Chapter 23: Real and Personal Property

Question 1

Real Property

Answer 1

• Land and anything permanently attached to the land.
• (E.g. building, trees, plants)

Question 2

Personal Property

Answer 2

• Moveable items.
• Anything that can be moved

Question 3

What makes up land? (4)

Answer 3

• Soil on surface of the Earth.
• Natural / artificial structures attached to it.
• Bodies of water
• Much of Airspace above & below land.

Question 4

Airspace rights

Answer 4

• Right for commercial and private airplanes to fly over property.

(and create clouds and produce rain artificially).

Question 5

Subsurface Rights

Answer 5

• Right to soil, minerals, natural gas on land.

Question 6

Plant Life and Vegetation:

Answer 6

• Considered real property in a contract unless stated otherwise.
• Generally brings great value to real property (realty)
• (E.g. trees, plants, crops)

Question 7

Fixture

Answer 7

Personal property that is so closely attached to Real Property that it becomes viewed as Real Property.

Question 8

______________ are included in the sale of _________ unless the ______________ specifies otherwise.

Answer 8

Fixture; land; contract

Question 9

No one may actually _____________ or __________ a piece of land.

Answer 9

possess; hold

Question 10

One who possesses the ____________ “_____________” of rights is said to own property in __________ __________.

Answer 10

entire; “bundle”; fee simple

Question 11

Fee Simple Absolute

Answer 11

An ownership interest where owner has greatest aggregation of power, privileges, and rights possible.

Question 12

Privileges that comes with Ownership in Fee Simple Absolute:

Answer 12

• Sell property by deed or will
• Exclusive possession over / use of property.
• Last infinitely and passed onto heirs upon death.

Question 13

Ownership of property is fee simple doesn’t give owners the _____________ to use the property in ________ ways they might want to. Improper usage of property on _______________, violating the rights of other _____________ _____________ to enjoy their property may result in a __________ of _______________.

Answer 13

discretion; all; land; property owners; tort; nuisance

Question 14

Concurrent Ownership

Answer 14

Joint ownership of real or personal property.

Question 15

Two Types of Concurrent Ownership

Answer 15

1) Tenancy in Common
2) Joint Tenancy

Question 16

Tenancy in Common

Answer 16

• Two or more tenants own undivided interest in property.
• One of the tenants in common’s share of undivided interest is passed to heirs upon death.

Question 17

Joint Tenancy

Answer 17

• Two or more tenants own undivided interest in property.
• The undivided interest of a deceased tenant is divided among the remaining tenants.

Question 18

Right of Survivorship

Answer 18

Right of surviving tenant to receive the undivided interest of deceased joint tenant.

Question 19

Termination of Joint Tenancy

Answer 19

Joint tenant may pass interest to another party (outside of existing joint tenants).

However, in doing so, the joint tenancy is terminated, and the person who was given interest is now a tenant in common.

Question 20

Community Property

Answer 20

Concurrent ownership wherein husband and wife share undivided one half interest in property.

If husband wife split, the property is divided equally.

Question 21

Lease

Answer 21

right to possess/use a good for a specified period of time in exchange for a payment.

Question 22

lessor

Answer 22

party in a lease contract that offers good.

Question 23

lessee

Answer 23

party in lease contract that buys good.

Question 24

Leasehold Estate

Answer 24

arises when real property owner / lessor agrees to convey the right to exclusively and temporarily possess/use property to lessee for specified period of time.

Question 25

Fixed Term Tenancy

Answer 25

- Aka, "Tenancy for years" - Tenancy where property is leased to tenant for a specified period of time, either in months, a year, or several years.

Question 26

Periodic Tenancy

Answer 26

- Tenancy where there is no specified period of time-period for which property is leased to tenant. - Payments (rent) are to be paid in intervals at a fixed rate (monthly, annually).

Question 27

Easement

Answer 27

Right to use another person's real property without taking anything from the property. (i.e. walking/driving across someone's property)

Question 28

Profit

Answer 28

Right to use another person's real property and take something from the property /use some product of the property.

Question 29

Appurtenant

Answer 29

relating; related; connected

Question 30

Easement or Profit Appurtenant

Answer 30

The right of one property owner to go onto the land adjacent to theirs, owned by another property owner. (meant to benefit the land [whoever owns property next])

Question 31

Dominant estate

Answer 31

Land that is benefited by interest (right to go onto another person's land).

Question 32

Servient Estate

Answer 32

Land that is burdened by interest

Question 33

Easement or Profit in Gross

Answer 33

Right to use/take something from another persons land is given only to the person who doesn't own an adjacent tract of land. (meant to benefit particular person /business [not the land/ whoever owns the land next])

Question 34

Creation of an Easement or Profit: Most easements and profits are created in an ___________ contract, __________, or ________. This allows the parties to define the ____________, and ___________ of ____________ of use.

Answer 34

express; deed; will; extent; length; time

Question 35

Creation of an Easement or Profit: The creation of an easement or profit may come about if the ______________ of a ___________ of property / land (between two parties) _____________ it's existence, such that it becomes ____________________ for one of the parties.

Answer 35

division; parcel; implies; necessary

Question 36

Termination of Easement or Profit (SEE PAST FLASHCARDS IF NEEDED): 1) _____________ estate can ___________ the rights back to the _____________ estate. 2) _____________ the easement and profit rights, and produce ________________ of you're _____________ to not use them / _________________ them to the other property owner. 3) _____-_______ of the easement / profit rights accompanied by an _________ act showing you're ___________ to ____________ the rights. 4) If the owner of the _____________ estate becomes the owner of the ______________ estate as well.

Answer 36

Dominant; deed; servient Abandon; evidence; intent; relinquish Non-use; overt; intent; abandon servient; dominant

Question 37

License

Answer 37

Revocable right to enter onto another person's land. (e.g. going to the movies: You're ticket is proof of your allowed access to be on someone else's property [the movie theater]. If you over stay your welcome, the theater can bring a tort of trespass against you).

Question 38

Implied Warranty of Habitability

Answer 38

implied promise by seller that house is in good working condition for human habitation.

Question 39

Seller's Duty to Disclose Hidden Defects

Answer 39

Seller of a house is required to disclose any defects that couldn't be reasonably discovered to the buyer.

Question 40

If the seller doesn't disclose any ____________ ____________ to buyer of property, buyer has right to _______________ contract, and _______ for damages regarding ____________ or __________________.

Answer 40

hidden defects; rescind; sue; fraud; misrepresentation

Question 41

Deed

Answer 41

Document for formal transfer of (title) real property

Question 42

Grantor

Answer 42

Party buying title to property in deed.

Question 43

Grantee

Answer 43

Party selling title to property in deed.

Question 44

Quitclaim Deed

Answer 44

Offers the least protection against the defects of a title. - Because grantee only receives as much interest in the title (property) as the grantor had. - if grantor had no interest, grantee receives no interest.

Question 45

Adverse Possession

Answer 45

Obtaining title to land without deed (consent of owner) for a specified (statutory) period of time.

Question 46

Eminent Domain

Answer 46

Power of the govt. to take all land from private citizens for public use awards just compensation to owner.