Ownership

Question 1

Includes the soil (to the center of the earth) and anything that is permanently attached to it such as trees, water, and also the air above it

Answer 1

Land

Question 2

Rights to things below the surface of the property.

Answer 2

Mineral Rights

Question 3

Rights that apply to land adjacent to running water

Answer 3

Riparian Rights

Question 4

Apply to ocean front property or some large lakes

Answer 4

Littoral Rights

Question 5

Underground water such as springs and geysers.

Answer 5

Percolating Waters

Question 6

Permanent man-made attachments to the land.

Answer 6

Improvements

Question 7

Improvements which are not owned by the owner of the land

Answer 7

Separate Immovable

Question 8

Personal Property

Answer 8

Movables

Question 9

Personal property which has been permanently attached to real property

Answer 9

Fixture or

Component By Attachment

Question 10

5 Categories of Real Property

Answer 10

Residential
Agricultural
Commercial
Industrial
Special purpose

Question 11

The method by which real property becomes personal property; ex; a tree becomes personal property when it is cut down.

Answer 11

Severance

Question 12

The method by which personal property becomes real property; ex planting a tree

Answer 12

Annexation

Question 13

Things attached to real property for the purpose of carrying on a business; they are considered personal property. ex barber chairs .

Answer 13

Trade Fixture

Question 14

“fruits of nature”; things naturally growing on the land; they are real property.

Answer 14

Fructus Naturales

Question 15

“Fruits of industry”; ego Farm crops; they are personal property. Unharvested crops if the land is sold before harvest time are considered real

Answer 15

Emblements

Fructus Industriales

Question 16

An ownership interest in real property that extends for an indeterminable period of time.

Answer 16

Freehold Estate

Question 17

An interest in real property that is for a specific period of time; ex leases

Answer 17

Non-Freehold Estate

Question 18

The most complete form of ownership

Answer 18

Full or Perfect Ownership or

Fee Simple Estate

Question 19

When special conditions are placed on ownership.

Answer 19

Fee Simple Defeasable Estate

Question 20

ownership with conditions

Answer 20

Qualified or determinable fee

Question 21

the new owner is prevented from doing something if he wants to retain ownership

Answer 21

Condition subsequent

Question 22

If conditions are not met, ownership reverts to the original owner.

Answer 22

Reverter Clause

Question 23

Owner holds title only for his life or the life of another (pour autre vie)

Answer 23

Life Estate

Question 24

The person who gets ownership after the death of the life estate owner.

Answer 24

Remainderman

Question 25

Created by the will of the owner

Answer 25

Conventional Life Estate

Question 26

Dower, curtesy, or homestead

Answer 26

Legal Life Estate

Question 27

The interest a widow holds in her deceased husband's estate

Answer 27

Dower

Question 28

The widower's interest in the estate of his deceased wife .

Answer 28

Curtesy

Question 29

Exemption of the family's primary residence from forced sale for the satisfaction of personal debts

Answer 29

Homestead

Question 30

A person owning property by himself

Answer 30

Sole Ownership or | Ownership in Severalty

Question 31

Ownership by two or more people.

Answer 31

Ownership in Indivision or | Co-Ownership

Question 32

The simplest form of co-ownership; each owner holds title to a specific undivided share of the property

Answer 32

Tenancy in Common

Question 33

Illegal in LA. (forced heirship laws) Must have PITT, possession, interest, time, & title; Must be acquired at the same time, have an equal share, and it has the right of survivorship, ego If one joint tenant dies, the others get his share, he can't leave it to someone else. However, a joint tenant can sell his share.

Answer 33

Joint Tenancy

Question 34

Non existent in LA. A form of husband and wife ownership in which the husband and wife are seen as a single person or legal entity.

Answer 34

Tenancy bu the Entirety

Question 35

A form of husband and wife ownership in which each person is considered an equal partner and has a half interest.

Answer 35

Community Property

Question 36

Any property acquired outside the marriage.

Answer 36

Separate Property

Question 37

Legal action to divide joint tenancies or tenancies in common.

Answer 37

Partition Suit

Question 38

A form of co-ownership in which the members own stock instead of real property. Use of the property is secured by a proprietary lease

Answer 38

Co-Operatives

Question 39

A form of ownership involving several owners holding divided title to individual units and an undivided interest in the common elements.

Answer 39

Condominiums

Question 40

Rules governing condominiums which are established in the condominium declaration.

Answer 40

CCR's | Covenants, conditions, rules

Question 41

combine different land uses such as housing, recreation, and businesses in one

Answer 41

PUD's | Planned Unit Developments

Question 42

Mixed use developments: high-rise developments which combine offices, stores, theaters and apartments

Answer 42

MUD's | Mixed Use Development

Question 43

Title to the business is held by one person

Answer 43

Sole Proprietorship

Question 44

Each partner is responsible for the debts up to the limit of his own private resources.

Answer 44

General Partnership

Question 45

Limited partners invest capital, but do not have a say in management and incur less risk than a general partner

Answer 45

Partnership in Commendam or | Limited Partnership

Question 46

A legal entity in the eyes of the law; controlled by a board of directors.

Answer 46

Corporation