Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
What is a "bundle of rights"?
|
use, exclusion, disposition, and the tight to do none of these
|
|
|
What might be considered "real estate"--discuss rights in real estate?
|
1. Land and buildings
2.Air rights (can't block sunlight in some places) 3. Water rights 4.Sub-surface/mineral rights 5. Fixtures |
|
|
What are fixtures?
|
personal property items that have been permanently incorporated into real estate
EX: plumbing pipes, electrical wires, kitchen cabinets **Becomes part of real estate when it becomes attached |
|
|
How do we determine if an item is a fixture?
|
1. What were the parties intentions?
2. How is the item attached? Would we damage the item or the building if we remove it? 3. What is the nature of item relative to existing use of property? |
|
|
What is a Trade Fixture?
|
business assets that routinely are allowed to be removed prior to the end of the lease even though they meet the definition of fixtures, especially in terms of being permanently attached
|
|
|
What is an estate?
|
an interest in land that is accompanied by right to possess the property
EX: sole owner who holds the full bundle of rights |
|
|
What is a Possessory Estate?
|
estate holder has right to currently possess and use the land
|
|
|
What are the 4 Freehold Estates--traditional ownership interests?
|
1. Fee Simple Absolute
2. Fee simple Derminable 3. Fee Simple on a Condition Subsequent 4. Life Estate (ordinary life estate) only is Alienable **Ownership can be taken away **you can seel, give away, or leave in a will only the interest that you hold |
|
|
What are the 4 Nonfreehold Estates--leasehold interests?
**leaseholds exist for a definite time period |
1. Estate for years
2. Estate from year to year 3. Estate at will (lasts as longs as the agreement) 4. Estate at suffereance |
|
|
What does A, D & D mean?
|
Alienable- you can sell or give it away during your life, Devisable- you can leave it in a will, Descendible- if you die w/o a will, the state will direct the property to your heirs.
|
|
|
What is non-possessory?
|
estate holder has a possibility of receiving the right to possess in the future, at which time the interest will become possessory
|
|
|
What is non-possessory Reversion?
|
ownership returns to original grantor
|
|
|
When can Reversion occur?
|
1. a leasehold period ends
2. condition is violated in a fee simple determinable or fee simple on a condition subsequent 3. a life estate ends |
|
|
What is a non-possessory Remainder?
|
ownership passes to a third party after a life estate terminates
|
|
|
What are the 2 types of a non-possessory Remainder?
|
1. Vested
2. Contingent |
|
|
What is an Easement?
|
the right to make limited use of another person's land; Frequently it's the right to cross over someone else's property
|
|
|
What are the 2 types of Easements?
|
1. Easement appurtenant
2. Easement in gross |
|
|
What is Easement appurtenant?
|
Involves 2 parcels: "dominant estate" and a "Servant estate"
**"runs with the land", so future owners of both parcels are bound by the agreement. EX: shared driveway, access to road, garage build one foot onto a neighbor's lot |
|
|
What is Easement in gross?
|
involves the need to cross or use land owned by another party, but not in relation to another parcel
EX: a power company's right to run its lines over/under your land |
|
|
How are easements created?
|
Agreement
Grant or reservation Implication Necessity Reference to subdivision plat Prescription |
|
|
How are easements terminated?
|
Agreement
Fulfillment of purpose Abandonment Prescription Merger Expiration |
|
|
What is prescription?
|
after unauthorized use (must be open, hostile, and continuous/uninterrupted) for a given time (20 yrs), a user may be entitled to a permanent easement
|
|
|
What is a license?
|
permission to cross land, a lake that does not run with the land, and can be revoked at any time--can be written or oral, can be made permanent if holder pays for improvements with land owner's consent or if license holder acquires an interest in the land
|
|
|
What is Profit a Prendre?
|
a nonpossessory interest that carries the right to take crops, minerals, sand, wild animals from someone else's property, runs with the land
**to take, once its paid for you dont have to pay for it again |
|
|
What is Encroachment?
|
the sitting of a building, fence or other improvement partially on an adjoining owner's land
EX: building that was mistakenly built one foot over the neighbor's lot line |
|
|
What are the methods of concurrent ownership?
|
Joint Tenancy
Tenancy in common Tenancy by the Entirety Tenancy in Partnership Community Property Condominium Cooperative Syndicate Illinois Land Trust Real Estate Investment trust |
|
|
What four unities must be present for a joint tenancy to exist? TTIP
|
Interest
Title Possession Time |
|
|
If the deed transferring title doesn't explicitly specify joint tenancy, then the law presumes tenancy in common. Why?
|
Joint tenancy is not inheritable because it is neither devisable or descendible.
|
