Chapter Four - Estates & Interests in Real Property Flashcards Preview

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Flashcards in Chapter Four - Estates & Interests in Real Property Deck (62)
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1

Property

Real Property (Real Estate, Realty)

-  Land and all attachments.

2

Personal Property

-  All things that do not meet the definition of real property.

3

Appurtenances

-  The real estate including all other things that would pass with the land to a new owner (improvements, air rights, gas, oil, water and mineral rights,

-  Excludes Personal Property

4

Navigable Waters

-  Congress controls all navigable waters under the constitution.

5

Littoral Land

-  Land that borders coastal waters.

6

Riparian and Littoral Land

-  Used interchangeably because the rules dealing with both are consistent.

7

Division of Water Resources

-  Presides over non-navigable waters and streams.

8

Bureau of Marine Lands Management

- A division of the Department of Environmental Protection. - Oversees ownership of riparian rights.

- May sell or lease riparian rights if owner of adjacent land has not done so already. - Typical lease is 15 years.

9

Wetlands Act of 1970

- Allowed the Department of Environmental Protection to regulate certain activities in designated wetland areas.

- Commissioner of Environmental Protection issues permits.

10

Accretion

The gaining of additional land through the process of either Alluvion or Reliction.

11

Accession

Describes how title is acquired by the new owner whenever additional land is acquired through natural causes.

12

Alluvion

Deposits of additional soil attaching itself to existing property through natural caused.

13

Reliction

Where water recedes gradually from an area and new land is exposed.  

14

Avulsion

-  Refers to the sudden change in the course of a stream due to earthquake or flood.

-  Unless avulsion is due to erosion, the boundry line between properties doesnt change.  

15

Beach Rights

-  States hold title to waters and other public lands as a trustee fir the benefit of the people (Public Trust Doctrine).

 

16

Personal Property

-  Consists of every kind of property that is not real property,

-  Sale of personal property is accomplished with a Bill of Sale.

17

Chattel

-  Tangible personal property.

-  Financed by way of a Security Agreement (Chattel Mortgage).

18

Mobile Homes

-  A mobile home is not real property, but a Chattel, as long as it remains moveable.

-  A mobile home becomes a Fixture if it is attached to the land.  

-  Real estate licensees are permitted to broker the resale of mobile homes.  

19

Plantings

Emblement Rights

-  A tenants right to take the harvet of an annual crop, even after the tenancy has ended.  

20

Fixtures

Fixture

-  Item of personal property that has become affixed to the land or building in such a manner that it has become and actual part of the rela property.  

-  Fixtures pass with the property and dont need to be mentioned in the deed.  

21

Trade Fixtures

-  Fixtures specifically used by a tenant in conducting business.

-  Considered personal property and are removable upon lease expiration.  

22

Rights of Property Ownership

Bundle of Rights

 

-  Theory proposes that ownership in real estate implies a group of rights, the total of which establishes absolute ownership.

-  Since land cannot itself be physically transferred, a set of distinct rights can be transferred separately.  

23

Governmental (involuntary) Limitations on Land Ownership

Police Power

-  Power vested in the government to restrict, regulate and control an individual's free use of land without compensation.

-  Zoning, building and health codes, police regulation, etc...

24

Eminent Domain

-  The right of the government to take privately owned land for public purposes.  

25

Condemnation

-  The act or process by which the government exercises the power of eminent domain.  

26

Escheat

-  Property that reverts to the state when a property owner dies intestate (without having a will).  

27

Contractual (voluntary) Limitations on Ownership of Land

 

-  Deed Restriction 

-  Easements

-  Leases

-  Mortgages

28

Estates and Interests

Estate

-  An ownership or possessory interest that one has in land.

-  All estates consitute interests in land.

29

Interest

-  Any right that one has in property and is less than an estate.

30

Two Categories of Interest

-  Present Interest: holder takes possession of property such as fee simpple or leasehold interest.

-  Future Interest: postponed until some time in the future such as remainder or revision.