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29 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is an Acre?
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A unit of area of 4,840 square yards.
An acre is 43,560 sq ft. An acre is 0.0015625 sq. miles. |
Football field, goal line to goal line ~ 1 1/10 acres; chop the field down to 90.75 yds and that's an acre.
Basketball court, 0.108 acre ~ 1/10 acre. |
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What is a Deed?
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a LEGAL DOCUMENT signed and sealed and delivered To EFFECT a TRANSFER of property and To SHOW the legal right to POSSESS the property
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What does it do? and
What does it show? |
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How does the law define Property?
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that which is the subject of ownership.
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What is a Trust?
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Something (e.g. property) held by one party (the trustee) for the benefit of another (the beneficiary)
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Define Ownership.
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the right of one or more persons to possess and to use the thing which is owned, to the exclusion of others.
hint: |
In a legal sense, the word property does not refer exclusively to the physical thing owned.
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What is a Mortgage?
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A CONDITIONAL CONVEYANCE of property as SECURITY for the REPAYMENT of a loan
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What is a Deed of Trust?
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a WRITTEN INSTRUMENT legally CONVEYING property to a TRUSTEE often used To SECURE an OBLIGATION such as a mortgage or promissory note
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What is a Deed?
To whom is the deed delivered to? Why is it delivered to this entity? |
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What is a Surety Bond?
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A bond given To PROTECT the RECIPIENT against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
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What is a Collateral?
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A security pledged for the repayment of a loan
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Define encumber?
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1) Restrict or burden (someone or something) in such a way that free action or movement is difficult.
2) Saddle (a person or estate) with a debt or mortgage. |
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What are the Bundle of Rights?
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1) The right to own property
2) The right to possess property 3) The right to use property 4) The right to enjoy property 5) The right to encumber property or borrow money on property 6) The right to dispose property 7) The right to exclude those who do not share ownership of the property |
BeE, U DOPE
B: borrow money on property e: encumber property E: enjoy property U: use property D: dispose of property O: own property P: possess property E: exclude those who do not share ownership of the property |
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Define appurtenance.
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noun_ A right, privilege, or property that is considered incident to the principal property for purposes such as passage of title, conveyance, or inheritance.
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Define appurtenant.
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adjective_ pertaining to something that attaches. In real property law this describes any right or restriction which goes with that property, such as an easement to gain access across the neighbor's parcel, or a covenant (agreement) against blocking the neighbor's view. Thus, there are references to appurtenant easement or appurtenant covenant.
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What does Real Property consist of?
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1) Land
2) That which is Affixed to the land 3) That which is Appurtenant or Incidental to the land 4) That which is Immovable by law |
Appurtenant_adj. - Furnishing added support
Ai Lai: Ai: That which is Appurtenant or Incidental to the land L: Land A: That which is Affixed to the land I: That which is Immovable by law |
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What is Land?
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1) Surface of the land
2) Airspace of the land 3) Materials and substances beneath the surface to the center of the earth |
S.A.Ms
Land is the solid material of the earth (e.g. soil, rock, etc.); mountains, valleys, swamps, etc. |
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What is a Lien?
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The right to take another party's property if an obligation is not discharged
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Define Emblements.
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In the common law, emblements are annual crops produced by cultivation legally belonging to the tenant with the implied right for its harvest, and are treated as the tenant's personal property.
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Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's. If a tenant loses possession of the land, he or she is still entitled to finish raising the crops and to harvest them. If the land passes to someone else because of the tenant's death, the crops pass to the tenant's heirs. If the crops are annual but did not require labor by the tenant or if the crops are not annual, they are not considered emblements.
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What are chattels?
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Personal property.
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Personal property = chattels= choses.
Offspring of slaves were considered chattels. Russian serfs were considered chattels. Cattle are personal property. |
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What are choses?
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Personal property; a thing.
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Personal property = chattels= choses.
Choses is pronounced as "shows" |
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What are the Water Rights of the property owner?
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1) Underground Water rights
2) Riparian Water rights 3) Right of Appropriation |
Water Rights: URR
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What is considered Underground water?
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Percolating water that is Not confined to:
1) a well 2) a defined channel 3) a water bed |
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Define Riparian.
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Adj._Having to do with the banks of rivers and streams.
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What are the Riparian rights?
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With no absolute ownership of the waters, each owner has a personal right, along with other landowners, to USE such waters in a reasonable manner.
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Each owner has a right to an amount of water in proportion to the amount of land owned that borders the water course and in light of the needs of all interested parties.
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What is the Right of Appropriation?
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The right given to the state to give permission to a Non-riparian owner to take water form a river or lake.
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What is an Easement?
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n._ A right to use someone else’s property (the servient estate or burdened property) for a specific purpose.
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Example:
The rights of way over adjoining lands. The rights of way for the passage of light, air, or heat from or across the land of another. |
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What is an Easement, appurtenant?
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n._ An easement that is attached to a particular piece of property (the dominant estate or benefited property) and stays with it if it is transferred to another owner.
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What is an Easement, implied?
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n. _ An easement that the law will find must have been intended by the parties to a transaction, even if they did not express it, i.e., easements that are necessary for both parties to continue to use their property.
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What is the court derived Fixture test?
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MARIA.
1) Method of Attachment 2) Adaptability 3) Relationship of parties 4) Intention of parties 5) Agreement between parties |
They help define whether the disputed is a fixture and thus permanently attached and hence real property OR whether it is movable and hence personal property.
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What are Trade Fixtures?
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Articles of personal property that a business tenant has attached to real property because of their need to be used in trade or business.
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Examples: shelving, counters, cash machines, things that are used but not sold as merchandise to customers.
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