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Flashcards in Chapter 49 Deck (40)
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1
Q

Nature of Real Property

A
  1. Land and structures
  2. Airspace and subsurface
  3. Plants and vegetation
  4. Fixtures
2
Q

Bundle of rights involved with real property

A

rights to title, use and possession; the more rights one has the more complete their ownership in real property

3
Q

Ownership in Fee Simple

A

owner possesses entire bundle (all 3 of the rights) of rights; greatest absolute power possible under the law; ownership is potentially infinite in duration and assignable to another and his/her heirs without limitation or condition. Most complete, absolute ownership.

4
Q

Life Estates

A

conveyance of property for the life of the owner; giving use and possession…but we are not transferring title!

5
Q

“I give Blackacre to John Smith for his life”

When do ownership rights of John Smith terminate?

A

On his death. When he dies, the use and possession go back to the grantor (the person who owns the title).

6
Q

“I give Blackacre to John Smith for his life”

What duties does John Smith have to the property?

A

To not waste the land. Don’t do things that harm the land – harming the land (doing something that is adverse to the land) If it is farmland we could be growing crops, but we would want to mindful to rotate crops

7
Q

Tenancy in Common

A

Co-ownership of property by 2 or more persons

8
Q

Tenancy in Common - 4 friends buy a condo unit in Hawaii. John owns 1/4th interest, Mary owns 1/4th interest, Joe owns 1/4th interest, and Beth owns 1/4th interest.

If Mary dies, what happens to her share?

A

Her heirs inheret her share. Now…John owns 1/4th interest, Mary’s heirs own 1/4th interest, Joe owns 1/4th interest, and Beth owns 1/4th interest.

9
Q

Can 1 of 4 tenants-in-common sell his/her interest without consent of the other tenants-in-common?

A

Legally you can do it…it’s not very marketable.

10
Q

Joint Tenancy

A

2 or more persons owns an undivided interest in the property as joint tenants (specific language is the difference)

11
Q

Joint Tenancy - A family of 2 parents and 2 adult children buy a Colorado cabin together as joint tenants. Mom owns 1/4th interest, Dad owns 1/4th interest, Jane (Adult) owns 1/4th interest, and Bill (Adult) owns 1/4th interest.

If Jane dies, what happens to her share?

A

The other 3 tenants inheret her share. Now…Mom owns 1/3rd, Dad owns 1/3rd, and Bill owns 1/3rd.

12
Q

What if adult children are married but spouses are not listed as a joint tenant when they buy the cabin?

A

The spouses don’t have an interest in it. Spouses do not own a share of the cabin. So when the adult child dies, their spouse has no interest in the cabin.

13
Q

Community Property (Texas)

A

Married couples own property as community property regardless of who earns the income or whose name is on the title; means they each own an undivided ½ interest in all property acquired during the course of the marriage

14
Q

When is property not viewed as community property?

A

If you owned it before marriage (the problem is keeping it separate). Acquired during marriage by gift or inheritance. All income is community property (even if one spouse stays home and the other is the sole breadwinner).

15
Q

Leasehold Estates

A

Created when the owner (lessor) agrees to convey 2 of the rights in their bundle (use and possession) to a lessee (tenant) for a period of time.

16
Q

Fixed-Term Tenancy

A

Term

17
Q

Periodic Tenancy

A

month-to-month tenancy (no fixed-term of total duration)

18
Q

Non-possessory Interests

A
  1. Easement
  2. Profit
  3. Licenses
19
Q

Easement

A

right to make limited use of another person’s real property without taking anything from the property

They just have the right to be on the land, they do not have the right to take something from the land

20
Q

Profit

A

right to go onto the land of another and take away some part of the land itself or a product (mineral etc) from the land

21
Q

Easements and Profits can be either…

A

“appurtenant” or “in gross”

22
Q

“Appurtenant”

A

Right to go onto (or remove something from) an adjacent piece of land owned by another; land benefited by the easement is the “dominant estate”; land burdened by the easement is the “servient estate”; is conveyed with the land if and when land is transferred means the profit/easement “runs with the land” or is conveyed with the land if and when land is transferred

23
Q

“In gross”

A

Right to use or take things from another’s land but the easement or profit owner does NOT own adjacent property; cannot be transferred because it benefits a particular person or business and not the property cannot be transferred because it benefits a particular person or business and not the property itself

24
Q

Owner of a land locked piece of property is granted a right of way easement for access purposes.

A

Easement Appurtenant

25
Q

Utility company or cable company has an easement to run its power lines/cable lines.

A

Easement in gross.

26
Q

A sand company is given rights to access property with a sand pit to dig up 5,000 lbs of sand and haul off.

A

Profit in gross.

27
Q

License

A

revocable right to go onto the property of another

28
Q

What are examples of licenses?

A

A ticket to the movies, permission for a hunter to hunt deer

29
Q

Deeds

A
  1. The names of the grantor (the giver or seller) and the grantee (the donee or buyer).
  2. Words evidencing the intent to convey (for instance, “I hereby bargain, sell, grant, or give”).
  3. A legally sufficient description of the land.
  4. The grantor’s (and frequently his or her spouse’s) signature.
  5. Delivery of the deed.
30
Q

Warranty Deed

A

A deed in which the grantor promises that she or he has title to the property conveyed in the deed, that there are no undisclosed encumbrances on the property, and that the grantee will enjoy quiet possession of the property; provides the greatest amount of protection for the grantee.

Very broad language.

31
Q

Special Warranty Deed

A

A deed that warrants only that the grantor held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.

More narrow.

32
Q

Quitclaim Deed

A

A deed that conveys only whatever interest the grantor had in the property and therefore offers the least amount of protection against defects of title.

33
Q

Special warranty and quitclaim deeds are used when…

A

people get divorced

34
Q

Gift Deed

A

giving property away so we are not selling it. But you want to see title transferred by the deed.

35
Q

What are the 4 requirements for adverse possession?

A
  1. Possession must be actual and exclusinve
  2. Possession must be open, visible, and notorious, not secret or clandestine
  3. Possession must be continuous and peasable for the required period of time
  4. Possession must be hostile and adverse
36
Q

Adverse Possession

A

Involuntary transfer of property

37
Q

Limitations on the Rights of Property Owners

A
  1. Eminent Domain
  2. Inverse Condemnation
  3. Restrictive Covenants
38
Q

Eminent Domain

A

government can take part of your land. “condemnation power of the government” to take part of your private land for public use. (building a highway, or super rail, or widening road). They pay you fair market value.

39
Q

Inverse Condemnation

A

the government takes the land without paying you anything. But, you can sue to get fair market value.

40
Q

Restrictive Covenants

A

private HOA restrictions, deed restrictions