Flashcards in Chapter 8: Real Property Rights Deck (58):
_____ is physical, tangible, and immobile. It includes the earth's surface, subsurface, and air above the surface.
_____ includes anything growing on the land, anything permanently attached, and all improvements.
_____ includes real estate, plus legal rights to own or use the property.
Riparian rights are rights of an owner whose property borders on _____ water.
flowing: riparian = river
Littoral rights are rights of an owner whose property borders on _____ water.
non-flowing: littoral = lake
_____ is the loss of soil that is carried away by moving water.
_____ is an increase in land area caused by the erosion of other areas.
_____ soil is soil resulting from accretion.
_____ is a sudden loss of or addition to land, usually caused by violent flooding or changes in rivers.
Personal property can also be called _____ or _____.
A _____ is an item that was once personal property, but has since been installed and become part of the real estate.
The process of attaching fixtures to real estate is called _____, removing it would be _____.
Courts use 4 tests to determine whether something is real or personal property (IRMA):
Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)
The bundle of rights to a property is referred to as _____.
_____ are items of personal property that have been attached to the property to perform a certain trade.
The "sticks" in the full bundle of rights to a property are:
A(n) _____ is an individual's rights in a property; an interest in a property that identifies the quality and quantity of rights held.
A party entitled to rights in a property is a(n) _____. This includes property owners.
A _____ is an estate involving ownership. Anyone who owns real property has this.
In a(n) _____, the owner has the complete bundle of rights. Most desirable and most common.
fee simple estate
In which type of fee simple estate is there a sole owner?
Estate/tenancy in severalty
sever all ties = by yourself
In which type of fee simple estate do multiple people share an estate, and the estate is inheritable or may be left in a will?
estate/tenancy in common
In which type of fee simple estate do multiple people share an estate, and a right of survivorship applies (upon the death of a tenant, interest passes to the surviving tenants)?
In a joint tenancy, if a tenant sells his/her interest, it is converted to a _____.
tenancy in common
In which type of fee simple estate does a marriage hold estate?
Tenancy/estate by the entireties
In an tenancy by the entireties, divorce converts the ownership to a _____.
tenancy in common
In a(n) _____, one person conveys ownership to another for the remainder of their lifetime.
In a life estate, the right to regain ownership to yourself or your heirs is called a _____.
In a life estate, if someone other than the original owner is to receive rights upon death the current owner, it's called a _____.
A remainderman who is certain to receive rights is called a _____.
A remainderman who is uncertain to receive rights is called a _____.
A life tenant would have an estate in _____ whereas a remainderman would have an estate in _____.
An estate in which the tenant does NOT have ownership of the property is called a _____.
A tenancy _____ has no definite time limit and can be terminated at any time by the landlord or the tenant.
A _____ or lease hold estate is a lease for a specific period of time.
tenancy/estate for years
A tenancy for years must be _____ by all parties and _____ by 2 people.
tenancy = _____
In a ______, a tenant occupies real estate in the absence of any agreement, such as when a tenant "holds over" after lease expiration.
tenancy at suffrance
_____ provides that a surviving spouse receive 30% of the decedent's real and personal property owed at the time of death.
Elective share is not automatic and must be filed within _____ months of the date of first public notice.
If someone dies without a will, they've died _____.
Without a will, a surviving spouse receives approximately _____ of the property after their spouse's death, with the remaining divided among all lineal descendants.
A _____ is any property owned by the head of a household who resides therein.
Superior liens _____ cause forced foreclosure of a homestead property.
Homestead property can be sold at foreclosure for nonpayment of any lien except a _____ against the head of the household.
Homestead protection is limited to _____ acre(s) within municipalities, and _____ acre(s) outside of municipalities.
Upon the death of a married owner of a homestead property with children, the surviving spouse is entitled to a _____ and lineal descendants would become _____.
By law, a developers of condos must file a ______ to create a condo association and execute a _____ conveying title to the association.
Ownership of a condo includes _____ ownership of the common areas.
true/false: Ownership of a condo can be in any estate type in real property recognized by law.
New condo buyers are allowed a _____ rescission period. Resale condo buyers are allowed a _____ rescission period.
3 business day
Co-op owners buy shares of stock which in turn gives them a _____to the real property.
A timeshare is a condo further subdivided into ______.
Timeshare owners who own in fee simple have a ______ with the other owners.
tenancy in common
Timeshare ownership is also known as _____ ownership.
Timeshares can also be conveyed as _____, converting into a tenancy in common after X years.
tenancy for years
A _____ day cooling off period must be provided for the purchase of new timeshares during which the contract can be cancelled by giving written notice to the seller.