which once was personal, but has been installed. Therfore, it becomes real property
Tests for determining if something is a FIXTURE
M ethod of Annexation
A daptability
I ntent of the parties
D amage -
decision of agreement
between the parties
Emblements or fructus industriales
Annual crops such as wheat, corn, and vegetables. These are considered personal property
Fructus naturales
Perennial trees, perennial bushes, and grasses that do not require annual cultivation. These are real property.
Changes personal property to real property.
Changes real property to personal property.
Trade fuxture
The property of a tenant that is installed, and is necessary for their trade or business.
Three physical characteristics of land
Five ECONOMIC characteristics of land
D emand
U tility or usefulness
S carcity
T ransferability
S itus
Livery of Seisin
Sell the entire bundle of rights.
"I own it and I have the right to sell it"
Estates in Land
The degree of ownership one holds in the land
Feudal system
All land was owned by the king or the government
Allodial System
Individuals are entitled to own property without proprietary control or the King/Government. US is under this System
Police Power
Eminant Domain
Police Power
The right of the government to enact laws and enforce them
Eminant domain
The RIGHT of the government to acquire private property for public use. (Note that it does not have to be for the public good, but for the public use.)
The process that the government utilizes to exercise its right of eminent domain.
The right to government has to collect funds to pay for public services.
Two types of taxation:
Special Assessment and
Ad Valorem (or general real estate taxes). These taxes will take priority in the sale of a home and need not be recorded to be valid
The property revert back to the state when an owner dies without a will and without heirs.
Freehold Estates
Estates of indeterminable duration. They last at least a lifetime or greater, because they can be willed to heirs.
Fee Simple Estates
The highest types of interest in real estate law - complete ownership. Also known as estate of inheritance.
Fee Simple Absolute
No limitations on real estate except the government rights.
Fee Simple Defeasible
There are two types of special limitation.
a. Fee Simple Determinable
b. Fee Simple Defeasible
Fee Simple Determinable
Interest ends automatically upon the owner's failure to comply with that limitation set by the original owner. When this is broken, the property reverts back to the original owner.
Fee Simple Defeasible
Sets limitations of things that can't be done. When this is broken, the property reverts back to the original owner.
Life Estate
An estate in land limited to the life of the owner or the life of someone else.
Conventional Life Estate
a. Ordinary with reversion or remainder

b. Pur autre Vie (Based on the life of another)
when the holder of a life estate dies, the real estate reverts back to the original owner.
when the holder of a life estate dies, the real estate passes to a third party, called the remainder man.
Pur autre Vie
(Based on the life of another)
rather than the estate being based on the holder of the life estate's life, it is based on the of another person. Can have a reversion or a remainder just like an ordinary life estate.
Legal Life Estates
a. Dower/Curtesy - Spousal life estates.

b. Homestead.
Spousal life estates.
Dower: the wife's rights in her husband's estate at the time of his death.
Curtesy: is a husband's right in his wife's estate at the time of her death.
The home is exempt from certain kinds of judgments while the family occupies the property as their residence.
anything that affects the title to real estate. It is a right or an interest held by a party who is not the fee owner of the real estate.
3 Non-physical encumbrances:
* Liens
* Restrictions
* Licenses
the right to use the land of another for a particular purpose.
4 main types of easements:
L- Easement by Operation of Law or easement by necessity
P- Prescriptive Easement
G- Easement in Gross
A- Appurtenant Easement
Dominant Tenement
The person who benefits or uses the easement
Servient Tenement
The person that is subject to the easement
Illegal use of someone else's land (fence placed outside the property lines, etc.)
Riparian owner
The body of water is in movement, as a stream or river, the abutting owner is called a rparian owner.
Littoral owner
The water is not flowing, as in the case of a pond, lake or ocean, the abutting owner is called a littoral owner.
The increase of land created by deposits of soil by the natural action of the water.
The loss of land as a result of its being washed away by a sudden or violent action of nature.
The decrease of land by the gradual wearing away that is caused by flowing water.
Increase in land due to the receding of water from the shore.
Alluvial plain or alluvion
Alluvial plain is a delta area where soil deposits from river; alluvion is the accumulation of soil, rock and other matter from the movement of water.
Air rights:
Air rights may be sold
Horizontal Property Act
Describes condo air space ownership
Many investors share the risk of the investment.
business organization where 2 or more persons as co-owners and share in the business's profits and losses.
Types of Partnerships
* General Partnership: full liability for the debts, losses, and obligations
* Limited Partnership: are liable only to the extent of their investment and cannot be held liable for any debts beyond their investment
The right and evidence of ownership of the land
A Deed
A document that transfers ownership from grantor to grantee.
Basic types of deeds
1. General Warranty Deed
2. Special Warranty Deed
3. Bargain and Sale Deed
4. Quit Claim
Requirements for a valid deed
General Warranty Deed
Contains each of the 5 "covenants" or promises of the seller:
1. Covenant of Seisin
2. Covenant of Quiet Enjoyment
3. Covenant Against Encumbrances
4. Covenant of Further Assurance
5. Covenant of a Warranty Forever
Special Warranty Deed
Seller is only making promises during the time period in which he/she owned the property.
Bargain and Sale Deed
"I own it... but that's about it! I'm ot going to make any promises."
Quitclaim Deed
Offers least amount of protedtion for the buyer. No promises.
Court Ordered Deeds
A deed can convey(transfer)title. The difference in the deeds is in the promises a seller makes should there be a problem.
Parol Evidence Rule
States that oral agreements, promises and unducements made by the parties prior into entering into a written contract may not be used in court to dispute or contradict some written provision expressed in the contract.
Statute of Frauds
A state law that requires certain contracts to be in writing and signed by the party to be charged (or held) to the agreement in order to be legally enforceable in a court of law.
Principal of Laches
Legal doctrine used to bar a claim asserted after the passing of a statutory period of time.
Constructive notice (recordint)
is information that can be obtained from the public records at the courthuse.
Actual Notice
is legally known, but not recorded.
Caveat Emptor
let the "buyer beware"
Notarized Deeds
If you want to record a deed, it must be notarized. The person must go before the notary public and ACKNOWLEDGE that the signing of the deed was a voluntary act.
The signature of the notary