Ch 1- Property Rights: Private & Govt Flashcards Preview

RE Principles And Practices > Ch 1- Property Rights: Private & Govt > Flashcards

Flashcards in Ch 1- Property Rights: Private & Govt Deck (54):
1

Feudal system

When all the land belonged to the King and any rule over land was at his sufferance

2

Magna Carta (yr 1215)

Said that land could be inherited within the nobility

3

Allodial system

Our current view of land ownership that comes with the “bundle of rights”

4

Bundle of rights

DEEP C

Disposition
Exclusion
Enjoyment
Possession
Control

5

Disposition

Allows the owner to transfer all or some of the rights to other people

6

Exclusion

Allows owner to stop others from using the property or even entering the property

7

Enjoyment

Gives the owner the freedom to possess and use the land without interference from other people or society

8

Possession

Gives the owner the right to physically occupy the land, use the land, and make it productive

9

Control

Allows the owner to physically alter or change the property

10

Trespass, encroachment, nuisance

Activities that interfere with owner’s bundle of rights

11

Land

Includes the surface of the earth, subsurface, and the atmosphere above area

12

Real estate

The actual physical land as well as all of the attachments

13

Atrachments

Items and property attached to the land

14

Real property

The land, the attachments (real estate), plus the legal interests, rights, and privileges associated with ownership

15

Corporeal property

Physical or tangible real property

16

Incorporeal property

Non physical attachments (like rights of inheritance)

17

Appurtenances

Rights that go along with real property

18

Real property (realty)

Land and everything intended to remain with it

19

Personal property

And property that is moveable and not intended to remain with the land

20

Chattel

Personal property

21

Personalty

Personal property

22

Bill of sale

Document used to transfer personal property

23

Deed

Document used to transfer real property

24

Natural attachments (fructus naturales)

Plants growing on the land, whether naturally occurring or planted

25

Crops (fructus industriales)

AKA emblements are fruits of industry

26

Doctrine of emblements

Allows a tenant farmer to re enter the land to harvest crops that were planted by the farmer but that mature after the tenants departure

27

Improvement

A major fixture that significantly increases he value of the property

28

Fixture

A man made attachment that may or may not be attached to the real property but is closely associated with real property (keys, garage remote)

29

Annexation

Attaching or affixing personal property to real property

30

Severance

When fixtures are detached from the land and revert back to personal property

31

Legal tests to determine what is or isn’t a fixture

Method of Attachment
Agreement
Relationship
Intent
Adaptability

32

Trade fixtures

Fixtures used for business purposes owned by the tenant and can be removed by departing tenants as long as it’s before the lease expires

33

Physical characteristics of real property

Immobility
Indestructibility
Nonhomogeneity
Situs

34

Situs

Location of real property

35

Economic characteristics of real property

Scarcity
Modification
Fixity

36

Scarcity

Perceived supply of something relative to the demand for it

37

Fixity

Refers to how real property is considered a frozen or illiquid asset

38

Modification

Refers to the fact that improvements on the property can be constructed or removed as needed

39

What is NOT a factor in determining whether or not something is a fixture?

Cost

40

Government authority on real property

Police Power
Eminent domain
Taxation
Escheat

41

Escheat

The right to take back property of the owner does without a will or heirs or of the property is abandoned

42

Spot zoning

Rezongos of a single parcel or a small area to benefit one or more property owners

43

Building codes

Rules that set minimum standards and require builders to use certain construction standards

44

Certificate of Occupancy

Document that confirms a structure is fit and ready for occupancy

45

Eminent domain

Governments right to take private property for public use

46

Condemnation

Government Process for the taking of private property for public use.

47

Inverse condemnation

When government action has caused significant loss of value or inability to use the property

48

Taxation

Process of government levying a charge on people or items

49

Ad valorem

According to value

50

Special assessments

Taxes levied only against properties that benefit from a public improvement

51

Intestate

Status of a person who dies without a will

52

Escheat

Term that refers to the reversion of property to the state

53

Laws of descent

When a property passes to the owners heirs when the owner has no will

54

Probate process

Formal court proceeding to confirm the validity of a will