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24 Cards in this Set
- Front
- Back
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Anything that may be owned and gained lawfully. The rights or interests which the owner has in the thing he owns.
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Property
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Property rights are the rights someone has in something. (Use, enjoy, possess, encumber, transfer)
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Bundle of Rights
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Movable property also known as chattel. Includes money, movable goods such as trade fixtures. Is transfered with a bill of sale.
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Personal Property
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Anything permanently attached to the land, generally immovable. Transferred or sold by a deed.
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Real Property
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Anything that may be owned and gained lawfully. The rights or interests which the owner has in the thing he owns.
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Property
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Property rights are the rights someone has in something. (Use, enjoy, possess, encumber, transfer)
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Bundle of Rights
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Movable property also known as chattel. Includes money, movable goods such as trade fixtures. Is transfered with a bill of sale.
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Personal Property
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Anything permanently attached to the land, generally immovable. Transferred or sold by a deed.
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Real Property
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Airspace, surface rights, mineral rights and water rights. Mineral rights are automatically transferred when property is sold. Owns the space beneath the surface to the center of the earth and the airspace above it.
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Land
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Items of personal property which now are attached (physically or legally) to the land and are now considered real property.
Industrial crops, when cut, mortgaged, or sold, become personal property. Size and cost of the item or time of attachment are not tests. |
Fixtures
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Five tests of a Fixture
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M - Method of attachment
A - Adaptation R - Relationship of the parties I - Intention A - Agreement of the parties |
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Articles of personal property that a tenant has attached to real property which are necessary in his trade or business. May usually be removed by the tenant, if removed without damage to the property. They are not considered real property. Shelves, cash registers, room partitions or wall mirrors.
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Trade Fixtures
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Anything used with the land for its benefit. "Belonging to" Easements and stock rights, two most common type.
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Appurtenances
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Estate of indefinite duration and can be sold or inherited. Is a real property estate of an owner, whose hold on the estate is free of anyone else's restrictions.
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Freehold Estate
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Estate owned by a tenant who rents real property. The tenant has temporary and limited right of use in a real property estate. The rights are described by a lease, which is personal property.AKA leasehold estate
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Less-than-freehold estate
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Most complete form of ownership. May dispose of it in his lifetime or after death by will, it is AKA an estate of inheritance or a perpetual estate.
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Fee simple estate
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The owner holds title without any qualifications. Indefinite in duration.
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Fee simple absolute
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Conditions or limitations on the use of the property.
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Fee Simple Defeasible
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An estate limited in duration to the life of its owner or the life of another designated person.
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Life Estate
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Has the right of possession and use.
Cannot allow waste. May sell, encumber or lease it for the duration of the life estate. When the life estate ends, the lease or encumbrance is terminate. |
Holder of Life Estate
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Held by original grantor, if property is to revert to him upon death of designated person. Amy grants to Bill a life estate with the provision that upon Bill's death, the property goes back to Amy.
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Estate in reversion
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Held by third party, if estate is to pass on to him upon death of designated person. Greg grants to Linda a life estate, with the provision that upon Linda's death, the property goes to a third party, Charles.
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Estate in Remainder.
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Owned by renter or tenants.
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Less-than-freehold estate
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Continues for a definite period fixed in advance. No notice to terminate is required. May be for days, week, months, or years. (Lease)
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Estate for Years
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