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83 Cards in this Set
- Front
- Back
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Anything that can be owned
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Property
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Right to property
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Ownership
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Defined by what is IS
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Real Property
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Defined by what it is NOT
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Personal Property
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3 types of real property
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Land & Affixed to Land
Fixtures Apurtanances |
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Anything attached to the land by the owner
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Fixtures
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Things that follow the land
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Apurtanances
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Personal Property that is yours
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Private Property
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Land value + improvement value
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property tax calculation
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something attached to the land by the tenant
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personal property (not a fixture)
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right to walk across anothers land
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easement or easement apurtenant
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things that determine if a property is real or personal
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METHOD of attachment
ADAPTATION to the property RELATIONSHIP of the parties INTENTION of the parties AGREEMENT (MARIA) in reverse order of importance |
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Tenant planted crops
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Emblement
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Items installed by the tenant
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Trade fixtures (personal prop)
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items installed by the owner
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fixtures (real prop)
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In-------the rights follow the owner
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personal property
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in------the rights follow the land
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real property (realty)
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Real property is transferred by a...
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deed
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personal property is transferred by
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a bill of sale (it's not a contract)
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personal property is also known as
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chattle (moovable property)
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uncut timber is....
vs. cut timber is... |
real prop vs. personal prop
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natural attachemt ie a landslide increases your land size
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accession
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something that makes property personal
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severance (cut)
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stating something is pp even though is has yet to be so. (ie farmer tetains rights to crops even though he sells land) it has to be stated in the contract
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constructive severance
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3 physical characteristics of land
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Immovable
Indestructable Unique/Nonhomogenous |
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Location (aka)
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situs
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land with improvements but not built on yet
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site
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these formally describe land
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Legal descriptions
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informal description of land
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address
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3 formal methods of land description
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Meets and Bounds
US Gov't Survey Lot, Block & Tract |
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most complex form of land description
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Metes and bounds
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description beginning at a monument
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USGS
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mostly used in urban areas
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Lot, block & tract
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characteristics of a township
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6mi x 6mi (36 sq. mi)
36-1 mi sections |
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characteristics of a section
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1 x 1 mi square
640 acres 5280 linear feet |
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characteristics of range
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lines run north to south
lie east to west numbered east and west of meridian |
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characteristics of township lines
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lines run east to west
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acre
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43560 sq. feet
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linear mile
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5280 linear feet
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what you own
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Estate
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who owns the estate has...
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title
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Estates in land
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Freehold & Less than freehold (aka leasehold or chattel real)
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Types of freehold estates
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Fee Simple
Life Estate |
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Types of fee simple estates
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fee simple absolute (best, no limitations)
fee simple defeasable (2nd, conditions) |
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Types of life estates
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Estate in Reversion (prop is transferred back to owner)
Estate in Remainder (prop is transferred to someone else) |
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Types of Leashold Estates
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Estate for years
periodic tenancy Estate at Will Estate at Sufferance |
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Definite start and end date, and ends automatically
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estate for years,
can be any amount of time |
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Doesn't end automatically, renews automatically
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periodic tenancy (ie month to month rental)
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Given right to use the land without contract
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Estate at will (eviction notice still required)
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Awaiting eviction because estate for years has expired
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Estate at Sufferance,
can revert to periodic tenancy |
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Two Types of Enumberances
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Monetary (Liens)
Non Monetary (affect use) |
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means "to burden"
burden the land, not the landowner |
Encumburance
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Two types of liens
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voluntary
involuntary |
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types of vonuntary liens
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mortgages
deeds of trust land contracts |
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types of involuntary liens
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real property tax liens
irs liens judgements liens attachment liens mechanics liens |
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types of non-monetary encumbreances
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easements
leases cc&r's |
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types of easements
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e. appurtenant
e. in gross e. by prescription e. by necessity |
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easement appurtenant vs
easement in gross |
e. app:
2 parcels of land, servient tenement has parcel burdened, dominant tenement has parcel benefited E. in gross: 1 parcel of land, with servient and dominant tenement (person benifitted) |
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two ways to own real estate
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sole ownership/ownership in severalty
and co-ownership |
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3 types of co-ownership
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tenancy in common
joint tenancy community property |
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common elements of all types of co-ownership
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undivided interest (no white line)
equal rights of posession |
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default ownership in CA
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tenancy in common (don't have same % of ownership)
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die without a will
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succession or dying intestate
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those who take title after someone dies intestate
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heirs
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die with a will
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dying testate
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those who take over title after dying testate
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divisees (not heirs)
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if you die as a tenant in common, who get the remaining RE?
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the hiers or divisees (not the remainnig RE owners)
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Who can be a tenant in common?
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humans, corporations or enteties
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who can be a joint tenant?
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only humans, not corps.
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requirements for joint tenancy
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Time-all tenants must acquire title simultaneously
Title-it must come frm a common source Interest-Undivided & equal Posession-equal rights of posession |
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Unmarried
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divorced
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single
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never married
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in community property, if a spouse dies intestate, who gets the property? If dies testate?
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the surviving spouse by succession if intestate.
the divisees if testate |
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any association of 2 or more persons to carry on a business
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partnership
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two types of partnership
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General partnership
Limited partnership |
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type of partnership with 2 people & a handshake
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general, downside is joint and several liability
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1 or more people in control of business
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limited partnership
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who assumes all of the risk in a general partnership?
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the general partner; the investors or limited partners can't lose any $ on the investment and can't be sued
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3 special catagories of property
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condo
stock co-op Comm. apt. project |
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this is first a form of ownership, and second a type of property. the owner has fee simple to unit and co-ownership to common area
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condo
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how much time do tenants have in an apt. to condo conversion with regard to notice and right to purchase?
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180 days
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in this type of ownership, the individual owners get together and form a corporation which now owns the building, they become shareholders and the stock is how ownership is transferred (no deed) they all get a property lease
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stock cooperative
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this type of ownership has more than 5 units and everyone owns as tenants in common
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community apartment project
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