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47 Cards in this Set
- Front
- Back
Real Property
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relates to land and those things that are more or less permanently attached to the land, such as homes, office buildings, and trees.
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Personal Property
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Refers to all things not permanently attached to land, such as cars, furniture, computers, bank accounts, stocks, and bonds.
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Physical Elements of Real Property
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Air Space
Mineral Rights Water Rights Fixtures |
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Trees, perennial bushes, grasses that do not require annual cultivation are considered real property
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TRUE
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Annual crops produced by labor, such as wheat, corn and soybeans, are considered personal property.
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TRUE
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Annual crops in SC produced by labor, such as wheat, corn and soybeans, are considered personal property.
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FALSE
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Water Sources
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1) Groundwater
2) Surface Water 3) Water that accumulates in a river, stream, or natural lake |
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Water which accumulates on the surface of the land from rain
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Surface water
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Water beneath the surface of the land created by underground streams or by rain that soaks through the soil
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Groundwater
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Groundwater that has been created by rain soaking through the soil is deemed to belong to the owner of the land on which the groundwater is found.
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TRUE
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A landowner has the right to use the groundwater in any way he/she chooses as land as the landowner does not use or divert the water in such a way as to intentially harm an adjoining property owner.
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TRUE
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A landowner can use groundwater anyway he/she chooses, even if it hurts adjoining property owners.
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FALSE
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Riparian Rights
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Rights of the owners of lands adjoining streams, rivers, and lakes relating to the water and its use.
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Appropriation
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In regard to water law, doctrine stating that water belongs to the person who first makes beneficial use of it.
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Fixture
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Item of personal proeprty that becomes real property because of its attachment to the land or a building.
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Possession
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Occupation of land evidenced by visible acts such as an enclosure, cultivation, the construction of inprovements, or the occupancy of existing improvements.
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Inheritance
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Ability to acqyure ownership to real property because of one's kinship to a deceased property owner.
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Devise
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Conveyance of real property be means of a last will and testament.
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Will
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Legal documents by which a person disposes of his property.
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A will takes effect on the death of the property owner.
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TRUE
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Conveyance
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Act of transferring ownership from one person to another.
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Deed
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Written document that transfers ownership of real property from one person to another.
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Adverse Possession
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Method of acquiring ownership to real property by possession for a statutory time period.
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Tacking
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Combination of possession periods by differenct adverse possessors.
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Fee Simple Absolute
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Estate of real property with infinite duration and no restrictions on use.
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Fee Simple Determinable
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Estate of real property with potential infinite duration; subject to a condition the breach of which can result in termination of the estate; automatically expires on the nonoccurance or occurance of a condition.
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Fee Sumple on Condition Subsequent
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Estate of real property with potential infinite duration; subject to a condition the breach of which can result in the termination of the estate; continues in existence until an action is brought to recover the property.
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Life Estate
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Estate of real property the duration of which is measured by the life or lives of one or more person.
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Waste
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Action or nonaction that causes a loss of value to real property.
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Estate for Years
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Estate of real property the duration of which is for a definite period.
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Estate at Will
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Estate of real property the duration of which is for an indefinite period; can be terminated at the will of the parties.
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Water located within a river, stream, or natural lake is owner by
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The state or federal government and not by the individual property owners whose properties adjoin it.
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The owner has a right to the
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beneficial use of the water.
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The right to the benegficial use of the water is governed by
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riparian rights and appropriation.
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Latin word "ripa"
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River
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Riparian Rights Doctrine
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East of the Mississippi River.
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Appropriation Water Rights Doctrine
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West of the Mississippi River.
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The three elements of valid appropriation
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(a) intent to apply water to a beneficial use
(b) an actual diversion of water from a natural source (c) application of the water to a beneficial use within a reasonable time period. |
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Water rights under the appropriation theory are
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transferable from one property owner to another.
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Water rights under the appropriation theory can be transfered
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without the transfer of land.
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Under the appropriation theory, land can be transfered
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without the transfer of water.
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Judicial Tests for Fixtures
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Attached to real property; the character of the article and its adaptation to the real proerty; the intention of the parties, or if the parties have indicated in writing an intention.
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If a person pledges real property as a security for a debt, not only will the property be pledged, but also
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any items deemed to be fixtures located on the real property.
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The Ex Parte Brown case illustrated that the
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failure to identify an item as a fixture may send a person to jail.
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Chief Legal rights accorded an owner of real property
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Posession, use, and power of disposition.
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Methods of Acquiring Ownership to Real Property
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Inheritance and Devise,
Gift, Contract and Sale, and Adverse Possession. |
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The six modern-day estates in real property:
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Fee Simple / Fee Simple Absolute
Fee Simple Determinable Fee Simple on Condition Subsequent Life Estate Estate for Years Estate at Will |