Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Bundle of Rights |
Legal rights attached to your property ; things you can do with your property |
UPTEE |
|
|
“UPTEE” |
Use - right to use property, within the law, for any purpose Possess - right to live on property and keep others out Transfer - right to sell property, give as a gift, or dispose of it Encumber - right to borrow money and use property as security for loan Enjoy - right to peace and quiet enjoyment without aggravation |
|
|
|
Real property |
Includes land, anything permanently attached to the land, anything appurtenant to the land, or anything immovable |
Everything included naturally |
|
|
Land |
Includes airspace, surface rights, subsurface rights, and water rights |
Real Property |
|
|
Attachments |
Items permanently attached to the land are real property.. includes improvements, fixtures and natural attachments |
|
|
|
Fixtures |
Added features (personal property) to property that stay with property |
AIM Ex. - lights, ceiling fans, tv mount, shelving units, etc. |
|
|
“AIM” |
Adaptation of the item & Agreement of the parties Intent Method of Attachment |
|
|
|
Trade Fixtures |
Personal items that are used for business/trade |
Personal property turned to real property Ex. - shelves, cash registers, wall mirrors |
|
|
Trade Fixtures |
Personal items that are used for business/trade |
Personal property turned to real property Ex. - shelves, cash registers, wall mirrors |
|
|
Freehold Estates |
Indefinite duration of ownership |
|
|
|
Trade Fixtures |
Personal items that are used for business/trade |
Personal property turned to real property Ex. - shelves, cash registers, wall mirrors |
|
|
Freehold Estates |
Indefinite duration of ownership |
|
|
|
Estates in Fee |
Most complete form of ownership.. otherwise known as fee simple estate or fee simple absolute Defeasible fee is a conditional state (ex. Hospital) |
Fee simple estate or fee simple absolute |
|
|
Life Estates |
Limited duration, typically measured by life of owner |
Limited |
|
|
Less-Than-Freehold Estates |
Tenants possession of estate Also known as, “nonfreehold estate” “leasehold estate” |
Interest in real estate and it’s duration known as, tenancy |
|
|
Types of Leasehold Estates (4) |
Estate for Years - set date/time Periodic Tenancy - random, month to month typically Tenancy at Will - rent w/out a lease or agreement Tenancy at Sufferance - can’t get em out |
|
|
|
Types of Ownership of Real Property (2) |
Separate Ownership (sole owner or ownership in severalty) - individual or entity Co-Ownership - title is held jointly and severally |
|
|
|
Types of Co-Ownership |
Tenancy in Common - individual rooms in a common space Joint Tenancy (TTIP) - roommates Community Property - acquires thru marriage Tenancy by the Entirety - bought while married Recording Ownership - grantor executes deed by signing |
|
|
|
“TTIP” |
Title - all on same title Time - all join at the same time Interest - all equal interest Possession - all have equal right |
Joint Tenancy |
