Real Estate Test 1

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-Differences between
public law and
private law

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Public law: a law that applies generally to the people of a nation or of a state; the law concerned with the organization of the state, the relations between the state and the people, the responsibilities of public officers, and the relationship between states.

Private law: the law governing relations between private individuals.

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Federal Statutes

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U.S. Congress

Fair housing act

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State Statutes

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State Legislature

licensing requirements for real estate salespersons and brokers.

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Common Law

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Courts

Trespass, and nuisance

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Equity

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originally courts of equity, now in courts of general jurisdiction

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Federal administrative Regulations

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Federal Administrative Agencies
Clean air standards

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State administrative rules and regulations

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state administrative agencies
Regulation of real estate sales persons, brokers, and building contracts

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The 6 stages of Litigation

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1.Commencement of Legal Action
2.Defendant's Response
3.Discovery
4.Trial
5.Appeal
6.Enforcement

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Administrative law

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the body of law created by administrative agencies in the form of rules, regulations, orders, and decisions to carry out regulatory powers and duties of such agencies.

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Uniform Commercial Code

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a code of law (adopted in its entirely by all states expect Louisiana) that governs commercial transactions.
-Article 2 of the Code covers that the sales of goods. Its definition of goods is identified to the definition of personal property: all things which are movable at the time of identification to the contract for sales.

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Statute of Frauds

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a law that disallows any suit or action involving certain classes of contracts such as those concerning interests in land, unless the agreement is evidenced by a note or memorandum in writing signed by the party to be charged or his authorized agent.

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Fixtures

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a legal hybrid; a piece of personal property that has become affixed to real property. In such a way that it becomes part of the real property. The UCC’s definition of a fixture is also instructive: Goods are fixtures when they become so related to particular real estate that an interest in them arises under real estate.

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Fixture Disputes

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1.When a dispute arises in a transfer of real estate over whether certain pieces of property are fixtures.
2.when a dispute arises over whether property that may or may not be a fixture is sold separately from the real estate.
3.when a dispute arises over whether a fixture serves as collateral to secure a loan.
4.when a dispute arises over whether a fixture is wrongfully or mistakenly affixed to another’s real estate.

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Airs Rights

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the legal interest in the vertical dimension of property.

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Navigable water

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any body of water that, by itself or by uniting with other waters, forms a continuous highway over which commerce can be carried on with other states or countries.

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Prior appropriation

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a water rights doctrine that confers the primary rights to the first users of water.

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Ownership principle

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a theory under which oil and gas are owned in place and can be served or sold the same as a solid mineral.

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Easement

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an interest in land that gives the owner the right to use real estate owned by another for a specified purpose.

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Easement by necessity

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such as easement customarily arises where part of a tract is conveyed, and as a result of the severance, the part conveyed or the part retained is deprived of legal access to a public road.

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Prescriptive easement

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a right to use another’s property that is inconsistent with the owner’s rights and that is acquired by a use-open and notorious, adverse, and continuous-for the statutory period. To a certain extent, it resembles title adverse user acquires only an easement and not title.

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License

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a privilege to enter the premises for a certain purpose, which does not operate or confer on, or vest in, the licensee any title, interest, or estate in such property.

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Fee simple absolute

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an estate limited absolutely to its owners and their heirs that assigns forever without limitation or condition.

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Fee simple defeasible

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a fee estate that may end upon the happening of a specified event.

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Determinable

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at some future date it can be terminated.

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Termination of Easements
1. Cessation of purpose

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1.when an easement is created for a particular purpose, it terminates when that purpose no longer exists.

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2.Expiration of period

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an easement granted for a specific period of time will, of course, terminate at the end of the period.

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3.Merger

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If the owner of the easement acquires the servient estate, the estate is terminated.

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Right of entry

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a future interest associated with the fee simple subject to a condition subsequent in which the grantor may elect to end the interest after the grantee breaches a condition under which it was granted.

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Restraint on alienation

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a provision in an instrument of conveyance that prohibits the grantee from transferring the property that is the subject of the restraint.

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Life Estate

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an estate in which duration is measured by the life of a person.

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Remainder

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a future interest created in favor of a party other than the grantor that generally follows a life estate. A remainder interest can be vested or contingent.

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Rights of Remainderman

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may be found in legal dictionaries, but are rarely used in practice. A female person in the position of a remainderman is also termed a remainderman. For instance in a will chatels are left to one person, who can then offer it to a second person, who can then offer it to a third person who can then it offer to the last person who is referred to as "the remainderman".

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Joint Tenancy

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ownership of real or personal property by two or more people in which each owns an undivided interest in the whole and each has the right of survivorship.

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Tenancy by the Entirety

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a tenancy created between a husband and wife under which they hold title to the whole property with the right of survivorship.

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Tenancy in Common

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Concurrent tenancy in which there is a unity of possession but unities of time, title, and interest are required.