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;
16 Cards in this Set
- Front
- Back
|
Property Law
|
- the liberty to use
- the right to exclude - the power to transfer - immunity from damage |
|
|
Deeds
|
most common way to transfer ownership
Identify seller, describe land, identify new owner, identify the ownership that is being transferred, and conditions on that ownership Document evidencing that a transfer has taken place |
|
|
Title
|
(title = “ownership”) property owner who receives the deed acquires title to the property (right of ownership), & an owner wants “clear title”(do a title search, see if there is another individual or company that claims ownership to that same piec
|
|
|
fee simple absolute
|
Strongest kind of property ownership – includes all four rights (ie parents own house = fee simple)
indefinite in time and right (right to use, exclude, transfer, immunity from damage) When transfer ie sell or give away in a will, rights are transferr |
|
|
life estate
|
Lasts only as long as a person’s life
Ie you own property, brother loves to hunt on property, so you grant a life estate to brother to hunt, but when he dies, the property goes to your kids Brother can sell while he is living, but it would go back to |
|
|
future interest
|
Right to use the property in the future
Ie the kids from the previous example |
|
|
Easements
|
right to enter land of another and make use of it or take something from it
ie enter property and take away timber, pump oil These rights travel with the property Created by agreement (another example are utility companies ie want to run electricity li |
|
|
Adverse Possession
|
“easement by prescription” according to book- allows person who possesses land to acquire title/ didn’t get in ie will, but nonetheless acquire it legitimately) is a weird form of easement. The possession must be:
actual - does in fact possess pro |
|
|
Covenants
|
restrictions on the use of land
Usually private agreements ie: cannot build a fence, have to use natural stone Defeaseable fee- if you break the covenant, you lose the property Illegal Covenants- prohibit sales of covenants to minorities – fairly co |
|
|
Lease
|
– landlord grants to a tenant the exclusive right to use and possess property in exchange for rent
the possession of the tenant is called a leasehold estate Landlord promises tenant that no one will disturb the tenant’s use of the property (“right |
|
|
Police Powers
|
control land use by virtue of regulations
|
|
|
Zoning
|
ie certain areas are exclusivley commericial or exclusively commercial
Ie lots can only be this size Buildings can be no more than 2 stories *Zoning protects property value Ie can specifiy no trailers in nice neighborhood/gated community Ie strip clu |
|
|
Eminent Domain
|
Government is “ultimate land owner”
government can force sale of property or granting of an easement without consent of owner Limitation on this: 5th Amendment requires “just compensation” for takings Ex Kelo v. City |
|
|
Real Property
|
land and anything attached to it
|
|
|
Intellectual property
|
- property arising from mental processes (ie invention, music, boat)
|
|
|
Estate
|
interest in real property
determines rights and power for use of land |
