Property, Estate and Ownership

Question 1

The 5 Bundle of Rights

Answer 1

Use - Right 2 use the property anyways you want
Possess - Right to live on your property and keep people out
Transfer- Right to sell, give, gift or dispose it
Encumber - Right to borrow money and use your property as security for the loan
Enjoy - Right to peace and quiet enjoyment

Question 2

Personal Property

Answer 2

Not real property, anything that is moveable that is owned personally and chattel

Question 3

Real Property

Answer 3

• Land and everything attached to the land includes home

- Also include bundle of rights

Question 4

Land

and what does it include

Answer 4

Physical component of Real Property. Including the sky and subsurface (underground)

Question 5

Surface Right

Answer 5

Top soil and the use of the soil

Question 6

Air Right

Answer 6

Right right to own the space on top of your property

Question 7

Subsurface Right

Answer 7

Right to the natural resources, mineral, oil and whatever’s down there

Question 8

Attachnments

Answer 8

Items that are attached to the land and belong to the owner

Question 9

Improvement

Answer 9

Anything that is going to be built permanently on the land

Question 10

Fixtures

Answer 10

Anything that is permanently attached to the REAL PROPERTY like fans, chandelier etc

Question 11

5 Method of Fixture: MARIA

Answer 11

Method of Attachment:
- How did it attach to the property
Adaptation:
- Has it been made specially for the property?
Relation of Parties:
- Relationship between both parties: landlord vs tenant, buyer vs seller or lender vs borrower
Intentions:
- When the items is installed, if you want it to be permanent then it’s fixtured
Agreement of the Parties:
- Agreement between two parties could replace other rules of fixture

Question 12

Trade Fixtures

Answer 12

Tenant’s personal property such as shower, overs and other big stuff.
They take it with them when they leave and responsible for any repairing damage

Question 13

Fructuc Naturales

Answer 13

Plant, tree grass and stuff

when they buy the house, they get all of these

Question 14

Fructuc Industriales

Answer 14

Annual crops and fruits

Consider as personal property

Question 15

Appurtenance

Answer 15

Anything that is add on to the property and when it’s sold. The new owner get all that stuff too.
Like a water tank, a pond, washer dryer etc…
Anything used with land for its benefit is known as a(n):

Question 16

Easement

Answer 16

Allow a person to use a land that they do not own with certain rules restricted

Question 17

Anything immovable by law

Answer 17

Things that cannot move themselves must come with the property

Question 18

Estates

Answer 18

Ownership of one person in real property

Question 19

Freehold Estate

Answer 19

Estate with indefinite duration, usually measured by someone’s life

Question 20

Nonfreehold Estate

Answer 20

Estate with a fixed timeline. Usually apartment or rental

Question 21

Estates in Fee

Also known as Fee Simple Estate

Answer 21

Absolute Ownership of property

Question 22

Estates Of Inheritance

Answer 22

Estate go beyond life of the holders, usually go to their kids

Question 23

Life Estates

Answer 23

Owner of the property with duration of their life

when they die, the estate go to their kids

Question 24

Estate in Reversion

Answer 24

Owner give a person an estate and when that person died, the estate reverse back to the OG owner

Question 25

Pur Autre Vie (another Life)

Answer 25

- Grant estate to another person after the owner's dead.

Question 26

Chattel

Answer 26

Moveable Personal Properties | Item that can be removed without damaging the property

Question 27

Estate in Remainder

Answer 27

The person that the Original giving the property to before they die

Question 28

Leasehold

Answer 28

term for an asset being leased

Question 29

Tenancy for Years

Answer 29

A lease with a fixed period of time

Question 30

Periodic Tenancy

Answer 30

Tenant with a specific time. usually weeks, months, years

Question 31

Tenancy at Will

Answer 31

When tenant and landlord have not sign any contracts therefore the agreement could be terminated anytime

Question 32

Tenancy at Sufferance

Answer 32

Tenant who stays past the expiration of his or her lease

Question 33

Title

Answer 33

legal owner of a piece of property

Question 34

Seperate Ownership

Answer 34

Ownership that is own by one individual. Could be a person or a corporation

Question 35

Concurrent Ownership | Co- Ownership

Answer 35

When property is owned by 2 or more ppl @ the same time

Question 36

4 Types of Co Ownership

Answer 36

Tenancy in Common Join Tenancy Community Property Tenancy in Partnership

Question 37

Types of Co Ownership | Tenancy in Common

Answer 37

share ownership. Owner can come in and out whenever and do not have to own equal share

Question 38

Types of Co Ownership | Joint Tenancy

Answer 38

When two or more parties own a real property

Question 39

Types of Co Ownership | Tenancy in Partnership

Answer 39

two or more ownership own the property for business purposes

Question 40

Types of Co Ownership | Community Property

Answer 40

Property acquired by spouse

Question 41

Right of Survivalship

Answer 41

Usually in joint co ownership, when one person die the other person get the right to that property

Question 42

Joint Tenancy Requirement | T-Tip

Answer 42

Times : Become tenants at the same time Title : Both take title on a same Deed Interest : Have equal interest in the property Possession: Have equal rights to the property

Question 43

Riparian Rights

Answer 43

Landowner have the right to use the water on their land such as lake, pond river etc...

Question 44

Littoral

Answer 44

The area where the water and land meet, kinda like the coast

Question 45

Priority

Answer 45

The orders of deed and paper work recorded

Question 46

Recording Process

Answer 46

A process of copying paperworks and record them in proper index, alphabetical order under names of parties immediately