Chapter 2 Flashcards
(28 cards)
Acknowledgment
A formal declaration to a public official (notary) by a person who has
signed an instrument that states that the signing was voluntary.
Apurrtenance
Those rights and improvements that belong to and pass with the transfer
of real property but are not necessarily a part of the actual property. (in/out passage on REAL property like mistys driveway)
Bundle of Rights
An ownership concept describing all the legal rights that attach to the
ownership of real property. (he right of possession, the right of control, the right of exclusion, the right of enjoyment and the right of disposition)
Chattel
Personal property.
Constructive Notice
Notice given by recording a document or taking possession of the property.
Easement
easement gives a person or entity the right to access real property that’s owned by someone else
Emblements
Annual crops produced for sale by tenant farmers.
Estate
A legal interest in land; defines the nature, degree, extent, and duration of
a person’s ownership in land.
Estate in Fee
Fee simple absolute
Land owned in fee simple is owned completely, without any limitations or condition
fee simple qualified
A fee simple qualified estate is a fee simple estate that is subject to limitations by the grantor.
fixture
Personal property that has become affixed to real estate. (AIM= adaption, intent of parties, method of attachment)
freehold estate
An estate in real property which continues for an indefinite period of time. (OWNERSHIP)
less than freehold estate
A leasehold estate; considered to exist for a definite period of time (RENTING A PLACE)
(Exmaple: 12 mon lease term (Estate for yrs), month-month lease (periodic estate), tenancy at will (someone lives with u) tenancy at sufferance (u stay longer than ur time period)
life estate
An estate that is limited in duration to the life of its owner or the life of
some other chosen person.
Littoral
Land bordering a lake, ocean, or sea. (LITTORAL=LAKE)
Patents
A conveyance for the transfer of title to land owned by the government; land patent.
Personal Property
Anything movable that is not real property.
Prescription
a user of land may establish a prescriptive easement by proving that his or her use of another’s land was: (1) continuous and uninterrupted for five years; (2) open and notorious; and (3) hostile.
EX:Johnny bought property that did not have access to a public road, but he used the private gravel road of his neighbor to reach a public road for ten years. A court may grant him a prescriptive easement if the owner of the other property did not ask him to stop using the private road.
Quiet Enjoyment
The right to peace without aggravation by others.
Real Property
Land, anything affixed to the land, anything appurtenant to the land,
anything immovable by law.
Riparian Rights
The rights of a landowner whose land is next to a natural watercourse to
reasonable use of whatever water flows past the property. (RIPARIAN= FLOWS LIKE RIVER)
Severalty
Ownership of real property by one person or entity.
Title
Evidence of land ownership.
